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Korea Post Savings seeks direct lending fund managers

The South Korean government agency is looking to commit up to $200m to US or European private debt funds.

Institution: Korea Post
Headquarters: Sejong-si, South Korea
AUM: 133.86 trillion Korean won
Allocation to alternatives: 6.0%

Korea Post Savings, the investment unit of Korea Post, has issued a request for proposal for overseas direct lending managers. It aims to commit a total of $200 million to two fund managers.

The successful firms should have a closed-end commingled fund of at least $500 million in size, with at least 80 percent allocation to first-lien debt including unitranche, while sector focused funds such as real estate, infrastructure and energy are not included. The fund should also have a net internal rate of return of at least 5 percent.

The submission deadline is 15 December 2020 with a decision put forth to their investment committee in February 2021.

As illustrated below, the 133.86 trillion Korean won ($121.5 billion; €100.6 billion) South Korean government agency has a 6 percent allocation to alternative investments.

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