Russia-Korea SWF tie up: win-win? | beyondbrics:
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| Partners in wealth |
Wednesday’s announcement that Russia and South Korea would work together on an economic project in North Korea slightly overshadowed another significant announcement linked to Putin’s Seoul visit: a new cross-border investment fund between Korea Investment Corporation and its Russian sovereign wealth fund counterpart, the Russian Direct Investment Corporation.
The fund will start out at $500m, with commitments of $250m apiece, but is expected to reach $1bn in time. It also gives an illustration of how the two sovereign wealth funds are evolving.
Both are young institutions. The Korea Investment Corporation was founded in July 2005 and began investing in November 2006. The RDIF is newer still, founded in 2011."
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