South Korea’s National Pension Service has added two private equity fund managers and a hedge fund manager to their overseas alternative investment manager pool.
According to the asset management industry on June 1, the NPS picked Antares Capital Advisers and Insight Venture Management as new managers for its overseas PEF investment mandates in the first quarter. Overseas hedge fund manager Select Equity Group was also added to the pool.
Founded in 1996, Antares Capital Advisers has a number of private investment track records in North America and manages assets worth more than $27 billion (33 trillion won).
Antares held a meeting with NPS chief investment officer Hyo-Joon Ahn when he visited the U.S. in February to strengthen the network in North America.
Newly added PEF manager Insight Venture Management is a U.S.-based asset management firm with $30 billion in assets. From its beginnings it has mainly invested in software companies that are growing and is known as a manager with a solid investment character.
With the addition of Select Equity Group, the NPS entrusts hedge fund investment assets to a total of seven managers.
The NPS began investing in overseas hedge funds four years ago and in the early stages of the investment it has invested through the FoF (Fund of Funds). Blackrock and Grosvenor have been selected as FoF managers.
Last year the NPS made its first single-manager hedge fund investment. For the new mandate it picked London-based Marshall Wace and three US fund houses – Crabel Capital Management, Pentwater Capital Management and Waterfall Asset Management – in the fourth quarter of last year.
As Select Equity was added in the first quarter of this year, the number of overseas hedge fund management firms now total seven.
NPS is allowed to allocate up to 0.5 percent of its total assets to hedge funds. Of these, 0.2 percent are managed through FoF. (Reporting by Heeyeon Han)