Korea’s GEPS seeks real estate debt fund managers

The South Korea-based public pension aims to commit $35m to two managers.

Institution: Government Employees Pension Service (GEPS)
Headquarters: Jeju-do, South Korea
AUM: 6.28 trillion won ($4.69 billion; €4.25 billion)
Allocation to alternatives: 34.91%

Government Employees Pension Service (GEPS) has issued a request for proposal from global real estate debt fund managers.

The pension aims to commit $35 million to two managers. Their funds should allocate at least 80 percent to North America and/or Europe. GEPS is excluding funds that allocate to only to a single sector, as well as distressed funds and funds with 50 percent or more allocated to mortgage-backed securities.

The funds will have a target size of at least $500 million at final close, and the firms should have run their business for least five years. The fund managers should have at least $10 billion in private debt AUM, of which $5 billion is in real estate debt strategy.

The submission deadline is July 12, with a decision put to the investment committee in August.

GEPS has a 34.91 percent allocation to alternative investments.

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