Korea’s GEPS picks HarbourVest and Lexington as secondaries partners

The South Korea-based government pension will commit $50m to each manager.

Institution: Government Employees Pension Service
Headquarters: Jeju-do, South Korea
AUM: KRW8.83trn
Allocation to alternatives: 17.2%
Bitesize: $10m-$50m

Government Employees Pension Service has appointed HarbourVest Partners and Lexington Partners as its overseas secondaries fund managers. According to a request for proposal, GEPS will commit a total of $100 million, with each manager receiving a maximum of $50 million.

As illustrated in the chart below, GEPS has a 17.2 percent allocation to alternative investments.

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