This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:03 p.m. on Jun. 25, 2026.
STIC Investments' subsidiary, Stick Alternative Asset Management, will set up the largest blind fund since its establishment. Having built a solid track record in the energy and infrastructure institutional sector through the acquisition of equity in SK Multi Utility (SK MU) and Ulsan GPS, it plans to break away from its existing project fund–centered management approach and significantly expand its investment scope and assets under management based on a large blind fund.
According to the investment banking (IB) industry on the 25th, Stick Alternative recently began preparations to create a blind fund. The target commitment is 500 billion won. A company official said, "We are at the stage of considering the creation of a blind fund."
Stick Alternative has mainly managed individual project funds that invest in real estate, nonperforming loans (NPLs), and infrastructure asset. It has formed blind funds in real estate and the NPL institutional sector before, but this is the first time it has attempted to raise a large blind fund of 500 billion won. It is known to have a plan to invest evenly in infrastructure assets such as power generation and energy, as well as in corporations with stable cash flows.
Stick Alternative's ability to move ahead with a large blind fund is seen as grounded in the confidence gained from investing in minority equity stakes in SK MU and Ulsan GPS. Previously, a consortium of Stick Alternative and Korea Investment Private Equity (PE) acquired about half of the equity in SK MU and Ulsan GPS for a total of 1.6 trillion won. Through this, it is viewed as having proven its capability to source large infrastructure asset and raise institutional capital.
With Stick Alternative having closed a 1 trillion won–level deal and now facing another test in forming a blind fund, the industry is focusing on the capabilities and leadership of CEO Shin Do-cheol. Shin worked in the finance and strategy institutional sector at SK Telecom and SK Inc., led the establishment of SK REIT Management, and served as CEO from 2021 to 2024. Shin joined Stick Alternative last year.
However, blind funds require persuading limited partners based on the manager's investment capabilities and exit track record rather than the appeal of individual investment asset, making fundraising more challenging than for project funds. How much capital it can attract from major institutions such as pension funds and mutual aid associations is expected to determine the success of this blind fund formation.