Government Employees Pension Service (GEPS) seeks infrastructure managers

The South Korean public pension fund is looking to commit to three global infrastructure funds.

Institution: Government Employees Pension Service (GEPS)
Headquarters: Jeju-do, South Korea
AUM: 9.92 trillion Korean Won
Allocation to alternatives: 19.21%

South Korea’s Government Employees Pension Service (GEPS) has issued a request for proposal for three global infrastructure fund managers.

The pension fund aims to commit up to 35 million (either USD or EUR) respectively to three managers targeting core and core-plus strategy across various sectors, with no more than 20 percent of the fund investing in North American traditional energy generation and power plants (excluding renewables).

The successful firms should manage at least $5 billion in infrastructure assets with minimum two years experience in the business. The vehicle should be a commingled blind fund with a target size of at least $1 billion at final close and a net IRR of 7 to 10 percent, investing globally in developed countries.

The submission date is 3 May and the final selection will be announced in May 2021.

As illustrated below, the 9.92 trillion Korean Won ($8.9 billion; €7.4 billion) South Korean pension fund currently allocates 4 percent of its full investment portfolio to infrastructure.

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