Searches and Hires

Korea Post Savings looking for managers of commercial real estate mezzanine loan strategies

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.

Inquiries can be directed to Jong-Hyeon Lee or Eunah Kim, with the alternative investment division, Korea Post Savings Bureau.