South Korea’s pension fund for private school teachers is seeking two foreign asset managers for a 180 billion won (US$122.8 million) US equity mandate, its first outsourced investment of 2025.
The investment will be benchmarked against the S&P 500 Index or the Russell 1000 Index, the pension fund says in a request for proposal on January 2.
Asset managers bidding on the tender must have a minimum five years of experience managing mutual funds, with at least US$200 million of assets in their mutual fund portfolios. They must be registered in Korea.
Applications are open until January 15 and the winning bidders will be chosen by February 3.
Teachers’ Pension manages the retirement savings of some 400,000 current and retired private school staff, with 26.9 trillion won of assets as of end-2023.