[RFP] Korea Post seeks global fund of hedge fund managers

Korea Post’s insurance unit on May 8 posted a request for proposals of multi-strategy funds of hedge funds.

It will receive proposals by 5 pm, May 19 (Korean time) and select foreign financial services firms running a global fund of hedge funds around June, according to the RFP.

But the state-run agency did not disclose how much it will commit to the FoFs, nor how many fund houses will receive its mandates for the strategy.

The qualified fund house must have more than $2 billion in assets under management at end-February 2017, with track records of over 10 years.

The proposed composite or fund must have a minimum $500 million in assets.

Korea Post Postal Insurance Bureau requires the global fund houses to advise and collaborate with its onshore fund of hedge fund manager – Mirae Asset Global Investments Co. Ltd. – on the investment of the onshore fund, in which Korea Post is the sole investor, in hedge funds.

It also calls on the fund managers to customize hedge fund portfolios to its needs; to build and share hedge fund sourcing pipelines; and to support due diligence on underlying funds and share research data.

Korea Post’s insurance arm is also set to pick multi-strategy private equity FoF managers to invest about $200 million.