# National Agriculture Cooperative Federation

National Agriculture Cooperative Federation is a Bank / Wealth / Trust based in Seoul, South Korea.

## Overview

- **Organization type:** Bank / Wealth / Trust
- **Headquarters:** Seoul, South Korea
- **Region:** Asia
- **Address:** Seoul, South Korea
- **Founded:** 1961
- **Assets under management:** >$400B (Altss estimate)
- **Website:** nonghyup.com
- **LinkedIn:** linkedin.com/company/national-agricultural-cooperative-federation

## Regulatory record

- **Reports private funds:** No

## About

National Agriculture Cooperative Federation is a bank based in Seoul, South Korea. It manages approximately $25.8 billion in assets across 13 funds, primarily focused on the Asia region.

## Sectors

- Agriculture
- Financial Services
- Real Estate
- Manufacturing

## People

- Kang Ho-dong — Chairman

## Questions

### How is the National Agriculture Cooperative Federation structured as an investor?

NACF operates a two-tier structure. The federation itself represents member agricultural cooperatives, while NongHyup Financial Group — a publicly listed holding company — runs the banking, securities, insurance, and asset management businesses that deploy the cooperative capital. NH-Amundi Asset Management is the primary vehicle for public market and alternative investments.

### What is the source of NACF's investment capital?

Capital comes directly from the deposit base and surplus reserves of South Korea's regional agricultural cooperatives, which represent roughly two million member farmers. This creates a permanent, sticky capital pool distinct from third-party asset management firms.

### Who runs investment decisions at NACF?

Investment decisions are delegated to the professional management teams within NH Financial Group and its subsidiaries. The federation's elected chairman, currently Kang Ho-dong, provides strategic oversight, while NH Financial Group's CEO and chief investment officers manage day-to-day portfolio allocation.

### Does NACF invest directly or through external managers?

NACF uses both approaches. NH-Amundi Asset Management handles a significant portion of public market allocation internally. For alternatives — private equity, infrastructure, and overseas real estate — the group commits as a limited partner to external funds while occasionally participating in direct co-investments alongside established GPs.

### What is NACF's typical allocation to alternative assets?

Public disclosures indicate NACF has been steadily increasing its alternative exposure over the past decade, targeting roughly 15-20% of its managed assets across private equity, real estate, infrastructure, and hedge funds. Infrastructure, including overseas energy and logistics assets, has been a particular area of recent expansion.

### How does NACF's investment approach compare to Japan's JA-Zenchu?

Both are agricultural cooperative federations with captive rural deposit bases, but NACF has built a more sophisticated financial markets operation through NH Financial Group's public listing and asset management scaling. NACF's overseas alternatives program and securities arm are more externally facing than JA-Zenchu's historically conservative posture.

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/national-agriculture-cooperative-federation

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