NPS gives control of start-up funds to SoftBank, KTBThe National Pension Service, Korea’s retirement pension operator, mandated SoftBank Ventures Korea and KTB Network to handle its 120 billion won ($106.5 million) start-up funds on Tuesday.
The fund managers are required to invest in start-ups at an early stage using the fund. The pension operator opened a bid to select managers in September and had gone through document and presentation screenings.
Ahn Hyo-joon, chief investment officer at the pension fund, said that the move is in line with its strategy to diversify its investment portfolio.
“To increase long-term returns, we are looking to widen the rage of our investment portfolio including alternative investments,” he said. “Considering the growth of the private equity market, we will focus on finding opportunities for high-return items.”
By Park Eun-jee
More in Finance
Financial system weak links stress-tested for dollar flood
Auto and tech stocks buoy bullish Kospi
Gov't to monitor market volatility as bond yield spread widens
Seoul stocks up 2 percent on expectations of improved earnings
Short-selling news just a big misunderstanding, FSC says