이 기사는 2021년 05월 14일 06:44 thebell 에 표출된 기사입니다.

The Government Employees Pension Service (GEPS) received proposals from more than 10 managers for its first investment in blind-pool funds that target global infrastructure assets.

A request for proposals (RFP) issued late last month said the South Korean pension fund would select three managers to award $35 million each. The deadline for proposals was May 3.

More than 10 managers submitted proposals in response to the RFP, according to sources. Among them are global asset managers including BlackRock, Macquarie Asset Management, Global Infrastructure Partners, Stonepeak Infrastructure Partners, Ardian, Brookfield Asset Management, UBS Asset Management and Goldman Sachs Global Infrastructure Fund.

GEPS will shortlist candidates in the coming weeks, followed by interviews and due diligence. The final selection is expected to be announced before the end of June. The investment period and life of the fund must be up to seven years and 15 years, respectively, with a 7%-10% target internal rate of return.

This is the first time that GEPS launched a tender process to commit capital to blind-pool funds investing in infrastructure abroad. The Korean investor has so far invested in the asset class on a deal-by-deal basis, but shifted to blind-pool funds this year due to difficulties with conducting due diligence after the Covid-19 pandemic struck.

GEPS included environmental, social and governance (ESG) factors in the evaluation process by requiring candidates to submit their 2020 UN Principles for Responsible Investment assessment reports and disclose their ESG investment policies.

GEPS had 8.2 trillion won ($7.3 billion) in assets under management at the end of 2020, with exposure to overseas alternative investments accounting for 1.12 trillion won. The pension fund aims to increase its overall alternative investment allocation from the current 24.7% to 33% by 2025. (Reporting by Si-eun Park)