South Korea’s Public Officials Benefit Association (POBA) is looking for an asset manager to oversee a foreign private equity fund that will primarily focus on Vietnamese stocks.
Firms bidding on the tender must be locally registered institutions with a minimum three-year track record of managing Vietnam equity funds, and at least 10 billion won (US$7.51 million) of assets under management in their Vietnamese equity portfolios, according to POBA’s request for proposal on April 24.
The value of the tender was not disclosed.
The pension fund has appointed Korean consulting firm KG Zeroin Co as investment service provider for the mandate.
Applications are open until May 9 and the winning firm will be chosen by May 25.
This is the third time this year that POBA is outsourcing investments. The two previous tenders were for a healthcare and technology-focused domestic stock mandate last month, and a collateralised loan obligation mandate in February. POBA did not disclose the value of those tenders either.
Like most Korean asset owners, the fund doesn’t usually announce tender winners publicly.
POBA, a pension and welfare fund for around 250,000 local government employees, has around $16 billion of assets.
