South Korea's IGIS Asset Management Co. Ltd. closed a value-add real estate fund that hit its hard cap of 400 billion won, Property Funds World reported.

IGIS Strategic Fund I attracted capital commitments from The National Pension Service of Korea and Korea Post.

The fund will target office, retail, mixed-use and logistics assets in the three business districts in Seoul, other Greater Seoul submarkets and other major metropolitan cities in South Korea.

The vehicle has an active pipeline of about US$600 million of gross additional investments and is slated to complete its first two investments later in October.

Hodes Weill Securities was the exclusive financial adviser and global placement agent to IGIS, which declined to comment on the matter, the report added.

As of Oct. 4, US$1 was equivalent to 1,131.22 won.