About BNB

Company Overview

Since 2004, BNB Asset Management has followed a single path: IPOs. Our work is to turn long experience of what happens before and after a company first comes to market into principled asset management. Our standard is a simple belief — that sound investment leads to a better life. Better Investment & Better Life.

In 2004, BNB began as an investment firm focused on IPOs and Pre-IPO investments. Rather than doing many things, we chose to know one thing deeply: the process by which a company prepares to list, completes its public offering, and comes to be valued by the market. That single path is where BNB began.

To share the same expertise with more clients, we have gradually broadened our business. We registered as an investment advisory business in 2010, as a discretionary investment management business in 2015, and as a general private collective investment business in 2019. Offering advice led to managing and executing mandates, and in turn to establishing and managing funds.

As our business broadened, the path remained one. From preliminary research on corporate value to exit and post-investment management, every investment follows the same five-stage process. The investment team's decisions are executed only after cross-checks by the Compliance Team.

Client assets are managed within a structure defined by law. Fund assets are held by a trustee (custodian), the NAV per unit is calculated by a fund administrator, and the Company's financial statements are audited by an external auditor. BNB concentrates on management and leaves verification to independent institutions.

The path that began in 2004 is now twenty-two years long. Today, from Two IFC in Yeouido, BNB studies the next generation of listed companies. Not hurrying, but walking the same path a little more deeply — this is how BNB prepares for our clients' tomorrow, together with them.

Better Investment & Better Life. The idea that sound investment makes for a better life is the standard by which BNB works. We believe good investment does not end in a table of returns; it gives our clients a little more room in the choices they make in life.

A lit, winding path leading to a lighthouse on a rocky island at sea, under a night sky with the Milky Way

Journey

From Our Beginning to Today: Five Points on One Path

2004

Founding

Established as an IPO and Pre-IPO investment firm, choosing the path of knowing one field in depth.
2010

Advisory

Registered as an investment advisory business and began applying our accumulated IPO expertise to support institutional investors' investment decisions.
2015

Discretionary Management

Registered as a discretionary investment management business and began managing and executing IPO investments directly for institutional investors.
2019

Funds

Registered as a general private collective investment business, changed our name to BNB Asset Management, and began managing general private IPO funds.
Today

Today

At Two IFC in Yeouido, we prepare for the next generation of listed companies, and for our clients' tomorrow, under the same principles.

Brand Pillars

The Four Pillars of BNB

The four pillars are paired with BNB's core values. We believe they should show in the way we work, more than in what we say.

01

Depth

Long-term Value

We work in one field, IPOs, over the long term and in depth. The understanding we build by examining companies before and after listing against the same standards is the basis of our judgment. We pursue performance proven over time rather than temporary gains.
02

Discipline

Risk Discipline

Every investment goes through a defined five-stage process. Even when markets move quickly, we keep to the standards and loss-management principles set in advance. Principles are not an ornament to returns; they are the structure that protects assets.
03

Transparency

Integrity

A Compliance Officer independent of the investment organization reviews the management process. We post our quarterly business reports and ad hoc disclosures on our website, and we disclose our implementation plan for each principle of the Stewardship Code.
04

Partnership

Client Focus

Investment is a decision that touches our clients' lives and time. That is why we begin by understanding each client's financial goals and investment profile. We place investors' interests ahead of those of the Company and its employees.

IPO Lifecycle

From before listing to after, as one flow

BNB sees a company’s path to the market as one continuous flow—the potential before listing, the moment of the offering and the years after—assessed by the same standards.

How We Work

We believe good judgment comes less from one person's instinct than from habits kept consistently. These are the four habits BNB keeps every day.

We verify firsthand
We start from disclosures and IR materials, then look beyond the numbers through company visits and meetings with management. The views of industry specialists also inform our judgment.
We decide together
No investment is decided on one person's conviction. Decisions are made after review from several angles by fund managers and the risk management function.
We prepare in advance
We set trading scenarios for different market conditions in advance. When conditions change, we respond on the basis of those standards.
We follow through
After investing, we continue to review the value of each holding. Before losses grow, we act in accordance with established principles.

A snow-covered rocky mountain range beyond a coniferous forest

Our Strengths

BNB's Strengths, Grown From One Path

BNB's strengths are not a new slogan; they come from many years of doing the same work. Here are six that you can verify through our disclosures and records.

