Key Takeaways
- • The National Pension Service (NPS) has issued a request for proposal to select an external adviser for its overseas alternative investment management, according to the IB industry as reported by ChosunBiz on March 12, 2026.
- • Alternatives account for about 16%, or 232 trillion won, of the NPS's roughly 1,458 trillion won fund, with overseas real estate, infrastructure and private investments alone exceeding 200 trillion won.
- • Qualifying bidders must have advisory track records of about $10 billion (roughly 13 trillion won) or more per Preqin data, and advice experience for at least 10 institutional investors.
- • The adviser will recommend GP candidates, conduct due diligence, and verify project structures, pricing and financial models, effectively managing the manager pool.
- • Proposals are due April 6, followed by two days of presentation evaluations before final selection.
Summary
The National Pension Service Fund Management Center has sent out a request for proposal to select an external adviser for overseas alternative investment delegated management, according to the investment banking industry as reported by ChosunBiz. The move comes as the share of alternatives, including global real estate, infrastructure and private equity funds (PEF), expands rapidly, and is seen as an effort to reinforce investment verification and risk management.
To bid, firms must have advisory track records of about $10 billion (roughly 13 trillion won) or more based on Preqin data, and must have experience advising at least 10 institutional investors on recommending fund candidates. The selected adviser will support the overall manager selection process, including recommending candidate general partners (GPs) and conducting due diligence. It will also take on investment feasibility reviews, covering project-by-project structure, price appropriateness and financial model verification.
The NPS outsources most of its alternative investments to external managers. Overseas alternatives are often made on an ad hoc commitment basis rather than through regular commitments, and target regions span Asia, Europe and North America. Given this breadth and the complexity of deals that often range from hundreds of billions to trillions of won, the Fund Management Center is seeking an independent adviser to systematically manage the manager pool and verify opportunities proposed by managers.
The initiative coincides with rapid growth in the fund's overseas alternatives. As of the end of last year, the NPS's total fund size was about 1,458 trillion won, of which alternatives accounted for about 16%, or 232 trillion won. Assets in overseas real estate, infrastructure and private investments alone are said to exceed 200 trillion won. Global institutional investors are similarly relying on external consultants as they expand into alternatives, with Cambridge Associates, StepStone Group, Mercer and Willis Towers Watson cited as providers of such advisory services.
The NPS plans to receive proposals through April 6, conduct presentation evaluations over two days, and then select the final adviser.
To bid, firms must have advisory track records of about $10 billion (roughly 13 trillion won) or more based on Preqin data, and must have experience advising at least 10 institutional investors on recommending fund candidates. The selected adviser will support the overall manager selection process, including recommending candidate general partners (GPs) and conducting due diligence. It will also take on investment feasibility reviews, covering project-by-project structure, price appropriateness and financial model verification.
The NPS outsources most of its alternative investments to external managers. Overseas alternatives are often made on an ad hoc commitment basis rather than through regular commitments, and target regions span Asia, Europe and North America. Given this breadth and the complexity of deals that often range from hundreds of billions to trillions of won, the Fund Management Center is seeking an independent adviser to systematically manage the manager pool and verify opportunities proposed by managers.
The initiative coincides with rapid growth in the fund's overseas alternatives. As of the end of last year, the NPS's total fund size was about 1,458 trillion won, of which alternatives accounted for about 16%, or 232 trillion won. Assets in overseas real estate, infrastructure and private investments alone are said to exceed 200 trillion won. Global institutional investors are similarly relying on external consultants as they expand into alternatives, with Cambridge Associates, StepStone Group, Mercer and Willis Towers Watson cited as providers of such advisory services.
The NPS plans to receive proposals through April 6, conduct presentation evaluations over two days, and then select the final adviser.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.