Finance

NPS gives control of start-up funds to SoftBank, KTB

The 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