KEXIM may award ESG private equity mandates once again State-run bank discussing issue with finance ministry

Translated by Kim So-in 공개 2021-05-10 08:27:22

이 기사는 2021년 05월 10일 08:05 더벨 유료페이지에 표출된 기사입니다.

The Export-Import Bank of Korea (KEXIM) is reviewing an option to award private equity mandate which requires integration of environmental, social and governance (ESG) factors once more within this year.

The state-run bank is in discussion with the Ministry of Economy and Finance to award ESG private equity mandates once again in the second half, with the amount likely to be larger than 50 billion won ($45 million), which it awarded earlier this year.

If it goes through, it will mark the first case that KEXIM awards the same mandates twice a year. The bank has awarded ESG private equity mandates to two managers earlier this month.

“More private equity firms are embracing ESG standards and KEXIM seemingly aims to reflect the trend in its blind-pool fund mandates,” an industry source said.

“KEXIM is trying to strengthen its presence as the limited partner. There has been no limited partner that has put up the ESG as the main theme and many industry watchers are positive about the KEXIM’s strategy.”

The bank’s ESG private equity mandates that took place earlier this year attracted strong interest from firms. Dominus Investment and a consortium of Stonebridge Ventures and Industrial Bank of Korea have recently been selected as managers to be awarded 25 billion won each. Six candidates were shortlisted among around 10 managers which submitted their proposals for the mandates.

The two selected managers should invest in sectors listed in the government’s guidelines on the New Deal initiatives and integrate ESG factors. (Reporting by Byung-yoon Kim)
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