South Korea’s Government Employees Pension Service (GEPS) is looking to hire two asset managers for a 50 million euro (US$58.62 million) global infrastructure fund mandate.
The commingled closed-end fund will be required to allocate up to 80% of investments to European assets, according to GEPS’ request for proposal issued on September 11. The fund will have a seven-year investment period and target an internal rate of return of more than 10%.
Asset management firms bidding on the tender must have at least five years of investment experience, and a minimum 10 billion euros of assets, including 3 billion euros in infrastructure.
They must also employ at least five investment professionals with more than ten years of experience managing infrastructure.
The application deadline is September 22 and the winning bidders will be chosen in early December.
GEPS, a quasi-government body that provides pension services for civil servants, manages around 12.31 trillion won ($8.8 billion) of assets for 1.25 million members.
