The $75 billion Korean Post Savings is seeking one or more managers to oversee roughly $300 million in commercial real estate mezzanine loan strategies.
An RFP on the Sejong-based institutional investor's website said at least 50% of the mandate should be invested in U.S. mezzanine loans, including preferred equity and B-notes, with the remainder to be invested in countries within the Organization for Economic Cooperation and Development.
Loans should have a maximum maturity of 10 years, use maximum leverage of 50% and target a 7% gross internal rate of return.
The investment vehicle can be structured as a commingled fund, with a minimum fund size of $500 million, or a separate managed account, on a co-investment basis with other overseas investors.
Proposals must be submitted by 6 p.m. Seoul time May 7.
Final selections will likely be made in June.