Sahakyeongeum Begins Selection of Domestic VC Blind Fund Delegated Managers

The Private School Teachers' Pension Service (hereinafter referred to as PSTPS) announced on the 26th that it will proceed with the selection process for venture capital (Venture Capital) blind fund delegated managers from the 25th to the 7th of next month.

This selection of managers plans to receive autonomous proposals from each manager with a total investment amount of up to 45 billion KRW, with up to 15 billion KRW per manager. The top three managers based on evaluation results will be finally selected. Proposals will be accepted from managers until the 7th of next month, and through the first quantitative evaluation, on-site inspection of delegated managers, and the second qualitative evaluation (PT), the capabilities of the managers will be comprehensively assessed and the final selection will be made in December.

Eligibility requirements include institutions selected as delegated managers by domestic institutional investors, with the proposed fund formation scale of 100 billion KRW or more, having completed a commitment to invest at least 30% of the formation scale including the manager's investment amount, or the recruited amount of the proposed fund being 100 billion KRW or more, cumulative VC management scale of 100 billion KRW or more as of the announcement date, at least one core management personnel having over 10 years of investment experience, and the main office located domestically. The entity must meet all these requirements.

Delegated managers may autonomously propose investment fields and strategies. The investment institutions subject to investment are venture investment associations under the "Act on Promotion of Venture Investment" and new technology business investment associations under the "Specialized Credit Finance Business Act," among others. Detailed announcement information can be found on the PSTPS website notice board or through the Korea Venture Capital Association.

Chairman Song Hajung stated, "We will contribute to revitalizing the VC market by discovering various investment opportunities and investing in fields with high growth potential, and at the same time, strive to enhance the long-term stability and profitability of the PSTPS fund."

Meanwhile, PSTPS has recently selected and operated domestic VC blind fund managers over the past three years as follows: in 2020, a total of 60 billion KRW with 3 managers; in 2021, a total of 80 billion KRW with 4 managers; and in 2022, a total of 100 billion KRW with 4 managers.