In late June 2024, Koramco Asset Trust signed an SMA (Separately Managed Account) agreement worth up to ₩80 billion with Fursys, Korea’s leading office furniture company.
An SMA is similar to a blind fund but offers a more tailored investment structure aligned with investors’ specific needs. The agreement begins with an initial ₩40 billion commitment, with an additional ₩40 billion available for expansion. The investment focuses on value-add office assets within Seoul’s three major business districts (CBD, GBD, YBD), with initial projects currently under review in the CBD and GBD areas.

Assistant Manager Jin-seok Park initiated the relationship through a cold call and spent more than six months persuading Fursys to collaborate. The partnership was made possible by presenting a concrete business synergy model that combined Fursys’s B2B strengths—furniture manufacturing, interior design, and spatial consulting—with Koramco’s extensive office asset portfolio and development expertise.
Fursys, which had previously focused on residential-oriented branding, aimed to expand into the office sector, and Koramco seized this opportunity to create the first strategic partnership model between an asset manager and a furniture company in Korea.

This SMA goes beyond traditional capital entrustment. It integrates project-level investment participation, design and construction collaboration, and construction revenue generation, creating a structure that enhances Koramco’s asset value and funding stability while also generating business revenue for Fursys.
The model establishes a win-win framework, converting CAPEX/OPEX spending into profit-generating opportunities—delivering approximately 10% IRR to investors, while Fursys benefits from both sales growth and brand expansion.

Looking ahead, Mr. Park plans to expand this SMA into a long-term partnership with Fursys, broaden the pool of corporate investors, diversify private capital sourcing, and explore new fund structuring opportunities within the organization. Through this experience, he is demonstrating that a strategic partnership can indeed start from a single cold call—setting a new precedent for collaboration in the market.