Yellow Umbrella’s tender process for private equity mandates is being delayed, causing problems for some managers that need to complete the fundraising by specified deadlines.

The mutual aid association under the Korea Federation of Small and Medium Businesses (KBIZ) is in the process of selecting private equity and venture capital managers to allocate a total of 310 billion won ($274 million). Proposals were due on August 13, with a final selection expected before the end of October, according to a notice posted by the KBIZ in July.

However, with the shortlisted candidates expected to be announced only this week and interviews and on-site due diligence after that, it appears inevitable the overall selection process will be delayed for several weeks, industry watchers said.

The reason for the holdup is that Yellow Umbrella received more than 50 proposals from candidates for venture capital funds, far more than it had expected, according to sources.

It could spell trouble for some private equity managers that are on a tight timeline to finish the fundraising. A private equity firm that submitted a proposal to Yellow Umbrella said that it may have to give up on the competition and find other investors because it needs to achieve the fundraising target agreed with its limited partners by the end of October.

Some are concerned about the lack of communication. “We haven’t had any update about the selection process for the last two months, which is embarrassing,” said an official at another private equity firm in Seoul. (Reporting by Byung-yoon Kim)