CAREDOC, a leading senior care provider in South Korea, has secured investment from global asset management firm Invesco. Leveraging this investment, CAREDOC and Invesco are launching a joint venture, “Careoperation,” specializing in senior housing.

Invesco, which partnered with CAREDOC to establish this joint venture, is the world’s seventh-largest asset management firm, managing approximately $1.7158 trillion in assets as of August, with a presence in over 20 countries. This collaboration marks the first partnership between a Korean senior care startup and a global investment firm. CAREDOC was selected as Invesco’s partner due to its strong position in the Korean senior care market and its reputation for delivering high-quality services.

The joint venture aims to redefine the senior housing sector by introducing new paradigms through global collaboration. CAREDOC is also exploring further partnerships with leading domestic and international companies, anticipating that these collaborations will open new avenues in Korea’s senior housing market.

Careoperation will focus on developing and delivering innovative brands across various senior housing categories, including nursing homes, senior welfare housing, and senior residences. The company plans to recruit experienced professionals in senior housing development and operations, enhance operational expertise through talent development, and establish guidelines for residential product development. Careoperation intends to secure and operate its own facilities while also strengthening its capabilities as a contract operator, with a strong emphasis on planning, design, and product development for senior residential facilities.

This year, Careoperation plans to acquire eight senior housing assets and rapidly expand to 50 locations, encompassing 4,000 units, primarily in the Seoul metropolitan area, within the next three years. Over the next decade, the company aims to grow to approximately 20,000 units, including 32 senior welfare housing facilities and 148 nursing homes.

CAREDOC is committed to maximizing operational synergy with Careoperation through its strategic partnership with Invesco. By leveraging its expertise in managing senior care platforms and senior housing products, CAREDOC will play a leading role in Careoperation. The company will also collaborate on marketing senior residential products, introduce smart home solutions (S-PMS) within senior housing to enhance resident convenience, and work together on various areas, including contract management, health management, community engagement, and the management of auxiliary facilities, driving Careoperation’s growth.

Invesco recognizes senior housing as essential social infrastructure and sees significant potential in Korea’s rapidly aging and technologically advancing market. Moving forward, Invesco plans to collaborate with CAREDOC to adapt successful senior housing models from the U.S., Japan, and Europe to create customized solutions tailored to the Korean market.

Jae-byeong Park, CEO of CAREDOC, commented, “We have established Careoperation with Invesco, a global asset management firm, to introduce a specialized operator providing comprehensive senior life care services. With the combined expertise and know-how of our partners, we are committed to leading the diversification and enhancement of the domestic senior housing market, including the integration of senior welfare and healthcare services, to drive the market’s growth.”