The Pension Foundation of the General Assembly of the Presbyterian Church of Korea (PCK) has shortlisted eight managers in the investment program for its alternative portfolio.

The pension fund, which has around 500 billion won of assets under management, notified on Tuesday eight firms that they were included in the shortlist, sources close to the matter said. It received total 19 proposals, which were due on March 22.

The pension fund has not decided on how many managers it will ultimately select. At the moment, it is likely to choose three to four firms, with each expected to receive about 10 billion won.

The shortlisted candidates will now be evaluated based on presentation and interviews which will be held on April 7. The final results will be revealed before the end of April.

The investment program is categorized into three parts: private equity and venture capital strategies, infrastructure strategies and real estate strategies. But it turned out that seven among eight shortlisted candidates are either private equity or venture capital firms, indicating that the pension fund is putting its focus on private equity and venture capital strategies.

Last year the pension fund selected eight managers to allocate total 90 billion won to the alternative investment. Among private equity firms, IMM Investment and Keistone Partners were included in the final results, both of which received 10 billion won each from the pension fund.

(By reporter Kim Hye-ran)