South Korea’s Construction Workers’ Mutual Aid Association (CWMAA) is looking to hire two local fund managers for a 20 billion won (US$18.2 million) domestic venture capital and private equity mandate.
The investment period is between four and five years, the group says in its request for proposal published on the website of the Korea Financial Investment Association on January 25.
It comes just two weeks after CWMAA issued an RFP on January 12 seeking 18 local and foreign managers for two equity mandates, one domestic and one foreign, of unspecified amounts.
Applicants for the new mandate must have a minimum five-year track record in private equity investments with at least 50 billion won of strategies in the asset class.
Applications are open until February 5, and evaluation and manager selection are scheduled from early March to mid-April.
Korea-focused private equity funds are a draw for institutional investors because of their consistently strong investment returns.
The average return of Korean multi-deal private equity funds in the ten years through 2019 exceeded 11%, according to figures from data provider Preqin. And the number of registered private equity funds in Korea jumped 157% to 583 between 2012 and 2018.
Seoul-based CWMAA, which manages pension contributions of 5.47 million construction workers, had around 3.8 trillion won of total assets as of September 2019, the latest figure published on the group’s website.