[RFP] Korea Post seeks global private equity FoF managers for $200 mn
Apr 07, 2017 (Gmt+09:00)
S.Korea's LS Materials set to boost earnings ahead of IPO process
![close](/images/ico/eyes/close.png)
![open](/images/ico/eyes/open.png)
Macquarie eyes its 1st Korean data center valued around $722 mn
![close](/images/ico/eyes/close.png)
![open](/images/ico/eyes/open.png)
Galaxy Ring, new foldables set to steal the show at Samsung Unpacked Paris
![close](/images/ico/eyes/close.png)
![open](/images/ico/eyes/open.png)
SK Inc. in talks to sell Pharmteco’s US CDMO plant to Novo Nordisk
![close](/images/ico/eyes/close.png)
![open](/images/ico/eyes/open.png)
POSCO gears up for carbon-free steelmaking with hydrogen
![close](/images/ico/eyes/close.png)
![open](/images/ico/eyes/open.png)
Korea Post’s insurance unit is planning to commit about $100 million each to two multi-strategy global funds of funds (FoFs) employing primary, secondary and co-investment strategies, according to the state-owned agency.
It will receive proposals by 6:00 pm, April 17, 2017 (Korean time) through local distribution agents, and select two FoF managers by June, Korea Post said in a notice posted on its website last week.
Single-strategy hedge funds employing long/short or event-driven strategies will not be considered for the mandates.
Qualified general partners need to be currently managing a multi-strategy commingled fund of funds, or a multi-strategy separate managed account.
Korea Post targets a net internal rate of return (IRR) of 8% or above from the investment.
It wants the FoFs to employ primary strategy within 50 to 60% of committed capital; secondary within 20 to 30%; and co-investment within 20 to 30%.
For management fees, Korea Post suggests a maximum 1.0% of total committed capital during the investment period and a maximum 0.8% of the outstanding balance of the invested capital after the investment period.
If the IRR reaches or beats the targeted 8%, it would pay up to 10% of the performance as performance fees.
The request for proposal comes after the Korean Investors reported in early March that Korea Post’s insurance bureau was preparing to pick multi-strategy global FoF managers.
By Donghun Lee
Leedh@hankyung.com
Yeonhee Kim edited this article
-
Pension fundsKorea’s military fund taps ex-president of Woori Financial as CIO
Jun 28, 2024 (Gmt+09:00)
-
-
Pension fundsKorea's NPS CIO talks with GPIF, GIC execs on asset allocation
Jun 24, 2024 (Gmt+09:00)
-
Foreign exchangeKorea FX authorities, NPS raise currency swap limit to $50 bn
Jun 21, 2024 (Gmt+09:00)
-
Private equityAffirma Capital seeks to sell entire stake in both SeAH FS, S&G Holdings
Jun 20, 2024 (Gmt+09:00)