Korea Growth Investment Corp (K-Growth) is seeking a service provider to help the fund of funds organization screen proposals submitted by investment firms.

A request for proposals (RFP) issued last week said that the selected firm would be mainly responsible for verifying information in candidates’ proposals to catch any errors based on supporting documents. Proposals were due today (March 5) and the term is for one year.

K-Growth typically assesses investment firms seeking its capital commitments in two steps, involving quantitative and qualitative evaluations. The winning service provider will be involved in the former, helping to make sure that the information in proposals is factual and calculating scores for each proposal based on criteria set by the organization.

The hiring of an external verification service provider would enhance fairness and consistency in its process of selecting managers, K-Growth said in the RFP. It expects about 150 investment proposals to be submitted during this year’s selection processes.

Since its establishment in December 2016, the government-funded organization has managed funds of funds worth 4.8 trillion won ($4.3 billion), which were invested in private equity and venture capital funds that raised nearly 20 trillion won in the private sector.

K-Growth currently manages 15 funds of funds, up from three in 2017. They include the Growth Ladder Fund, Corporate Restructuring Fund and New Deal Fund.

The organization has invested in more than 3000 companies in South Korea, with 87% classed as small and mid-sized businesses. (Reporting by Hee-yeon Han)