On October 27, 2025, the Asian Forest Cooperation Organization (AFoCO) hosted the Impact for Breakfast (IFB) Seoul event as part of the 2025 AFoCO Week, bringing together leading experts from impact investing, venture capital, academia, and sustainable business. The session, titled “Global Trends in Family Offices – Implications for Asia and Korea,” explored how family offices can play a pivotal role in advancing sustainable finance and forest-based climate initiatives.
Impact for Breakfast (IFB)
Before diving in, it is worth noting that IFB is a global network that brings together professionals from family offices, funds, foundations, venture philanthropy, and advisory organizations, all sharing a common commitment to impact investing and social entrepreneurship. Originally founded in London in 2008 as the Social Investment Breakfast Club and rebranded in 2012, IFB has grown into a thriving international community with thousands of members. The network provides a collaborative space for participants to share insights, explore innovative solutions, address real-world challenges, and discuss strategies that generate both financial and social returns—turning ideas into action and creating meaningful impact.
Opening Remarks and Key Highlights
The opening remarks were delivered by Mr. Kwang Kim, Chairman of the “Human Flourishing Foundation” (Economics of Mutuality Alliance), and Co-Chair of “Impact for Breakfast Seoul”; Mr. Ken Hynes, CEO of “Artha Networks Inc”; Ms. Joanne Sawicki, CEO and Founder of “Cerescom”; and Mr. Sunpil Jin, the Vice Executive Director of “AFoCO”. In their remarks, the speakers underscored the urgent need to mobilize private capital and foster innovative partnerships to drive green investment in Asia’s forestry and climate sectors.
The discussion also included insightful contributions from participants representing various organizations, including the European Bank for Reconstruction and Development (EBRD), Merry Year Social Company (MYSC), Mutual Value Lab (MVL), Save the Children Fund, Kim & Shin, and other notable representatives, who shared perspectives on the economics of mutuality and sustainable development. The meeting encouraged open dialogue and collaboration, highlighting informal discussions and meaningful exchanges among participants.
During the session, experts and AFoCO representatives highlighted the growing role of family offices in driving sustainable finance, noting their unique ability to provide flexible, impact-oriented funding for projects in forestry, agriculture, and climate initiatives. The discussion also emphasized the rapid expansion of family offices across Asia, fueled by rising wealth, supportive regulations in markets like Singapore and Hong Kong, and a generational shift toward values-driven investing.
The number of family offices worldwide has increased from roughly 6,000 in 2019 to nearly 8,000 today and is projected to reach 10,000 by 2030, with total assets under management (AUM) expected to reach approximately USD 5.5 trillion. This represents a significant pool of capital that could be strategically leveraged to support sustainable development, particularly in the context of declining official development assistance (ODA) according to the Organization for Economic Co-operation and Development (OECD).
Speakers noted that building trust and long-term relationships is essential when engaging with family offices, which typically operate privately and independently. They observed that Asia’s cultural focus on relationship-based collaboration—contrasting with the more transactional nature of Western markets—creates a unique foundation for partnerships that align private wealth with public good.
Another key theme was the rising influence of women and next-generation leaders in shaping family office investment strategies in Asia. This new generation increasingly prioritizes impact investing, nature-based solutions (NbS), and sustainable agriculture, recognizing environmental and social challenges as both ethical imperatives and critical to long-term wealth preservation. The discussion also addressed the role of AI in reducing transaction costs and expanding opportunities in emerging markets. Participants acknowledged challenges such as high taxes, privacy concerns, and regulatory or cultural barriers—particularly in Korea—while highlighting strategies to attract global wealth through collaboration, networking, and public-private partnerships.
Experts highlighted that Korea’s family office sector is still emerging, shaped by high inheritance taxes and a strong emphasis on privacy. Yet, growing interest in sustainability and impact-focused investments offers Korean family offices a significant opportunity to support green growth, particularly when backed by enabling policies and networks such as the Asia Venture Philanthropy Network (AVPN) and IFB Seoul.
Looking Ahead
The session concluded that family offices are evolving beyond traditional wealth management to become strategic partners in sustainable finance—bridging funding gaps, fostering innovation, and enhancing climate resilience across Asia.
For AFoCO, this trend represents a unique opportunity to expand forest-based climate solutions and strengthen regional collaboration. By forging partnerships with family offices and other impact investors, promoting innovative and blended finance approaches, and supporting projects focused on sustainable forest management, biodiversity conservation, and climate adaptation, AFoCO aims to accelerate Asia’s green transition in the coming years.
Submitted by Dias Shakubayev, Assistant Program Officer, Capacity-Building and Evaluation Team