Korea’s National Pension Service appoints new chairman

According to a Health and Welfare Ministry statement, Choi began his new role on May 27. He was one of three candidates to head up the fund, narrowed down from an initial shortlist of 10. The ministry highlighted Kwang's knowledge of economics, management and pension system sustainability.

In addition to serving as health and welfare minister between 1997 and 1998, Choi was previously president of the Korea Institute of Public Finance and a professor of economics at Hankuk University for Foreign Studies. He studied at Seoul National University, the University of Wisconsin and Maryland University of Economics.

The reshuffle of senior posts within the Korean government follows the election of new President Park Geun-hye in February.

NPS is among the world's largest pension funds with KRW410 trillion ($360 billion) in assets under management. As of 2011, 64.4% of its assets were invested in domestic fixed income products, 17.9% in domestic equities, 5.7% in overseas equities, 4.2% in overseas fixed income and 7.8% in alternatives. The fund wants to increase its alternatives allocation to more than 10% by 2016.

NPS is by some distance the largest LP in domestic private equity in South Korea. It is also increasingly active in supporting outbound M&A initiatives, facilitating the creation of partnerships between PE investors and corporates.

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