Korea Post has hired local asset managers STIC Investments and IMM Credit and Solutions for a 150 billion won (US$105 million) domestic private debt mandate that was put up for tender in late February.
The government postal agency disclosed the identity of the two winning bidders on its website on April 11, seven weeks after calling for bids on February 26.
The investment will be in the form of a blind fund that will allocate at least 80% of assets to credit strategies, including convertible bonds, exchange bonds, redeemable convertible preferred stocks, and bonds with warrants.
The fund’s target size is at least 200 billion won and the investment period is five years.
Korea Post has around 150 trillion won of assets under management.