Korea Post Insurance launches overseas hedge fund search

Korea Post Insurance is searching for overseas hedge fund managers, according to an RFP on its website.

The RFP said managers of equity long/short, event-driven, credit relative value (credit long/short, fixed-income arbitrage, structured credit, convertible bond arbitrage), discretionary global macro and multistrategies can apply.

The managers will run a combined 200 billion won ($179 million) in allocations, according to a source familiar with the $45 billion insurer's RFP process, who declined to be named. The number of managers has not been decided.

Both interested firms, and the fund they submit for consideration, must be at least 5 years old; firms must have a minimum of $1 billion in hedge fund AUM; and individual fund AUM must be at least $300 million.

Interested hedge fund managers must submit their proposal by 5 p.m. Korea Standard Time on May 26.

The RFP is available on Korea Post Insurance's website.

The source said while Korea Post Insurance previously invested directly in hedge funds, the scale of allocations it is looking to make now is much greater than its earlier allocations.