# NongHyup Bank (NH Bank)

NongHyup Bank (NH Bank) 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:** 2012
- **Assets under management:** Undisclosed
- **Website:** nhbank.co.kr
- **LinkedIn:** linkedin.com/company/nonghyup-bank

## Regulatory record

- **Reports private funds:** No

## About

NongHyup Bank was established in 2012 as the commercial banking spinout of South Korea's National Agricultural Cooperative Federation, a cooperative network with roots dating to 1961. The bank operates alongside its parent cooperative's other financial arms, serving rural and agricultural communities while maintaining a distinct commercial banking license. Its public mandate includes supporting domestic agriculture, though its investment operations have expanded well beyond that remit. NH Bank deploys capital across a tightly defined allocation framework centered on secondaries transactions. Its investment strategy prioritizes acquiring limited partner interests in private equity, venture capital, and infrastructure funds on the secondary market. The bank also participates in direct co-investment opportunities alongside select general partners. Geographic deployment spans South Korea, Greater China, and selected opportunities across North America and Europe. Asset classes in scope include private equity, private credit, infrastructure, and venture capital, with secondaries representing the primary entry mechanism across all categories. NH Bank maintains a partnership-driven sourcing model, working through pre-existing relationships with domestic Korean general partners and select international fund managers. The institution leverages its position within the broader NongHyup Financial Group ecosystem, which includes brokerage, asset management, and insurance affiliates, to access deal flow. While specific AUM figures are not publicly reported, the bank participates alongside other Korean institutional allocators in secondaries transactions and fund commitments. NH Bank's structural distinction stems from its cooperative heritage — it retains a public-interest mandate requiring it to balance commercial returns with support for Korea's agricultural sector. This dual mandate constrains risk appetite and shapes its preference for secondary transactions, which offer shorter duration, reduced blind-pool risk, and earlier visibility into underlying portfolio composition compared to primary fund commitments.

## Sectors

- Secondaries & Special Situations

## People

- Lee Suk-yong — CEO

## Questions

### Who oversees NH Bank's investment operations?

NH Bank's investment decisions are managed under the CEO, currently Lee Suk-yong as of 2025, with oversight from dedicated investment teams specializing in alternative assets. The bank operates within the governance structure of NongHyup Financial Group, which coordinates strategy across its banking, securities, and insurance subsidiaries.

### Why does NH Bank focus primarily on secondary transactions?

The secondaries focus reflects the bank's conservative risk posture, shaped by its cooperative heritage and deposit-funded balance sheet. Secondary purchases offer J-curve mitigation, earlier distribution visibility, and reduced blind-pool risk compared to primary fund commitments. This aligns with the institution's obligation to balance commercial returns against its public-interest mandate supporting Korea's agricultural sector.

### How does NH Bank source secondary deal flow?

NH Bank sources opportunities through established relationships with domestic Korean general partners and dedicated secondaries intermediaries. Its integration within NongHyup Financial Group provides additional access to transactions originated by the group's brokerage and asset management affiliates. For international secondaries, the bank works through global placement agents and fund-of-funds networks.

### What is NH Bank's relationship with the National Agricultural Cooperative Federation?

NH Bank was created in 2012 when the National Agricultural Cooperative Federation separated its commercial banking operations from its cooperative functions. The bank now operates as a licensed commercial entity under NongHyup Financial Group, while the Federation retains its role as a cooperative organization serving Korean farmers. The Federation remains a significant stakeholder in the broader financial group.

### Does NH Bank make direct equity investments or only fund commitments?

NH Bank primarily commits to private equity, venture capital, infrastructure, and private credit funds via secondary transactions — purchasing existing LP interests on the secondary market. The bank also evaluates select direct co-investment opportunities alongside established general partners, though fund-level secondaries remain its dominant deployment method.

### How is NH Bank regulated as an investor?

NH Bank is regulated by South Korea's Financial Services Commission and Financial Supervisory Service as a licensed commercial bank. Its investment activities must comply with Korean banking regulations governing capital adequacy, liquidity, and exposure limits. The bank's alternative investment operations operate within separate account mandates and subsidiary structures where required.

## Related profiles

- [Nomura Securities International](https://altss.com/profile/nomura-securities-international)
- [NongHyup Life](https://altss.com/profile/nonghyup-life)

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

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