Korea Post is looking for managers for a US$200 million US and European real estate mandate covering mezzanine loans, subordinate debt and asset-backed securities.
The mandate will be structured in the form of a commingled fund with a target internal rate of return of 6%-8%, the government postal agency says in its request for proposal on July 25.
Bids are open to foreign and domestic asset managers. The agency plans to hire one or two managers.
Eligible applicants must have at least $10 billion of total assets in real estate strategies, as well as a minimum five years of experience in offshore real estate mezzanine fund investments.
Applications are open until August 19. Evaluation and on-site due diligence will be carried out from August 20 to early October.
Korea Post had around $106 billion of total assets at the end of 2019.