22 Years in One Field: IPOs
2004 – 2026
Since our founding in 2004 as a firm specializing in IPO and Pre-IPO investment, the forms of our business have broadened, but the field has remained the same. Experience gathered across many IPO market cycles becomes the reference point for the next decision.
Seeing Both Sides of a Listing
Pre-IPO · IPO · Post-IPO · Mezzanine · SPAC · FoF
We assess unlisted companies preparing to list, companies coming to market and companies after listing by the same standards. With IPOs at the center, we combine Pre/Post-IPO, listed-company mezzanine, SPAC and FoF strategies according to the nature of each fund or mandate.
From Advice to Execution to Funds
Advisory 2010 · Discretionary 2015 · General Private Funds 2019
We began with IPO investment advisory for institutional investors, went on to manage their IPO portfolios directly under discretionary mandates, and now bring the same expertise to qualified investors through general private funds. Within one field, we have both given advice and carried out management.
A Structure Shared With Independent Institutions
As of 2026-03-31
Fund assets are held by three trustees—NH Investment & Securities, Mirae Asset Securities and KB Securities—and NAVs are calculated by our fund administrator, Shinhan Fund Partners. Eleven distributors sell our funds, and the company's financial statements are audited by Samduk Accounting Corporation.
Allocation Set in Advance, Independent Oversight
Pre-allocation · Compliance
When assets are acquired across several funds, the results are divided fairly among the funds according to allocation criteria set before the order, and the Compliance Officer confirms that the allocation is appropriate. The Compliance Officer, independent of the investment organization, also serves as Chief Risk Officer and checks each stage before, at the time of, and after investment.
Transparency You Can Check
87 disclosures · Stewardship Code
We post quarterly business reports and ad hoc disclosures on our website (87 items posted from 2018-03-31 to 2026-08-13) and publish our implementation plan for each principle of the Stewardship Code.

Sources: company history and disclosures on our website; business report (FY2025 Q4, as of 2026-03-31); Pre-Allocation Regulation (adopted January 2019, amended June 2020; posted in website notices).
This describes the company's organization and procedures and does not guarantee investment performance.

Our Promise

Assets Managed Within a Transparent Structure

Fund assets are held not by BNB but by a trustee (custodian). Management, custody, NAV calculation, and audit and oversight are divided among separate parties, and each bears the responsibilities set by law. This separation is the foundation of the promise BNB makes to you.

01
Trustee (Custodian) · Custody

Fund assets are kept separate from the asset manager's own assets and are held and administered by the trustee. Within the scope set by the relevant laws, the trustee verifies that the manager's investment instructions comply with the law and the fund rules.
02
Fund Administrator · NAV Calculation

The fund's NAV per unit is calculated by a fund administrator appointed by the asset manager. It is obtained by dividing the fund's net assets by the total number of units in issue, and it is the basis on which investors subscribe and redeem.
03
External Auditor · Financial Audit

The Company's financial statements are audited by an independent external auditor. The appointment of the external auditor is announced through an ad hoc disclosure.
04
Compliance Officer · Internal Control

From a position independent of the investment organization, the Compliance Officer reviews compliance with laws and internal control standards. The Compliance Officer also serves as Chief Risk Officer and, together with the Compliance Team, carries out pre-trade checks and ongoing monitoring.

See our transparent structure

What We Keep

What BNB Upholds

Clients' interests first
We place investors' interests ahead of those of the Company and its employees. We treat all investors equally and do not favor or discriminate against any investor without reasonable grounds.
Preventing conflicts of interest
We maintain information barriers between departments and review in advance any transaction that could give rise to a conflict of interest. Officers and employees receive regular training on preventing conflicts of interest.
Clear accountability
We have adopted a Responsibilities Map that defines each executive's areas of responsibility for internal control and risk management. Principles hold when it is clear who is responsible for what.
Honest explanation
Investment carries the possibility of loss. BNB does not claim to guarantee principal or returns, and we explain the risks that come with investing.

Cupped hands holding soil and a young sprout in sunlight

Better Investment & Better Life!

Above all, we place our clients' interests Client Focus as our highest priority in investment, and we act on the basis of trust and transparency Integrity throughout every decision-making process.

Furthermore, amid the uncertainties of the capital markets, we prioritize rigorous risk management Risk Discipline over short-term performance to control the potential for loss, and on this foundation we make the pursuit of long-term value Long-term Value our core management principle.

Thank you.

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A family on a beach with a child on a parent's shoulders, arms raised

History

The BNB journey, built on trust and performance

2025
- 08Establishment of the BNB Select IPO Fund
2024
- 10Establishment of the BNB SV-2 Fund
- 03Establishment of the BNB SV-1 Fund
2019
- 06Establishment of the BNB IPO Venture Fund
- 04Establishment of the BNB SV-3 (formerly IPO F) Fund
- 01Registration as a general private collective investment business (management of general private IPO funds)
2017
- 05Change of largest shareholder and CEO (current CEO Kim Kwanghyun)
2015
- 10Registration as a discretionary investment management business (IPO discretionary management for institutional investors)
2010
- 01Registration as an investment advisory business (IPO investment advisory for institutional investors)
2004
- 01Incorporation of the company (a firm specializing in IPO and Pre-IPO investment)

Philosophy

Better Investment & Better Life

At BNB, we believe that investment is not merely a matter of returns, but a significant decision that, over time, shapes the choices and stability of one's life.

Snow-covered peak rising above the clouds

Rather than being swayed by short-term market movements, BNB has focused on creating meaningful long-term performance grounded in a clear investment philosophy and a proven management process.

Going forward, we will continue to repay your trust with sustainable performance, guided by principled management, responsible risk management, and investment that considers both our clients' assets and their lives.

BNB Asset Management

Company Facts