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Korea's POBA seeks managers for 120 billion won private equity mandate

By Asia Asset Management  
December 6, 2019

South Korea’s Public Officials Benefit Association (POBA), which manages the pension and welfare of the country’s 250,000 civil servants, is inviting fund managers to bid on a 120 billion won (US$101 million) domestic private equity mandate.

It comes two months after the pension fund hired three foreign managers to oversee a 150 billion won investment in foreign private equity.

For its new mandate, POBA is looking for three managers to oversee 40 billion won each for a blind-pool private equity fund, according to its request for proposal on December 3.

Applicants must have a minimum two years of experience managing private equity funds with at least 200 billion won of assets.

Applications are open until December 11 and the winning bidders will be chosen in February 2020.

POBA in October appointed French private equity investment firm Ardian and US companies Veritas Capital Management and HPS Investment Partners to manage its global private equity mandate.

The pension fund began to invest in private equity in 2015 and currently allocates as much as 58% of its total assets to alternatives, including private equity and private debt.

Seoul-based POBA currently has around $11 billion of total assets.