부동산펀드 활성화를 위한 제도개선 연구

This study is aimed at identifying problems of the system improvement for the promotion of real estate funds development and presenting the solutions to ensure that investors can participate in the real estate fund market smoothly through the revitalization development of the real estate fund market. The essence of a real estate fund is an investment scheme that collects funds from a large number of investors, invests in real estate, and returns the profits to investors. This study has empirically analyzeed factors obstructing the development of real estate fund system in Korea based on a survey of experts. A comprehensive look at the composition of a research model based on prior research and the results of the empirical analysis show that first, the legal system of the Capital Market Act is made mainly for public offerings. Private equity funds, however, have many exceptions which give them special powers for legal use. To rectify correct this, the criteria set forth in the Capital Market Law shall be applied to set the private equity funds’ investment at a certain amount of investment. If the criteria are crossed, the Capital Market Act shall be automatically applied. Second, public offering funds charge higher fees than those of private equity funds due to the higher cost of funding owing to many regulations. Third, it is necessary to improve real estate funds to ensure that investment shall be made at a time when real estate development projects reach a certain level and cash flows are secured in order to protect investors.