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June 2022
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Korea’s GEPS calls bids for US$100 million global private equity mandate

GEPS
By Hui Ching-hoo   
May 23, 2022

South Korea’s Government Employees Pension Service (GEPS) is looking to hire asset managers for a US$100 million global secondary private equity fund mandate structured as a commingled blind fund with a sector-focused strategy and a five-year investment period.

The fund will be excluded from investing in the real estate, infrastructure, and energy sectors, GEPS says in a request for proposal on May 19.

It plans to hire two or three asset managers for the mandate.

Applicants must have at least five years of investment experience, including risk management and compliance. They must also have a minimum $1 billion of assets in their private equity strategy.

Applications are open until May 31, with due diligence and manager selection scheduled by the end of August.

This is GEPS’s first tender of 2022. The last one was in October 2021, when it sought bids for a 300 billion won ($258 million) active global equity mandate.

Like most Korean asset owners, GEPS rarely announces tender results publicly.

GEPS, a quasi-government body that provides pension services for civil servants, manages around $17 billion of total assets for 1.25 million members.