Korean Investment Corporation is planning to invest in metaverse and Artificial Intelligence technology as part of an expansion into alternative assets.
The head of the sovereign fund, Seoungho Jin says that the wealth fund would expand its investments into alternative assets to account for about 25% of its portfolio in the next three years. He estimates that its assets under management would grow to $300 billion by 2025.
Jin notes that the firm was not affected by the recent Federal Reserve planned interest rate hike that caused a sell-off in equities.
The executive says that the hotel industry and Silicon Valley investments were other lucrative alternative opportunities under consideration.
Interest in the metaverse by the institutional clients has been on the rise. The surge was sparked when Facebook was renamed meta to support the industry. Cryptocurrencies like MANA and SAND have surged in the process.