South Korea’s private school teachers’ pension fund is calling bids for a 200 billion won (US$180 million) domestic private equity mandate, its second tender of 2021.
The Teachers’ Pension will select four asset managers for the mandate, which will be structured as a domestic blind fund, according to the request for proposal published on the website of the Korea Financial Investment Association on July 5.
The managers will be prohibited from investing in institutions that focus on start-ups.
Applicants are required to have a minimum 300 billion won of private equity funds. And their private equity investment team must have at least ten years of experience. Applicants must also maintain their main offices in Korea.
The tender is open until July 23. Evaluation and manager selection are scheduled to be carried out by the end of August.
The pension fund’s first tender of the year was for a domestic equity mandate of unspecified value. The tender was opened in May and closed in mid-June. Like many Korean asset owners, the fund does not typically disclose tender results. Teachers’ Pension manages around 23 trillion won of assets for 330,000 current and retired school staff.