ICM KAVF
Why ICM KAVF?
ICM KAVF (Korea Active Value-up Fund, the “Fund”) employs a specialised strategy targeting deeply undervalued South Korean stocks poised to benefit from supportive policy tailwinds. Led by an experienced, locally based team that engages directly with management, the Fund aims to unlock value through governance reform, operational improvement, and capital structure optimisation, accelerating policy driven re-ratings and delivering attractive risk-adjusted absolute returns.
Our Strategy
Deep value opportunities
We invest in overlooked Korean companies that trade at material discounts to intrinsic value due to weak shareholder returns, limited research coverage and low institutional ownership.
Locally led engagement
Leveraging our experienced on-the-ground team, we work directly with company management to improve governance, operational efficiency and capital structure, closing the valuation gap and unlocking long-term shareholder value.
Accelerating policy driven re-ratings
Building on these improvements, we align them with structural reforms and shareholder friendly initiatives such as Korea’s Corporate Value-up Programme, capturing and accelerating valuation uplifts, aiming to deliver compelling risk-adjusted absolute returns.
Our Investment Approach
We seek to adopt a private-equity-style approach to public markets by acquiring meaningful stakes, actively reshaping businesses to enhance value, and typically exiting within two to five years to realise returns.
1. Custom screening
A custom screening framework built around three pillars: business strength (industry leadership, a robust balance sheet, and strong cash generation); valuation (a material discount to intrinsic value and adequate liquidity); and governance (manageable owner influence and scope for engagement‑led catalysts such as increased payouts or non‑core asset disposals).
2. 360-degree primary research
Where appropriate, we engage with management, employees, competitors, industry specialists, and fellow shareholders to develop a holistic understanding of each business and its opportunity set.
3. Undervaluation diagnosis
Detailed financial modelling, fundamental analysis, and channel checks help isolate the structural, cyclical, or governance-related drivers of market mispricing.
4. Probability weighted value creation
For each target, we aim to develop a tailored engagement strategy that identifies operational, strategic, and/or capital allocation catalysts, with time-bound probabilities and expected return scenarios.
5. Portfolio construction
We target a concentrated portfolio of 10-20 high-conviction holdings, where downside is well protected and upside is meaningful, aiming to generate a favourable risk-return profile that compounds value over time.
6. Constructive engagement
Working with boards and management, we advocate best practice governance, efficiency gains and capital-structure optimisation to close the valuation gap.
7. Escalation flexibility
While we prefer a constructive stance, we retain the option to pivot to more assertive measures when required to safeguard our interests.
Our Team
Investment Team Lead
Jae Yoo
Jae Yoo, CFA, brings over 18 years of experience in capital markets and corporate finance. Before joining ICM in 2019, he held senior positions at leading investment banks and consulting firms, where he advised blue-chip corporates on strategic and capital structure matters and executed M&A mandates for global and top-tier private equity sponsors, including non-core asset divestitures and public-to-private transactions. This experience underpins his leadership of engagement initiatives focused on creating value through governance reform, operational enhancement, and capital structure optimisation. Bilingual in Korean and English, Jae is based in Seoul, South Korea.
Investment Advisory Committee
Fund Information
Title | Description |
|---|---|
The Manager | ICM Global Funds Pte. Ltd. (CMS101205) |
Duration | Open-ended collective investment scheme with no fixed duration |
Eligible Investors | Accredited or Institutional Investors, as defined by the MAS |
Minimal Initial Investment | US$500,000 or subject to the discretion of the Board of ICMGF Innovation VCC |
Management Fee | 1.0% per annum of NAV |
Hurdle Rate | 8.0% per annum |
Performance Fee | 20.0% of the outperformance of the Hurdle Rate, subject to high watermark |
Pricing | Monthly in US dollars |
Redemption Notice | 20 business days |
Redemption Fee | 5.0% fee charged on any redemption made within 12 months of investment |
Register Your Interest
Copyright © 2025 ICMGF INNOVATION VCC. All rights reserved.
The information on this webpage should not be considered an offer or solicitation to deal in ICM KAVF (Registration number T23VC0027A-SF001) (the “Sub-fund”). This information is intended solely for institutional investors and accredited investors as defined under the Securities and Futures Act (Cap. 289) of Singapore. This information has not been reviewed by the Monetary Authority of Singapore. ICM KAVF is a registered Sub-fund of the ICMGF INNOVATION VCC (the "VCC"), a variable capital company incorporated in the Republic of Singapore. The assets and liabilities of ICM KAVF are segregated from other Sub-funds of the VCC, in accordance with Section 29 of the VCC Act.