Government Employees Pension Service

Government Employees Pension Service (GEPS) is a pension fund for South Korean government employees, with AUM of 8.9 trillion won ($8 billion) as of the end of 2019. Its asset allocation breaks down into fixed income at 42.2%, equities at 31.5% and alternatives at 18.6%. Alternative investments are comprised of various asset classes, including private equity, private debt, real estate and hedge funds. Since inception in 1982, its annualized return averaged 6.5% as of the end of 2019.