South Korea’s Scientists and Engineers Mutual-aid Association (SEMA) has opened tenders to seek ten asset managers for three mandates totalling 286 billion won (US$208.45 million), mostly in Korean alternative assets.
SEMA will hire four asset management firms for a domestic 160 billion won private equity mandate, five firms for a 106 billion won domestic venture capital mandate, and one for a 20 billion won biotechnology and healthcare mandate.
Two of the winning bidders for the private equity mandate will focus on large companies, with each given 50 billion won of funding, and the other two will focus on smaller firms and get 30 billion won each, the group says in a request for proposal on August 9.
Asset managers bidding on the larger mandate must have a minimum 300 billion won of private equity assets, and the others must have at least 100 billion won.
Meanwhile, two of the asset managers for the venture capital mandate will primarily invest in large firms and receive 30 billion won of funding each. The other three will invest in smaller firms and get 15 billion won each.
Asset managers bidding on the two categories must have venture capital assets of at least 80 billion won and 50 billion won, respectively.
For the biotechnology and healthcare-themed mandate, applicants must have a minimum 50 billion won of total assets, with more than half allocated to the biotechnology and healthcare sector.
Applications are open until August 30 and all the asset managers will be hired in late October.
SEMA invests pension contributions of more than 75,000 scientists and engineers and has around $7.7 billion of assets under management.