For our next interview, we spoke with a different type of GP Stakes buyer — and we use the word "buyer" deliberately, rather than "fund." Samsung Life Insurance is a balance sheet investor, deploying its own capital to acquire minority stakes in global asset managers. Inwoo Lee brings deep experience in asset management M&A to the role, having spent nearly a decade at DWS Group focused on corporate strategy and M&A before joining SLI.

With that, I'm pleased to share my conversation with Inwoo Lee of Samsung Life Insurance.

SLI has been thinking about GP Stakes since as early as 2015, though the strategy officially launched in 2020. The motivation is straightforward: SLI is the largest life insurer in Korea, and as SLI began developing its 2030 strategic plan, global asset management emerged as one of the clearest paths to growth — and acquiring GP Stakes became the vehicle to get there.

As obvious as it may sound, one of the clearest benefits of selling a GP stake to a traditional LP is the prospect of receiving LP capital for future funds as part of that transaction. SLI does exactly that — but takes it a step further by offering LP capital commitments, as negotiated with the potential partners. This serves a dual purpose: it supports partner GPs, yes, but it also helps SLI itself. The vast majority of SLI's roughly $250 billion balance sheet has historically been deployed domestically, and acquiring GP Stakes provides a structured, strategic mechanism to diversify into global asset management business — including Europe and the U.S.

Another distinguishing feature: SLI typically won't invest as an LP into a first-time fund strategy. But for any GP in which it has acquired a stake, SLI is open to doing so where there is a strong strategic alignment. The rationale is sensible — having done deep diligence as part of the strategic partnership process, SLI is comfortable seeding new strategies from its partner GPs in a way it wouldn't be for a cold introduction. Inwoo confirmed this isn't theoretical: SLI has already done this with existing partners.

Everyone knows the Samsung name. When a GP partners with SLI, it gains access to far more than a balance sheet — it gains access to one of the most recognizable brands and networks in Asia. SLI actively helps its partner GPs distribute products in Korea, and in most cases, SLI anchors those Korea-marketed products itself, lending both credibility and capital to the fundraising effort.

The partnership model extends beyond distribution. SLI has completed joint product launches — for example, cross-listing products with Chicago-based ETF provider Amplify, which simultaneously listed its own products in Korea. SLI has also structured joint ventures with select partner GPs, demonstrating a willingness to build together, not just invest passively.

SLI's first GP Stakes transaction was a 25% stake in Savills Investment Management, the UK-based real estate manager, completed in 2021. Nearly two years later in 2023, it acquired a 20% stake in Meridiam, the France-based infrastructure manager. And most recently, in 2025, it acquired a minority stake in Hayfin Capital Management, the UK-based private credit manager. Other asset classes may also be considered with long-term perspective as its portfolio and expansion strategy develops.

The throughline across these three deals is strategic fit. Inwoo was clear on this point: each investment needed to align with asset classes where SLI already had conviction and internal expertise. Real estate and infrastructure were natural starting points given SLI's existing exposure to both. Private credit came next, once the internal team came ready for a strategic partner in that space. Besides GP Stakes partnerships in alternative asset managers, SLI also acquired a 20% stake in Amplify ETF, the U.S.-based ETF manager through Samsung Asset Management, its affiliate, in 2022.

With real estate, infrastructure, and private credit all represented in the portfolio — and all of the existing partnerships based in Europe — SLI's attention has shifted to the United States. Inwoo was emphatic: SLI's ambition is to expand and grow its asset management business in the U.S., and the next GP Stakes partnership will be a meaningful step toward that goal. As part of its gesture to focus on the opportunities in the U.S., Inwoo has recently relocated from Seoul to New York this February, to be more engaged with the live discussions and catch-ups.

SLI’s next step will be to continue expanding its presence in the alternative asset management and ETF markets in the U.S. SLI generally targets minority stakes with a governance interest. The intent is not to interfere with day-to-day operations, but to have a seat at the table — to learn from the GP, and to share SLI's resources most effectively. Target GPs generally manage at least $10 billion in AUM.

We always enjoy learning what members of the GP Stakes community are passionate about outside of work. For Inwoo, that means time with his two daughters — including attending their volleyball games — walks with his dog Maple, and, when the calendar allows, skiing and camping.

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