Pebblestone Asset Management Co., Ltd.

Overview

Pebblestone Asset Management Co., Ltd. is a South Korean private investment firm specializing in real estate, private equity, and structured debt investments. The firm focuses on sourcing undervalued assets and executing disciplined repositioning strategies to enhance value. It has progressively shifted from core to value-add strategies, with standout results in the office sector. In September 2025, Pebblestone was selected by the National Pension Service of Korea to manage a ₩500 billion value-add real estate fund, reflecting its strong performance and expertise in the market. The firm's investment approach emphasizes flexibility and risk-sharing, with mandates allowing leverage up to 75% loan-to-value at the asset level and 70% across the portfolio. Managers are required to co-invest at least 2% of the mandate, ensuring alignment of interests. This strategy has enabled Pebblestone to secure significant mandates and partnerships, including collaborations with major institutional investors. Pebblestone's track record includes notable transactions such as the acquisition of the BLK Pyeongtaek Logistics Center from a KKR-led consortium in early 2020. This state-of-the-art facility, located in Pyeongtaek Port, serves as a prime example of the firm's capability in managing large-scale logistics assets. The acquisition highlights Pebblestone's expertise in identifying and managing high-quality real estate investments in South Korea's dynamic market.

Investment Focus

• Co-investment of at least 2% of the mandate by lead portfolio managers
• Leverage up to 75% loan-to-value at the asset level and 70% across the portfolio
• Minimum net internal rate of return hurdle of 11% for fund-level capitalizations of ₩295–415 billion

Portfolio Companies