Three Korean alternative investment managers have won Korea Post’s tender for a 150 billion won (US$112 million) domestic private equity mandate structured as a blind fund.
The three firms are VIG Partners, JKL Partners and Premier Partners.
Korea Post, which put the mandate up for tender in February, published the names of the winners on its website on October 29.
The blind fund will focus on assets including convertible bonds, exchangeable bonds, and redeemable and convertible stocks. Half of the assets will have to be allocated to mezzanine strategies.
Korea Post is one of the most prolific among Korean asset owners in outsourcing investments, with ten tenders thus far this year, including for private equity, venture capital, and social responsibility bonds.
The government postal agency doesn’t often announce tender results publicly.
Sejong-based Korea Post has around 150 trillion won of assets under management.