NCSoft

NCSoft deploys retained earnings from its MMORPG publishing business directly onto its corporate balance sheet, rather than operating a segregated venture arm. Investment decisions are overseen by Co-CEOs Kim Taek-jin and Park Byung-moo. The function covers strategic stakes in game studios, NFT infrastructure like Mysten Labs, and commercial real estate.

PIF is NCSoft's second-largest shareholder with a stake of roughly 9.26% to 10.48%. It acts as a co-investor on certain strategic initiatives, particularly in gaming and Web3 expansion into the Middle East. A PIF representative sits on the board, providing a sovereign oversight layer to corporate governance.

Investment decisions run through the Co-CEO office, currently shared by founder Kim Taek-jin and Park Byung-moo. Park previously led VIG Partners, a Seoul-based private equity firm, bringing direct dealmaking experience to the corporate balance sheet. Yoon Song-yee oversees operations in North America as CEO of NC West, but domestic and Asia-Pacific investment strategy is centralized with the Co-CEOs in Pangyo.

NCSoft remains primarily a game developer, deriving virtually all investable capital from its Lineage, Guild Wars, and Blade & Soul franchises. However, its board — with PIF representation — increasingly treats the company's asset allocation as a corporate treasury function, directing cash into Web3 infrastructure and independent studios rather than returning it all to shareholders.

NCSoft targets a mix of venture-stage gaming studios, protocol-level token investments (as with Sui Network), and growth equity in Asian and North American interactive entertainment companies. It also commits capital to commercial real estate and a domestic professional baseball club, the NC Dinos. The company historically avoided limited partner commitments to external funds, preferring direct positions.

Founder Kim Taek-jin leads the investment function, while his wife Yoon Song-yee chairs the legally separate NC Cultural Foundation and runs NC West. A sibling, Kim Taek-heon, manages overseas operations. The foundation operates independently, though it shares the Kim family's reputational presence. Insiders note that the family's controlling stake ensures alignment between philanthropic, operational, and investment priorities.

NCSoft has accelerated its Web3 strategy since PIF took a stake, moving beyond NFT experiments to protocol-level investments. Its position in Mysten Labs, creators of the Sui Network, signals a long-duration bet on blockchain-based gaming economies rather than short-term play-to-earn speculation. Both Kim Taek-jin and Park Byung-moo have publicly referenced Sui's technology stack in earnings discussions.