Korean Gov’t Pension Awards Nuveen $100M Private Capital Mandate

Global asset manager Nuveen has secured a $100M private capital investment from the Government Employees Pension Service of South Korea (GEPS).

In a statement, Nuveen said GEPS selected Nuveen’s US investment-specialist affiliate Churchill Asset Management for the investment. The South Korean pension is aiming to further diversify its global assets through investments in US junior capital and private equity while “improving [its] portfolio’s operating profitability,” according to GEPS CIO Baek Joohyun.

Nuveen disclosed that its parent company TIAA signed a Memorandum of Understanding for the transaction in a ceremony held at the pension’s Seoul office and attended by Nuveen and GEPS executives. Nuveen’s Head of the Global Client Group and Global Product Mike Perry said the GEPS mandate “marks another significant milestone” for both Nuveen and TIAA in boosting its footprint in the South Korean market.

To date, Nuveen said it manages $1.3T in total AUM as the global investments arm of TIAA.