The Local Administrations Pension Fund selected five firms, including VIG Partners, as general partners (GPs) for its private equity fund (PEF) commitment program, to which it allocated 350 billion won.
According to the investment banking (IB) industry on the 2nd, the pension fund notified VIG Partners, Keystone, Genesis PE, KCGI, and KB Asset Management on Mar. 30 that they had each been selected as GPs for the PEF blind fund commitment program.
Specifically, VIG Partners, Keystone, Genesis PE, and KCGI were chosen in the buyout and growth investment strategy institutional sector, to which 200 billion won was allocated, while KB Asset Management was selected for the co-investment strategy.
The pension fund plans to commit 50 billion won each to the four managers in the buyout and growth investment strategy institutional sector. The minimum size for forming a blind fund was set at 200 billion won.
KB Asset Management, selected in the co-investment strategy institutional sector, was allocated 150 billion won. It is said to be required to invest more than 70% in blind funds already invested in by the pension fund or in offered investment opportunities.
Meanwhile, this is the first time since 2019 that the pension fund has pursued a PEF commitment program through an open competitive bidding process. The pension fund is also said to be planning to proceed with a venture capital commitment within the year.