South Korea's 13.6 trillion won ($11.3 billion) Public Officials Benefit Association, Seoul, awarded private equity mandates of $50 million apiece to Ardian, HPS Investment Partners and Veritas Capital Fund Management, CIO Dong Hun Jang said.
With continued cash inflows from POBA members, the latest awards are in line with the goal of making regular commitments to diversify the portfolio's PE vintages, Mr. Jang said in a telephone interview.
As of Dec. 31, private equity allocations — broadly defined to include buyouts, secondaries and mezzanine funds, among others — came to 1.7 trillion won, or roughly 14% of POBA's portfolio, Mr. Jang said.
POBA's mandate for Veritas Capital, with roughly $10 billion in assets under management, will focus on buyout and growth strategies, while the mandate for Ardian, with $96 billion in fund of funds or direct private market investments, will focus on secondaries.
The South Korean asset owner's mandate for HPS Investment Partners, a global credit manager with more than $46 billion in assets under management, will pursue an income-focused strategy.
