Hayfin eyes Korean institutional market with Seoul office, nearly 1 billion euros under management

Strategic partnership with Samsung Life Insurance opens doors to Korean investors; firm has deployed over $1 billion in Korean-built vessels

Carlos Pla, head of portfolio management at Hayfin Capital Management, speaks at a press conference marking the opening of the firm's Seoul office at Three IFC in Yeouido on Thursday. [Hayfin Capital]

Global private credit manager Hayfin Capital Management is stepping up its push into the Korean institutional investor market, using its newly opened Seoul office as a base.

Hayfin is a global alternative investment manager specializing in credit strategies — lending directly to companies and earning interest income. Its strategies span direct lending, special opportunities, tactical solutions, and high-yield and syndicated loans. The firm opened the Seoul office to deepen ties with domestic institutional investors and expand into opportunities including European direct lending and shipping and maritime finance.

Hayfin held a press conference Thursday at Three IFC in Yeouido, where its Seoul office is located, to outline its strategy for growing in the Korean institutional market. Founded in 2009, the firm focuses on private credit, with direct lending at its core. As of the end of June, it managed about 40 billion euros ($45.3 billion) in assets, with more than 95 percent allocated to credit strategies.

From left: Risa Lipsky, co-head of global client coverage at Hayfin Capital Management; Choi Si-jin, head of Korea at Hayfin Capital Management; and Carlos Pla, head of portfolio management at Hayfin Capital Management, pose for a photo at the Seoul office opening press conference at Three IFC in Yeouido on Thursday. [Hayfin Capital]

Hayfin has been broadening its reach among Korean institutional investors, with a strategic partnership with Samsung Life Insurance serving as a catalyst. Risa Lipsky, co-head of client coverage, said the partnership with Samsung Life "functions as a kind of validation of the Hayfin platform in Korea," adding that the firm has since noticed a shift in how institutional investors approach conversations about the platform.

Choi Si-jin, head of Korea at Hayfin, said assets managed on behalf of Korean institutional investors stand at "close to around 1 billion euros," and pledged to keep growing that figure. The Seoul office will focus on client management and investor relations with domestic institutional investors.

Beyond Samsung Life, Korean insurers are showing particular interest in European direct lending, according to Hayfin. Carlos Pla, head of portfolio management, said insurers with long-term liabilities are well-positioned to pursue illiquidity premiums by deploying capital over extended horizons, and that senior loan structures align with their investment objectives. For insurers managing long-duration capital, that means earning additional returns by taking on assets that are not easily liquidated.

Shipping and maritime finance is one of Hayfin's most active investment areas in Korea. Pla said the firm has deployed more than $1 billion to purchase and invest in vessels built at Korean shipyards, describing it as an area where "Korea's shipbuilding competitiveness and Hayfin's experience in shipping and maritime investment come together." Beyond shipping, Hayfin also runs dedicated strategies in healthcare and real estate, spreading credit portfolio risk across different industries and physical assets.

Risa Lipsky, co-head of global client coverage at Hayfin Capital Management, speaks at a press conference marking the opening of the firm's Seoul office at Three IFC in Yeouido on Thursday. [Hayfin Capital]

Hayfin is looking for opportunities in segments of the Korean private credit market that banks tend to underserve. Choi said the Korean and broader Asian credit markets are bank-dominated, and that "there can be opportunities in sectors banks are relatively less focused on — areas generally seen as having weaker collateral or higher risk from a bank's perspective."

The firm also emphasized its ability to protect investor capital even as higher interest rates increase the burden on borrowers. Because most of its loans carry floating rates, rising rates boost interest income while simultaneously raising repayment pressure on borrowers. Hayfin's strategy is to intervene actively when problems emerge after investment to manage losses.

Pla said the firm has navigated more than 90 restructurings and workouts to date, communicating directly with borrowers' chief executives and chief financial officers to assess situations. "If necessary, we can respond in various ways — requiring additional equity support, selling assets to reduce debt, or renegotiating investment terms," he said, stressing the firm's "ability to work through difficult situations and protect capital."

kacew@heraldcorp.com