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South Korea’s National Pension Service to launch resources-focused private equity funds

4 Jan 2011

South Korean pension fund the National Pension Service is in talks with the nation’s leading companies to launch a series of private equity funds focusing on overseas resources and energy development investments, according to Reuters.

Each fund could be worth up to $890m, and would be jointly invested by one company and the National Pension Service.

The world’s fourth-largest pension fund is said to be close to signing memorandums of understanding with South Korean telecoms giant KT Corp, Samsung C&T Corporation, chemical, energy, construction and telecoms conglomerate SK Group, and energy, retail and engineering conglomerate GS Group.

The plan is said to be subject to approval by a government committee on fund management.

NPS has been increasing its exposure to alternative investments in recent months, including the acquisition of oil giant Chevron’s 23.4 per cent stake in the Colonial Oil Pipeline company, which manages the largest refined products pipeline in North America, alongside New York private equity firm KKR.

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