The National Pension Service of Korea (MPS) upped its total commitment to private equity and private debt last year by KRW24.5tn ($18.5bn; €17bn) according to the KRW974tn pension scheme’s latest annual investment disclosure.
As of December 2022, NPS had committed KRW109.1tn to PE and debt, up from KRW84.6tn in December 2021.
During 2022, NPS backed at least 52 private equity funds and projects, bringing the total number of private equity vehicles in the scheme’s portfolio to 456 as of December. The 10 largest commitments include KRW527bn won to Golub Capital Strategic Partners Fund I, KRW242bn to BC Partners Clay, and KRW207bn to KKR North America Fund XII.
Earlier this year NPS revealed plans to increase its combined allocation to alternative investments from 13.8% of total assets to 15% by 2027. It is currently over-allocated on the back of a drop in the value of its stock and bond holdings.
