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Korea’s Teachers’ Pension seeks bids for US$60 million global equity mandate

Teachers’ Pension
By Hui Ching-hoo   
January 26, 2023

South Korea’s pension fund for private school teachers has opened its first tender of 2023, a US$60 million global equity mandate investing in blend or core-style offshore funds.

The Teachers’ Pension will hire six global firms for the mandate, which is benchmarked against the MSCI All Country World Index, it says in a request for proposal on January 19.

Offshore funds which are eligible for the mandate must be UCITS structured or domiciled in the US and have at least $300 million of assets under management. They must also have a minimum investment track record of three years.

Applicants must be registered in Korea and authorised by the Korean financial regulator to operate collective investment schemes in the country.

Applications are open until February 2 with due diligence and manager selection scheduled by the end of March. The pension fund has appointed local fund house KB Asset Management as investment adviser to help with the process.

The Teachers’ Pension manages around 20 trillion won ($16.2 billion) of assets for 400,000 current and retired private school staff.