The $25 billion Korea Investment Corporation has hired Don Lee Dong-ik as head of the alternative investment team, which numbers six other investment professionals. Lee reports to chief investment officer Guan Ong.

To date, the KIC has not had exposure to alternatives; its assets have gone primarily to global equities and fixed-income, Asian Investor reports. Its sole private investment has been a $2 billion stake in Merrill Lynch, acquired at the beginning of the year. Lee’s division will oversee strategic deals as well. Lee will also be tasked with building a portfolio based around private real estate and private equity.

Previously, Lee has been working for a domestic boutique investment bank that services local mid-sized companies.