National Pension Service, Seoul, committed $375 million to a private equity fund co-managed by Sprott Consulting and Woori Asset Management.
A similar commitment was made to the fund by Korean Electrical Power Co. , making the total commitment $750 million, according to a news release from Sprott.
The co-managed fund will invest in global natural resources and energy.
Sprott Consulting is the private equity business of Toronto-based money manager Sprott Inc., which had C$9.9 billion (US$9.3 billion) in assets under management as of Dec. 31, 2012, according to its website. Woori Asset Management is the money management unit of South Korean bank Woori Financial Group, with US$18.6 billion in AUM, according to the release.
Neither Glen Williams, Sprott spokesman, nor officials at the 402.6 trillion won (US$380 billion) NPS could be reached for comment.