Nuveen Asset Management, a subsidiary of the Teacher Retirement System of Texas (TIAA), noted on the 20th that it signed a private capital investment management agreement with the Government Employees Pension Service worth $100 million (approximately 145.04 billion won) on the 13th. As of the end of September this year, Nuveen Asset Management manages $1.3 trillion (approximately 1,884 trillion won) in assets across more than 27 countries.
Under this agreement, Churchill Asset Management will invest Service funds in U.S. subordinated capital and private equity (PE) solutions, contributing to the expansion of the Government Employees Pension Service's global investment portfolio. Previously, the Government Employees Pension Service selected Churchill Asset Management, a private capital specialist under Nuveen Asset Management, as the investment manager to diversify its global portfolio.
On the same day, TIAA and the Government Employees Pension Service signed a memorandum of understanding (MOU) on a strategic partnership. Nuveen Asset Management plans to promote cooperation options such as providing educational programs, sharing investment knowledge and insights, networking with local institutions, and sharing data.
Mike Perry, head of the global client group at Nuveen Asset Management, said, “Nuveen Asset Management and TIAA have always viewed the Korean market as strategically very important, and this agreement with the Pension Service will be a significant opportunity for us to further strengthen our presence in Korea and promote mutual benefits.”
Baek Joo-hyun, Chief Investment Officer of the Government Employees Pension Service, said, “I hope that by utilizing the global network and investment expertise of Nuveen Asset Management, we can improve the portfolio management return of the Service and enhance the investment capabilities of the Service as a global investor.”