This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:17 p.m. on Apr. 10, 2026.
Teachers Pension is moving to resume venture capital (VC) commitments after about three years. With the start of preliminary procedures to select a general partner (GP), execution in the first half is coming into view.
According to the investment banking (IB) industry on the 10th, Teachers Pension is working to select an evaluation agency to pick domestic VC GPs. Rather than having the pension evaluate GPs directly, the plan is to enhance objectivity and accuracy by conducting quantitative evaluations through an external expert agency.
The evaluation agency to be selected this time will handle quantitative evaluations and on-site due diligence for choosing GPs of VC blind funds. The agency will compare proposals and supporting documents to carry out the first-round quantitative assessment, then conduct on-site due diligence on managers on the shortlist to cross-check the evaluation results. The plan is to minimize errors in the evaluation process and strengthen fairness.
The industry views this procedure as the "advance stage" of resuming VC commitments. Given that commitment programs typically proceed in the order of establishing an evaluation system, issuing a notice, receiving proposals, and screening, many expect that once the evaluation agency selection is completed, a GP recruitment notice will follow immediately.
Teachers Pension had halted new VC commitments due to market volatility and internal portfolio adjustments. Accordingly, the resumption is meaningful in that a major limited partner (LP) is returning to the venture investment market. In particular, with large amounts of policy-driven capital being deployed, if Teachers Pension, regarded as a stable allocator, resumes commitments, managers are expected to show strong interest.
Recently, large policy funds such as the mother fund and the Public Growth Fund have been launched in succession, making it difficult to secure private matching capital. As a result, managers' interest is expected to concentrate on Teachers Pension's commitment program, given its stability as an allocator.
The market is watching the possibility that Teachers Pension will maintain its existing conservative screening stance while adjusting commitment sectors and size to reflect market conditions. A scale of 20 billion to 100 billion won is being mentioned, with concrete direction to be finalized after the evaluation agency is selected.
An IB industry official said, "Internally, the direction for resuming commitments is largely set," and added, "Once the evaluation agency selection is completed, the notice will come out quickly, and given the timeline, there is a high chance GP selection will be finished within the first half."