The Government Employees Pension Service (GEPS) plans to select managers to invest up to 60 billion won ($50 million) in local private equity blind-pool venture funds.

It will allocate up to 20 billion won to each of the selected funds with an investment period of five years, which can be extended, according to GEPS’ request for the proposal released on July 27.

Qualified managers need to manage a minimum of 100 billion won in PE blind-pool funds with at least two years’ experience as an asset manager.

The pension fund will receive proposals for the mandate by August 5 and finalize the selection in September.

GEPS managed 8.2 trillion won ($6.8 billion) in assets as of the end of last year. (Reporting by Kyoungho Lee)