Igis Asset Management, the largest real estate asset manager in South Korea, has launched a secondary fund worth $100 million in an effort to widen its investment portfolio.

Igis has recently set up a pooled investment fund worth $100 million to invest in a secondary blind fund operated by a global private equity firm. The name of the UK-based private equity firm was not disclosed.

A secondary fund refers to buying an existing interest or asset from a primary private equity fund. Through the investment vehicle, liquidity providers can benefit from a faster return of capital compared to a primary investment.

Along with the secondary fund, Igis will form another fund-of-funds worth $100 million for direct investment in some of the companies funded by the secondary fund.

It is the first time for Igis to set up a secondary fund through a blind pool, which does not state its investment goal.

Amid a struggling commercial real estate market plagued by persistently high rates, the firm hopes to broaden its investment banking portfolio, expanding its presence in the secondary fund market. The firm's portfolio was focused on alternative investments, including real estate and infrastructure.

“For investment banking, the global secondary fund market has grown at fast rate from $22 billion to $120 billion. It is meaningful that Igis Asset Management has made into the secondary fund market,” an official from the firm said.

• ·OPEC members push against fossil fuel phase
• ·Wage talks between Kia, labor union fail again
• ·北, 러 주최 국제포럼서 '국제수송' 논의…무기거래 우회로 찾나
• ·공군 수송기 급파, 한·일 220명 텔아비브 탈출
• ·OPEC members push against fossil fuel phase
• ·[Herald Review] Lim Hyunsik takes fans for a musical dive into ocean
• ·Seoul defense exhibition aims to boost arms exports
• ·[Obituary] Park Seo
• ·LIG Nex1 acquires majority stake in Ghost Robotics
• ·[Obituary] Park Seo
• ·BTS' V joined by Jimin in solo fan meeting 'Vicnic'
• ·SK chief discusses ICT partnerships with Estonia, Carribean Community
• ·Comedian Yang Se
• ·Posco Future M achieves 100% recycling of refractory waste
• ·S. Korea to review additional measures against N. Korea's arms transfer to Russia
• ·Posco Future M achieves 100% recycling of refractory waste