Japan & Korea Allocator Intelligence · Capital Flow Snapshot
Korea's Autumn Mandate Calendar: Most Doors Need a Korean Licence
MMAA's bar is low enough for mid-sized global houses: it cut the fund-size requirement from ₩220bn to ₩100bn and widened the mandate from US to global equities.
Korea has a full autumn calendar, but the notices themselves shut the usual workarounds. MMAA bars funds whose manager delegates to an outside firm, and KOBC bars co-GP bids. Foreign GPs win either through their own Korean-licensed, Korea-staffed entity, or through a Korean feeder that selects the foreign fund directly, as GEPS does.
Door by door:
| Mandate | Size | Who may bid | Foreign-GP route | Key date |
|---|---|---|---|---|
| MMAA (Military Mutual Aid Association) global active equity | ₩10bn–₩100bn per manager, six managers | A Korea-licensed fund manager; a foreign firm only if its investment staff are resident in Korea; overseas equity fund AUM of ₩100bn+ | Own Korean-licensed subsidiary only. Funds whose manager delegates management outside are excluded | Documents 6–16 Oct, award by 4 Dec |
| KOBC Americas logistics and port blind pool | KOBC commits ₩150bn to a ₩150–300bn fund | A Korean private-fund manager with ₩1.5tn+ of overseas real estate | No co-GP. A US partner's likely route is as deal source, JV partner or operator for the Korean winner | Pre-register by 1 Oct; in-person close 8 Oct, 16:00, Busan |
| GEPS APAC real-estate equity | $40–50m each to three foreign managers | Foreign GPs with $5bn+ real-estate AUM and a $500m+ fund | Direct selection, invested through a Korean fund-of-funds run by Hyundai Investments | Deadline 29 Sep, 16:00 KST |
| K-defence funds | ₩626bn across three funds | Managers already chosen | None this autumn: 8 Oct selects 12 companies to pitch at a 29 Oct briefing | Closed |
| Bank mother funds (fund-of-funds run by Hana's and Shinhan's VC arms) | ₩40bn each | Hana: only blind funds already backed by a Korean policy LP | None this cycle | Both rounds closed |
| National Growth Fund, tranche 2 — 販売会社 item | ₩600bn retail | Sold by 10 banks and 14 brokers; tranche-1 sub-funds went to 10 Korean managers | None — a retail product, not an institutional LP pool | On sale 30 Sep–15 Oct |
MMAA's bar is low enough for mid-sized global houses: it cut the fund-size requirement from ₩220bn to ₩100bn and widened the mandate from US to global equities. The award ceiling is six managers at ₩100bn each; the notice states no total. Korea Post's ₩60bn domestic VC mandate went to three Korean firms, which confirms the domestic doors are domestic.
Market Entry Implication: Before signing any Korean partner, check its licence, its reported AUM against each notice's bar, and whether the notice bans co-GP or delegated management. On this calendar MMAA and KOBC both do. The pattern, on the evidence of these notices, is two structures: domestic mandates that need a Korean-licensed, Korea-staffed manager, and offshore selections routed through a Korean fund-of-funds wrapper that picks the foreign GP directly.
The week's numbers, and what is actually deployable:
| Metric | Value | Source | GP Implication |
|---|---|---|---|
| Nippon Life project-finance balance | About ¥1tn at end-March 2026, targeting ¥2tn by FY2035 | Seoul Economic Daily (citing Nikkei); Bloomberg | About ¥1tn of new balance over ten years, lent directly. Pitch co-lending, not a fund |
| MUFG's AI-infrastructure fund commitment | LP in AIP Fund F-1, USD30bn fund size; MUFG's own amount undisclosed | MUFG Bank release | Committed in December 2025; not a new mandate for outside GPs |
| KIC PE fund-stake sale | More than $1bn (~₩1.4tn) | Financial News; Bloomberg via PE Wire | A named seller for secondaries buyers; about 6% of KIC's PE book |
| Korean broker promissory notes outstanding | ₩55.93tn, end-June 2026 | Seoul Economic Daily; KOFIA via Hankyung | Buys offshore credit through funded mandates; the risk quota is domestic-only |
| KIS IMA in overseas private credit | ₩503.4bn of ₩2.559tn (19.7%) | Insight (April 2026) | Shows overseas credit is held in IMA; KIS calls it a bridge asset |
| NPS undisclosed private funds | 161 funds, ₩23.7468tn, 33.1% | MoneyToday | NPS still honours GP non-consent; decide your stance early |
| GPIF alternatives headroom | 1.70% held vs 5% cap; roughly ¥10.6tn of room | GPIF | Enter through manager entry with a domestic-classified fund |
| MMAA global equity mandate | Up to six managers at ₩10bn–₩100bn | MMAA notice | Only for a Korean-licensed, Korea-staffed entity |
| KOBC Americas logistics fund | ₩150bn commitment | KOBC notice | No co-GP; partner with a Korean manager as deal source or operator |
Sources: note 8.
Sources
[8] Korea's Autumn Mandate Calendar.
- MMAA global active equity manager notice — KOFIA board (attachment)
- MMAA widens mandate, lowers bar — IB Tomato
- KOBC Americas logistics blind fund notice — KOFIA board (attachment)
- KOBC seeks manager — KED Global
- GEPS APAC real-estate RFP — KOFIA board (attachment)
- K-방산 펀드 투자설명회 — 파이낸셜뉴스
- 하나벤처스 모펀드 2차 — 유니콘팩토리
- 신한벤처 넥서스 모펀드 — 뉴스1
- 국민성장펀드 2차 판매 일정 — 금융위원회
- Korea Post picks VC mandate winners — Asia Asset Management
- 합병가액 공정가치 산정 입법예고 — 뉴스핌
- ASK 2026 하반기 — 한국경제
- 2026 국정감사 일정 — 슬로우뉴스
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