PIA was founded as an alternative investment firm specializing in distressed debt and special situation following the Global Financial Crisis of 2008. In the wake of the ensuing turmoil in the financial markets, PIA began its investment activities by acquiring a large number of quality legacy loans from Lehman Brothers and exiting successfully.

Since its establishment in 2009, PIA has acquired distressed debt totaling a cumulative OPB of approximately USD 800 million. Based on its successful investment track record, PIA has formed a distressed fund (FUM of USD 200 million) in 2014 with a top sovereign wealth fund targeting real estate-backed NPL and opportunistic real estate investments in Korea.

In 2016, PIA has established PIA Investment Management as its lincensed AMC(Asset Management Company) arm, broadening its investment coverage to encompass a wider spectrum of alternative investment including overseas real estate, energy, infrastructure and hedge fund.