Korea Post Insurance, Seoul, is searching for private equity managers to oversee a combined $200 million in overseas buyout strategies focused on North America and Europe.
An RFP issued Wednesday said the $45 billion insurer is seeking up to two firms to manage a combined $120 million in middle market-focused buyout strategies and one firm to manage up to $80 million in a strategy focused on the upper middle market.
Candidates must be managers of buyout commingled funds eligible to register as foreign investment vehicles under the Korean Financial Investment Services and Capital Markets Act, or managers who have entered into an exclusive distribution agreement with registered local distributors for their respective funds.
The life of the funds for successful candidates will be 10 years from the final closing date of the selection process, with an investment period of five years from that date.
The RFP said the maximum potential management fee would be 200 basis points of committed capital, while the performance fee would be a maximum 20% of returns in excess of Korea Post Insurance's preferred return target of a 7% internal rate of return.
Proposals are due by 6 p.m. Korea Standard Time on June 12. Final selections will be made around August and September, the RFP said.