Korea Asset Management Corporation (KAMCO) is looking to hire an asset management firm for a 150 billion won (US$100 million) non-performing loan fund mandate.
At least 80% of assets in the fund will be allocated to non-performing collateral-backed loans from Korean banks. The fund’s maturity period is five years and it will aim to achieve a minimum 8% internal rate of return, according to KAMCO’s request for proposal on March 13.
Applicants must have at least three years of experience managing alternative investments, and a minimum 100 billion won of non-performing loan fund assets.
They must also have investment teams with at least five years of management experience in private equity and non-performing loan funds.
Applications are open until March 31 and the winning bidder is expected to be announced by the end of April.
KAMCO buys and resolves non-performing loans from local financial institutions and provides restructuring plans for financially strained firms.
