Korea Post hunts for secondary PE managers

The Korean LP is interested in closed-end commingled funds, with the fund's minimum size to be $1bn.

The investment period is expected to be four years from the final closing date, while the investment region should be global.

The government-owned postal service's banking and financial services provider is targeting all secondary strategies; however, some sector-focused funds would be excluded including real estate, infrastructure and energy funds.

The requirements include that managers should submit a historical record of fund performance, and it specifies that pre-crisis vintages (2008) should be included.

Korea Post is looking for an IRR of 8% and above. The deadline for proposals is on 12 April - the investment commitment will make its final selection in June.

Evaluation criteria include financial stability, overall GP capability, stability of key professionals, investment experience, investment process, risk management and investor service.

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