[RFP] Korea Post seeks single offshore commingled hedge fund houses
May 12, 2017 (Gmt+09:00)
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Korea Post’s insurance unit on May 12 announced a plan to select global fund managers running single offshore commingled hedge funds by July, and will receive proposals by 5 pm, May 26 (local time).
The mandates will exclude fund of hedge funds and structured products.
Selected hedge fund managers are required to employ the following strategies:
(1) Equity long/short, (2) event driven, (3) credit relative value (credit long/short, fixed income arbitrage, structured credit and CB arbitrage, (4) discretionary global macro, or (5) multi-strategy (adopting more than three strategies mentioned above)
It did not disclose how much it will commit to those funds.
The qualified firm must have at least $1 billion in hedge fund assets under management at end-March, 2017. Also, the proposed offshore hedge fund must have a minimum $300 million with at least five years of track records.
They are required to meet quarterly redemption requests, while allowed to use a soft or hard lock-up for less than one year.
Korea Investment Management Co. Ltd., which manages onshore funds for Korea Post’s global hedge fund investments, may re-designate the applicant fund’s strategy, if it is deemed inappropriate, according to the request for proposal (RFP).
The RFP was issued shortly after the state-run agency’s insurance arm posted notifications of plans to invest in multi-strategy funds of hedge funds, as well as multi-strategy private equity FoF managers.
Yeonhee Kim edited this article
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