Korean pension fund POBA seeks local managers for $100m PE mandate

South Korean 10,000 won note is seen on U.S. 100 dollar notes in this picture illustration taken in Seoul, South Korea, December 15, 2015. REUTERS/Kim Hong-Ji

Korean pension fund POBA, or the Public Officials Benefit Association, has earmarked 1.2 billion won ($100.8 million) to invest in three local private equity funds, according to an announcement.

POBA has opened the request for proposal to domestic blind-pool funds, seeking to invest in up to three managers.

Eligible fund managers must have a fund size of at least 200 billion won and a minimum of five years of operation in the private equity industry. POBA said it will not consider venture capital funds investing in startups.

The Korean pension fund will conduct a second evaluation in January 2020 and announce its decision in the following month.

In October, the $11-billion fund said it had committed $50 million each to three funds in the US and France, including Veritas Capital, Ardin and HPS Investment Partners.

It also plans to set up a 900 billion won joint fund with Danish pension fund PFA to invest in European properties. POBA is also inviting five international asset managers in the US and Asia to join its $250 million private debt mandate.

Meanwhile, earlier this year, POBA said it will double down on co-investment with the California State Teachers’ Retirement System and the Teacher Retirement System of Texas in US real estate debt to the tune of 880 billion won.

The Seoul-headquartered investor had a 58 per cent allocation to alternative investments by the end of 2018, which increased from some 46 per cent in 2015.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.