News & Analysis

Korea’s GEPS seeks manager for $100m mandate

The $4.2bn pension wants to commit to two separate global secondaries funds and is seeking managers with at least $500m in secondaries investments.

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South Korea’s Government Employees Pension Service (GEPS) is seeking two investment managers for its 2016 global secondaries mandate.

The pension scheme is seeking two general partners to help it invest $50 million in each of two private equity commingled blind funds, according to a Request For Proposal on its website. Management fees and the size of the GP commitment have not been determined.

The vehicles must be offshore secondaries funds which are already registered or are eligible to register as foreign investment vehicle under the Korean Financial Investment Service and Capital Markets Act.

GEPS wants managers who have been in existence for at least two full years and who have at least $500 million in private equity secondaries funds invested, among other requirements.

Interested managers have until 12 May to submit proposals.

Founded in 1982, GEPS has $4.2 billion in assets under management and is one of South Korea’s four public pension programmes, providing benefits to government employees, pensioners and their families, according to PEI Research and Analytics.