Korea's GEPS seeks offshore secondaries managers
South Korea’s Government Pension Investment Service (GEPS) is looking to make two commitments – of $50 million apiece – to overseas GPs operating co-mingled global secondaries funds.
Eligible managers must have been in business for at least two years and have a track record of investing $500 million or more in private equity secondaries assets, according to a GEPS notification. The fund terms should be 10 years in length, plus an allowance for extensions of 1-2 years, and an investment period of five years. GEPS can account for no more than 50% of the total corpus.
GEPS is one of four public pension programs in Korea, alongside the National Pension Service, Korea Teachers Pension, and the Military Mutual Aid Association. It had KRW5.2 trillion ($4.5 billion) in assets at the end of the 2015 financial year, of which 42.9% was deployed in bonds, 30.6% in equities and 13.7% in alternatives.
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