Korea Investment Corp. opened an office in San Francisco Friday to facilitate the $183.1 billion, Seoul-based sovereign wealth fund's efforts to boost its investments in new technologies and startups.
The office, on San Francisco's Market Street, is KIC's fourth overseas base following New York, in 2010; London, in 2011; and Singapore in 2017.
KIC's new office "will deepen its network with global investors in Silicon Valley," bolstering the sovereign wealth fund's long-term performance outlook by facilitating its investments in startups and new technologies, CEO Heenam Choi said in a news release.
KIC's broader investments in alternative assets accounted for 15.3% of its portfolio at the end of 2020. A Seoul-based spokeswoman for the fund said it is looking to increase those allocations to 20% in the near future.
The San Francisco office will report to KIC's New York office, led by Yongseon Shin, president of KIC New York.