Construction Workers Mutual Aid Association (CWMA) is looking for managers for private equity and venture capital mandates worth 60 billion won ($54.4 million).

The South Korean fund issued a request for proposals (RFP) on its website on Monday (January 25) seeking two managers for a 40 billion won private equity mandate and another two for a 20 billion won venture capital mandate.

Proposals are due on February 5. On-site due diligence and interviews of managers will follow in March, with final selections expected before the end of April.

Participating managers should have a track record of at least three years and a minimum 50 billion won of assets under management for the asset class in which they are bidding.

Interested managers are also required to have secured capital commitments from other domestic institutional investors. Investment staff should have an average of five years or more of investing experience.

The RFP is expected to draw attention from managers that are in the process of fundraising for new funds. The successful managers for private equity mandates should raise 100 billion won or more including a commitment from the CWMA, and those for venture capital mandates should raise at least 50 billion won.

Seoul-based CMWA started to invest in private equity and venture capital funds in 2017. It had 3.8 trillion won in total assets under management at the end of 2019, with about 920 billion won, or 24%, allocated to alternative assets, including private equity, venture capital and real estate. (Reporting by Ik-hwan Choi)