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Korea’s POBA seeks bids for US$400 million multi-asset mandate

By Hui Ching-hoo   
August 23, 2021

South Korea’s Public Officials Benefit Association (POBA) is seeking two managers for a US$400 million global multi-asset investment mandate with a minimum target rate of return of 4.5% per annum.

The mandate will focus on public and private assets including infrastructure, real estate investment trusts, private equity and private debt, POBA says in its request for proposal published on the website of the Korea Financial Investment Association on August 19.

This is POBA’s second tender of 2021. The first, in June, was for a foreign equity mandate of unspecified value. Like most Korean asset owners, POBA rarely announces mandate results.

Applicants for the new tender must have a minimum three-year track record in multi-asset investment. The value of their multi-asset strategies must be at least $500 million.

Applications are open until September 21 and evaluation and manager selection are scheduled to be completed by mid-November.

POBA, a pension and welfare fund for around 250,000 local government civil servants, had 16.4 trillion won ($14.7 billion) of assets as of December 2020.