South Korea’s pension fund for private school teachers has opened its third tender of 2021, an 80 billion won (US$67.2 million) venture capital mandate focusing on the new technology sector.
Teachers’ Pension will select four asset managers for the mandate, which is structured as a blind fund with an eight-year investment period, the fund says in a request for proposal on October 5.
Each manager will be appointed for a four-year term, with the possibility of an extension subject to performance.
Applications are open until October 19, with evaluation and manager selection scheduled by the end of November.
The pension fund’s previous tenders this year were for a 200 billion won domestic private equity mandate in July, and a domestic equity mandate of unspecified value in May. 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.