Korea Investment Corporation (KIC) has opened a tender seeking two locally-registered financial institutions to provide valuation services for the sovereign wealth fund’s foreign private equity investments.
According to KIC’s request for proposal published on November 19, firms bidding on the mandate must be experienced in providing such services to institutional investors. These investors should have at least US$180 billion of assets under management over the past three years.
The winning bidders will be appointed for five years and will have to value KIC’s foreign private equity portfolio semiannually for financial reporting purposes.
Applications are open until December 31 and the two firms will be chosen by the end of January.
KIC had around $190 billion of assets under management as of end-2023, with $41.7 billion allocated to alternatives, including private equity.