Mirae Asset Wins 500 Billion Won Blind Real Estate Fund Mandate From KFSB

*This article was first published on Signal, the Seoul Economic Daily's capital markets newsletter, at 15:21 on March 24, 2026.*

Mirae Asset Global Investments has been selected as the general partner (GP) for a 500 billion won ($370 million) blind real estate fund by the Korea Federation of Small and Medium Business (KFSB), which operates the Noranwoosan Mutual Aid program, according to investment banking sources on Monday.

The KFSB is requiring a 6% return on the blind fund commitment, with a maturity of 10 years from fund inception. Given the massive scale of the 500 billion won mandate, most major domestic asset managers are understood to have competed for the deal. Igis Asset Management, Mastern Investment Management and ARA Korea Asset Management had earlier been selected for the shortlist.

Mirae Asset Global Investments was also selected last year as the GP for a 500 billion won core blind fund by the Korea Post, the national postal service's investment arm. With this latest mandate, the firm has now secured more than 1 trillion won in large-scale investment capital.

Industry observers say Mirae Asset is well positioned in this year's market, as growing concerns over commercial office oversupply have made it increasingly difficult to recruit equity investors. Last year, BNK Asset Management won preferred bidder status for Emart Tower at 350 billion won but was forced to relinquish the position after failing to secure equity commitments.

Mirae Asset Global Investments has already completed a mega-deal by acquiring G1 Office in Gongpyeong-dong, Jongno-gu, Seoul. The transaction is expected to exceed 1.5 trillion won. The firm reportedly gained an edge in the acquisition by leveraging group-level fundraising capabilities through its affiliate Mirae Asset Securities (006800.KS).

A steady stream of large-scale office properties continues to hit the market this year. The K Twin Tower in Gwanghwamun, Seoul, with a gross floor area of approximately 83,878 square meters, is expected to trade for more than 1 trillion won. Shinhan Card's current headquarters, Pine Avenue Building A, is also up for sale, with Shinhan Card reportedly seeking 800 billion won or more.

Beyond the KFSB, the National Pension Service (NPS) also plans to make real estate fund commitments twice this year. The NPS is reportedly considering allocating 300 billion won per asset manager, with a goal of selecting two to three GPs.