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June 2024
AAM Magazine
June 2024
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Korean wealth fund KIC opens tender for alternative data service provider

By Hui Ching-hoo   
May 22, 2024

Korea Investment Corporation (KIC) has opened a tender seeking a firm to provide data analysis services for the roughly US$42 billion of alternative investments held by the sovereign wealth fund.

The winning bidder will be appointed for five years with a project budget of $3.8 million, KIC says in a request for proposal on May 20.

Firms bidding on the tender must have a minimum five-year track record of providing global alternative data management services to an institutional investor having at least $1 billion of alternative investments.

The winning bidder will have to set up a dedicated team to provide services to KIC. If an international firm wins the tender, it will have to provide services through its Korean branch.

Applications are open until June 26 and the winning firm will be chosen by the end of July.

As of August 2023, KIC had $181 billion of assets with 22.7% allocated to alternatives, a share that it aims to raise to 25% by next year.