The Pension Foundation of the General Assembly of the Presbyterian Church of Korea has awarded private equity mandates of 20 billion won ($16.8 million) each to IMM Investment and JKL Partners, industry sources said on August 14.

The pension fund has also committed 10 billion won each to three venture capital firms – KB Investment, Atinum Investment and LB Investment. It originally planned to issue a total of 50 billion won worth of mandates for equities and alternative investments. But the fund ultimately decided to raise the amount due to strong interest from several high-quality candidates, with a combined 70 billion won allocated to private equity and venture capital mandates only.

JKL Partners was first included in the foundation’s roster of alternative investment managers, while IMM Investment was selected again after being awarded a 10 billion-won venture capital mandate this spring. Both firms are currently raising blind pool funds with target sizes of 700 billion won and 600 billion won respectively.

With approximately 510 billion won in assets under management at the end of June, the pension fund has been emerging as a major investor in the alternatives space as it is ramping up investment in the asset class. The selection comes less than four months after it awarded 40 billion won to four private equity and venture capital managers earlier this year. (Reporting by Hye-ran Kim)