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.