Korea Post is seeking two foreign secondary fund managers to handle total assets worth up to $200 million.

Korea Post’s insurance bureau has started a process of selecting foreign private equity firms for secondary strategies, sources familiar with the matter said on April 27. It plans to pick two managers, each of which will receive a $50 million to $100 million commitment, on condition of a fund size of over $1 billion.

According to a Korea Post proposal request, portfolio strategies may include secondary private equity investments in foreign countries, but any funds dedicated to certain sectors, such as real estate, infrastructure and energy, will be excluded from consideration. Also, applicants must have their track record of managing a commingled secondary fund before the 2008 financial crisis.

Proposals will be due on May 8. A selection process, which consists of two phases and also includes due diligence, will take place through next month, followed by a final decision expected to be announced in June.

Korea Post will consider performance, the organization’s stability, and capability and stability of key professionals in the first phase, while focusing on evaluating a fund’s strategy in the second phase.

Last year, Korea Post’s another bureau in charge of the savings business selected New York-based Lexington Partners and Paris-based Ardian to make capital commitments to their secondary funds. (By reporter Han Hee-yeon)