South Korea’s Government Employees Pension Service (GEPS) is seeking bids for a 140 billion won (US$102.5 million) domestic private equity mandate.
The investment will be structured as a blind fund managed by four asset managers. Two of the winning bidders will each get 40 billion won of funding and the other two will get 30 billion won each, GEPS says in a request for proposal on May 21.
The fund’s investment period is five years, with a ten-year maturity.
Asset management firms bidding on the tender must have at least two years of experience managing a private equity blind fund with a minimum 100 billion won of total assets. They must also have at least one person in management with over ten years of investment experience.
Applications are open until June 3 and the tender winners will be chosen by the end of June.
This is the second time this year GEPS is outsourcing investments. The first was in March when it sought bids for a 400 billion won developed market equity mandate. Eight firms will be appointed, also by the end of June.
GEPS, a quasi-government body that provides pension services for civil servants, manages around $17 billion of assets for 1.25 million members.