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THE KOREAN INVESTMENT FUND ANNOUNCES INITIAL PUBLIC OFFERING

 THE KOREAN INVESTMENT FUND ANNOUNCES INITIAL PUBLIC OFFERING
 NEW YORK, Feb. 5 /PRNewswire/ -- The Korean Investment Fund, Inc. today announced that its proposed initial public offering of 5,000,000 shares of common stock is expected to be priced and offered at $12 per share on Thursday, Feb. 13, 1992. A registration statement relating to the offering has been filed with the Securities and Exchange Commission. Shares of the fund have been approved for listing on the New York Stock Exchange under the symbol KIF.
 The fund's shares are being offered in concurrent domestic and international tranches of 3,500,000 shares and 1,500,000 shares, respectively. The managing underwriters for the domestic tranche are PaineWebber Incorporated (books) and Donaldson, Lufkin and Jenrette Securities Corporation. The lead manager for the international tranche is PaineWebber International and the co-lead managers are Donaldson, Lufkin and Jenrette Securities Corporation, Tong Yang Securities Co., Ltd. and Yamaichi International. The managers and underwriters have been granted options to purchase an aggregate of up to 750,000 additional shares solely to cover over-allotments.
 The Korean Investment Fund, Inc. is a newly organized, non-diversified, closed-end investment company. The fund's investment objective is long-term capital appreciation through investment primarily in Korean equity securities.
 The investment adviser and administrator of the fund is Alliance Capital Management L.P., a major international investment manager with total assets of $58 billion under management as of Sept. 30, 1991. Orion Asset Management Co., Ltd., a subsidiary of Tong Yang Securities Co., Ltd., serves as investment manager of the fund. Robert Kim, formerly the portfolio manager of The Korea Fund, Inc., will serve as portfolio manager of The Korean Investment Fund.
 -0- 2/5/92 R
 /CONTACT: Barbara Hynes of Gavin Anderson Doremus, 212-921-1060, for The Korean Investment Fund/
 (KIF) CO: Korean Investment Fund, Inc. ST: New York IN: FIN SU: OFR


JT -- NY047 -- 7333 02/05/92 15:49 EST
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Date:Feb 5, 1992
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