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Korea Post Insurance seeks manager for $50m VC FoF

The strategy can be in the form of a commingled fund or a separately managed account and should invest in secondaries.

Korea Post Insurance is searching for a manager to run a venture capital fund of funds strategy that includes secondaries.

The strategy can be in the form of a commingled fund or a separately managed account and should also include primaries and co-investments, according to a request for proposal on the 119.1 trillion won ($106 billion; €91 billion) investor’s website.

Secondaries and direct investments should together account for as much as 40 percent of the strategy.

The strategy should deliver at least a 10 percent net internal rate of return; the management fee should not exceed 120 basis points of total committed capital and the GP should commit a minimum of 1 percent of total committed capital.

Submissions are due by 20 September.

Korea Post Insurance, which manages savings deposits and sells insurance, is the latest in a string institutional investors in the country to seek managers with secondaries expertise. In May Public Officials Benefit Association, a pension fund with 10.1 trillion won in assets under management, was seeking blind-pool fund managers for a $150 million strategy that covered buyout, growth, secondaries and co-investment opportunities, while in March Korea Investment Corporation, the country’s $134.1 billion sovereign wealth fund, was hiring for an undisclosed number of secondaries managers.