Nonghyup Bank Discloses 8.5% Stake in Ares Core Infrastructure Fund

The Korean trustee holds full control over more than 4 million Ares shares through a private investment trust.

July 31, 2025

Nonghyup Bank Reveals Major Investment in Ares Infrastructure Fund

On July 22, 2025, Nonghyup Bank disclosed a new position in Ares Core Infrastructure Fund. Acting as trustee for Mirae Asset ACI General Private Investment Trust 1, the bank reported holding just over 4 million common shares —an 8.5% stake in the fund.

This isn’t a partial holding. Nonghyup has full authority over the entire position. That includes voting rights and disposal decisions. There’s no shared control, no group filing—just a single institutional investor managing a concentrated stake.

Ares Core Infrastructure Fund focuses on long-term infrastructure opportunities and is headquartered in New York. Nonghyup’s investment points to a growing interest from Asian institutions in U.S.-based infrastructure strategies.

Ownership Structure and Regulatory Details

For regulatory purposes, Nonghyup is categorized as both a financial institution and an “other organization” , reflecting its role as a trustee and asset manager. The filing makes it clear: the shares weren’t acquired to influence the fund’s management or direction. This is a passive position, disclosed in line with ownership thresholds under U.S. securities law.

This kind of transparency matters. As more global capital flows into U.S. alternative funds, tracking where—and how—these positions are held helps investors stay informed and ahead of structural shifts in ownership.