[RFP] Korea scientists fund to pick $120 mn multi-asset SMA manager

Korea Scientists and Engineers Mutual-aid Association (SEMA) is planning to allocate around $120 million to a separately managed account (SMA) of multi-asset strategy, according to its request for proposal announced on Oct. 23.

For the allocation aimed at sharing market information on global portfolios and exploring co-investment opportunities, SEMA will receive proposals by Nov. 7 and select one management firm later in December.

Its targeted net return is the one-year US LIBOR plus 4.25% for a five-year investment period.

Qualified management firms must have at least $100 billion AUM with experience in SMA and fund management based on multi-asset strategy.

SEMA will give a selected manager the leeway on specific asset allocations as long as it meets the composition guidelines: equities of at least 20%; fixed-income between 20% and 40%; and alternatives of at least 20%.

The RFP came after the $3.7 billion retirement fund decided to commit $60 million to two private debt fund managers in its first allocation to global private debt funds.