South Korea’s Public Officials Benefit Association (POBA) will select a new global asset management company to commit $100 million in an overseas real estate fund, local media reported on Monday (December 7).

According to the reports, the pension fund for provincial government employees will invest in listed overseas real estate investment trusts or shares in listed real estate companies in developed countries such as the United States, Japan and European nations, including the United Kingdom.

POBA‘s investment will be made in a separately managed account established by the partnering fund manager for around 10 years. It will pay a performance fee equivalent to 15% of investment returns for any that exceed 8%.

Eligible candidates must have an office in South Korea for regular monitoring and communication with POBA. The deadline for applications is December 23, and the fund will select a new partner by January. (Reporting by Kyoungho Lee)