The Public Officials Benefit Association (POBA) plans to commit $250 million to five private debt funds focusing on mid-cap companies in North America and Asia.
It will select four US-focused debt funds and one Asia-focused fund and commit $50 million apiece, according to investment banking sources.
The committed capital will be invested in senior-secured loans through direct lending, POBA said in a request for proposal posted last week.
But it did not disclose how much capital to commit to those funds.
Proposals need to be submitted via a brokerage company and to include the name of a Korean management company which the applicants want to work with for the mandate.
POBA will receive proposals by Sept. 26 at 3 p.m. (Korean standard time).
By Jung-hwan Hwang
<Edited by Yeonhee Kim>