This article was posted on the ChosunBiz MoneyMove site on Aug. 22, 2025, at 1:53 p.m.
Capstone Asset Management, a real estate management firm, has been selected as the entrusted management company for a blind fund established by The Korean Teachers' Credit Union (The-K) to acquire five golf courses nationwide. It attracted attention as it is rare for a fund to be created solely for golf course investment, with The-K expected to fully finance it.
On the 22nd, according to the investment banking (IB) industry, The-K selected Capstone Asset Management as the preferred negotiator for the entrusted management of the fund aimed at acquiring golf courses. Since the evaluation criteria disclosed by The-K include golf course operation strategies and measures for increasing sales and enhancing value, Capstone Asset Management is expected to manage not only the fund but also the golf courses acquired in the future.
Founded in 2009, Capstone Asset Management conducts various domestic and international real estate funds and retail investments. Last year, its assets under management (AUM) reached approximately 7.2883 trillion won. Earlier this year, it was selected as the entrusted management company for the National Pension Service's domestic real estate core platform fund, receiving around 250 billion won. It previously acquired Players Golf Club in Chuncheon, Gangwon Province.
The-K announced the selection of the entrusted management company on July 7 and received proposals until the 4th. Eligibility required that the management company have an AUM of more than 500 billion won as of the end of last year and prior experience in acquiring or selling domestic golf courses. In this month's beauty contest, a total of six companies participated, including Capstone Asset Management, Daishin Asset Management, IGIS Asset Management, Kiwoom Asset Management, and Shinhan Asset Management. The beauty contest is conducted through an objective public competition process with the support of multiple institutions for evaluation.
The fund management period is 30 years from the date of establishment, and the investment period is 5 years from the date of establishment. The management company selected for the golf course investment project must acquire five golf courses located in various regions across Korea, including the metropolitan area, Gangwon, Chungcheong, Yeongnam, and Honam. The purpose of this acquisition is to enhance the welfare of approximately 900,000 members nationwide.
The-K is expected to manage a total of 1 trillion won in funds, combining the full contribution of 500 billion won and a loan of 500 billion won with a loan-to-value (LTV) ratio of around 50%. Considering that they plan to acquire five 18-hole golf courses, this amounts to an average investment of about 200 billion won per course. Typically, local golf courses are traded for a minimum of 3 billion to 4 billion won per hole, while in metropolitan areas, the price is around 10 billion won.
The-K recorded a pre-tax net income of 1.0518 trillion won and 721.6 billion won after tax last year. The fund's return on investment reached 11.1%. The return rates by asset class were 10.8% for financial investments, 14.2% for corporate investments, and 9.3% for alternative investments. Currently, it owns Sophia Green Country Club in Yeoju.