[RFP] Korea police fund invites bids for $87 mn blind fund mandates

  • 2016-07-04

The Police Mutual Aid Association (PMAA) of South Korea issued requests for proposals on July 1 for 100 billion won ($87 million) mandates that it would award to blind fund managers of private debt and private equity funds, and venture capital.

According to a public notice on the PMAA’s website, the savings fund will commit $20 million to each of two domestic or foreign firms of private debt fund management. The PDFs are required to implement a senior direct lending strategy, excluding collateralized loan obligation, bank loans and property-related direct lending. In addition, the PMAA’s commitment should account for less than 20% of the PDF’s fund-raising amount.

For PEF and VC investments, the police savings fund will give mandates only to domestic asset managers. It will allocate 20 billion won to two private equity funds, respectively and commit another10 billion won to each of two venture capital firms.

The deadline for proposals is set for July 13 at 6 p.m. (Korean time). PMAA will select the management firms by the end of August.

 

<Edited by Yeonhee Kim>