Hillhouse Investment to acquire IGIS Asset Management for KRW 1.1tn (terminated)
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $759m
- Stake
- —
- Implied 100%
- —
- Revenue
- —
- Op. income
- —
- Multiples
- —
- Target
- IGIS Asset Management · Real estate asset management
- Buyer
- Hillhouse Investment · FI
- Seller
- Heirs of late founder and other major shareholders
- Structure
- —
- Announced
- Dec 8, 2025
- Closed
- —
- Stage
- Terminated
Target
IGIS Asset Management, founded in 2010 by the late Kim Dae-young, is Korea's largest real estate asset manager with reported AUM of about KRW 65.8tn (some reports: 66.8tn) at end-2024. After the founder's death in 2018 his widow Son Hwa-ja became the largest shareholder (12.40%), alongside Daishin Securities, Woomi Global and Kumsung Baekjo.
Deal rationale
Reports say the sale covered over 60% including the founder's family's 12.4% and financial investors' stakes; the family had been reducing its holding in line with the founder's wish to separate ownership from management, with a 2019 sale reportedly funding inheritance tax. Hillhouse was named preferred bidder in December 2025 after bidding about KRW 1.1tn in a progressive deal, but the process was followed by Heungkuk Life's fairness complaint, NPS fund-withdrawal concerns and a delayed regulator review; KED reported in July 2026 that Hillhouse withdrew over a valuation gap.
Press coverage
- 한국경제 (2025-12-08): “힐하우스인베스트먼트는 본입찰 이후 인수 가격으로 1조1천억원을 제시한 것으로 알려졌다.”
- SBS Biz (2026-07-07): “힐하우스는 어제(6일) 오후 이지스자산운용에 인수 절차를 중단하겠다는 의사를 공식 통보했습니다.”
- KED Global (2026-07-07): “Hillhouse Investment has pulled out of a 1.1 trillion-won ($720 million) deal to acquire IGIS Asset Management Co.”
- 딜사이트 (2025-12-05): “힐하우스인베스트먼트는 당초 9000억원 중반대 수준을 제시했지만 본입찰 이후 인수가로 1조1000억원을 제시한 것으로 전해진다.”
- 쿠키뉴스 (2025-12-14): “누적 운용자산은 65조8000억원”
- IB토마토 (2024-03-14): “손화자: 12.40%”
- 한국경제 (2026-06-15): “칼라일, 이지스운용 인수 포기…힐하우스에 돌아간 ‘M&A 열쇠’”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.