Korea Post is seeking bids from asset management firms for a US$150 million infrastructure fund mandate.
The government postal agency intends to hire up to two firms to manage the fund, which will target developed markets, including North America, Europe, and those within the Organisation for Economic Cooperation and Development.
At least 70% of the fund’s assets will be allocated to mature infrastructure, Korea Post says in a request for proposal on September 20. And allocation to any single sector will be capped at 50%.
The fund will have a six-year investment period and a 12% internal rate of return target.
Tender applicants must be experienced in managing infrastructure secondary funds and hold at least $10 billion of assets in their infrastructure portfolios.
They must also employ at least three professionals with more than ten years of infrastructure investment experience.
Applications are open until October 25, with on-site due diligence and manager selection expected by the end of the year.
Korea Post has around 150 trillion won ($106.4 billion) of assets under management.
