July 2021
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July 2021
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Korea’s CWMAA opens tender for 25 billion won infrastructure mandate

CWMAA
By Hui Ching-hoo   
July 22, 2021

South Korea’s pension fund for construction workers is looking to hire an asset manager for a 25 billion won (US$22.5 million) foreign infrastructure mandate in the form of a blind fund.

The blind fund, which will have a 15-year investment period, will primarily focus on European and US markets and include various investment styles, including core, core-plus and value-added strategies, the Construction Workers’ Mutual Aid Association (CWMAA) says in its request for proposal on July 20.

Applicants must have a minimum three-year investment track record and at least $300 million of assets under management.

This is the group’s second tender thus far in 2021. Its first, in January, was also for alternatives, a 20 billion won domestic venture capital and private equity mandate.

Like most Korean asset owners, the CWMAA does not publicly announce tender results.

Applications for the new tender are open until August 9. Evaluation and manager selection are scheduled for between August 23 and September 30.

Based in Seoul, the CWMAA manages the retirement savings of 5.47 million construction workers and has around $3.16 billion of assets currently.