연기금 부동산 투자정책 개선방안에 관한 연구

연기금 등 기관투자자의 부동산 투자정책 개선 방안을 제시했다.

Korea institutional investors, including the National Pension Service, are continuing their efforts to ensure sufficient liquidity to provide stable pension and insurance benefits by matching the cash flows of liability in the long-term. So, they continue to grow their portion of alternative investments, especially real estate investments, which can expect regular dividend yields on behalf of past high-interest bonds. However, they lack the completeness of the real estate investment policies compared to global advanced institutional investors. Thus, this paper suggests that how domestic institutional investors to set up and improve the efficient real estate investment policies.

First of all, the policies on alternative investment and real estate investment of the National Pension Service, which were limited but partially disclosed, were reviewed. Next, it is to investigate and explain that key points of the global institutional investors' real estate investment policies are included in the target weight in asset allocation, target return on investment, entrusted investment and management, style investment, offshore investment, investment vehicles, ESG, leverage, investment management fee and carried interest rate policies. Then it led to policy implications and implications that were beneficial to domestic institutional investors.

Finally, on the basis of the above, this paper proposes alternatives how the institutional investors to establish and improve the following policies such as (1) asset allocation, (2) setting target return rates, (3) entrusted operation, (4) style investment, (5) overseas investment, (6) leverage guideline, (7) fees and post-management.