Korea Development Bank’s alternative investment unit, KDB Infrastructure Investments Asset Management Co, is looking to hire a sub-manager for its 50 billion won (US$37.5 million) corporate renewable energy fund of funds.
The fund, which has a 25-year investment period, invests in Korean companies which are recognised by Renewable Energy 100, a global corporate renewable energy initiative that aims to get influential businesses in the world to commit 100% to renewable electricity by 2050. It’s led by Climate Group, a London-based group that promotes net zero carbon emissions.
According to KDB Infrastructure’s request for proposal on August 11, the fund will be required to allocate at least 80% of its assets to investment trusts, and a maximum 20% to equities.
It does not specify the criteria that investment managers have to satisfy in order to bid on the tender.
Applications are open until August 15 and the winning bidder will be selected by September 12.
Seoul-based KDB Infrastructure, which focuses on various domestic and foreign alternative investments, including infrastructure and renewable energy, had around 68.6 billion won of total assets at the end of 2021, the latest publicly available figure.