The Pension Foundation of the General Assembly of the Presbyterian Church of Korea is expected to shortlist asset managers this week to administer a combined 50 billion won ($41.8 million) for equities and alternatives strategies.
Interviews for the shortlisted candidates will be conducted on August 7, followed by due diligence. A final decision will be made before the end of August.
The foundation received more than 50 proposals, among which eight were from private equity firms seeking to win mandates for alternative investments, sources said. The number of mandates that will be issued for each strategy or how much will be allocated to each manager has yet to be decided.
The foundation has recently emerged as a major investor in alternative investments. This request for proposals came only three months after the foundation selected four alternative investment managers – three private equity firms and one venture capital firm – and awarded each a 10 million won mandate.
The foundation, which provides benefits to retired pastors who are members of the scheme, had approximately 500 billion won in assets under management at the end of 2019. It plans to allocate about 50% of its total assets to alternative investments such as private equity, venture capital and real assets. (Reporting by Hye-ran Kim)