Korea Post is inviting local asset managers to bid on a 60 billion won (US$52.9 million) domestic venture capital mandate for its insurance unit.
The government postal agency will hire three managers for a period of one year each, according to its request for proposal issued on October 23. The document does not provide details such as minimum asset requirements.
The managers who are appointed will oversee a blind pool of venture capital funds investing in small- and mid-sized new technology firms that are no larger than 80 billion won.
Applications are open until November 4 and evaluation and manager selection are scheduled to be carried out later in the month.
Korea Post has been investing in venture capital funds for around ten years. Most recently, it hired Chicago-based Adams Streets Partners LLC for a $50 million overseas venture capital mandate in January 2019, according to The Korea Economic Daily.
The postal agency has already opened tenders for ten other mandates, some for unspecified amounts, this year, seeking more than 20 foreign and domestic managers to oversee investments, including in US corporate bonds and private debt. It does not typically publish tender results.
Korea Post had around $106 billion of total assets as of December 2019.