이 누리집은 대한민국 공식 전자정부 누리집입니다.
GEPS hereby announces a new investment mandate regarding the selection of Private Debt Fund (European Direct Lending Strategy) managers for the year 2018. Any manager who wishes to participate in the selection process must complete and submit by the designated due date a set of formal proposal and relevant supplements in accordance with the guidelines and requirements as stated below.
1. Mandate Summary
| Category | Contents |
|---|---|
| Mandate Type | Commingled Blind Fund |
| Selection Process | Public process in the form of RFP subject to quantitative & qualitative evaluation, respectively |
| Total Commitment Size of GEPS | Max EUR 80 million(EUR 40 million per Fund, respectively) |
| Number of Managers to be selected | Two commingled funds with 2 GPs |
| Investment Strategy | Main focus on European Direct lending strategy for mid-market companies - More than 70% of total committed capital to be invested in senior or Unitranche loan - More than 70% total committed capital to be invested in Europe |
2. Selection Criteria
| Category | Contents |
|---|---|
| Fund Term | 10 years(with exception for 1 or 2 year extentions) |
| Investment Period | 5 years(with exception for 1 or 2 year extentions) |
| Capital Contributions | Capital Call (as needed basis) |
| Fund Size | Not restricted (please refer to Minimum Qualifications stated separately) |
| GEPS’s Maximum Commitment | Within the limit of 50% of aggregate commitment |
| GP’s Own Commitment | To be evaluated as per proposal |
| Management Fee | To be evaluated as per proposal |
| Performance Fee | To be evaluated as per proposal |
3. Minimum Qualifications
GP/Manager
- Minimum 2 full years in the business (since founded) with cumulative size of total fund invested(European Direct Lending Strategy only) of at least EUR 300million.
- Relevant internal control system in place including risk management & compliance function independent from investment function.
Vehicle
- Offshore Private Debt Fund with European Direct Lending Strategy which is already registered or is eligible to register as foreign investment vehicle under Korean Financial Investment Service and Capital Market ACT (FSCMA) in the foreseeably immediate future.
4. Notes
Abolition
- In case the manager cannot meet or accommodate investment criteria and/or structure as required by GEPS and is unable to take follow-up measures for GEPS to finalize commitment accordingly.
- If the proposal documents are found to be untrue and/or under intentional misrepresentations or manipulation
- If material event that may impact the management of fund occurs after the manager has been selected prior to completing subscription procedures
- In addition to the above, any conditions are found to be not appropriate as per non-compliance with the internal policy of GEPS
Sanction
- In either case of the proposed and submitted documents are found to include untrue or manipulated contents, commitment shall be restricted to the maximum of three years from the date of violation
5. Selection Process and Schedule
Selection Procedure
- Proposal submission → 1st Quantitative Evaluation of Proposal → Notice of 1st Evaluation result→ 2nd Qualitative Evaluation(Including presentation at GEPS premise in front of the Selection Committee) → Notice of 2nd Evaluation result → On-site Due Diligence → Final selection
Target Selection Schedule
| Date | Process | Remarks |
|---|---|---|
| 23 Aug. 2018 | RFP Announcement & Posting | To be posted on the GEPS webpage |
| 04 Sep. 2018 | Proposal Submission Deadline | Must arrive by 6:00 PM on the deadline date |
| 12 Sep. 2018 | Result of 1st Evaluation to be notified to the short-listed candidates qualified for the 2nd Evaluation | |
| 18 Sep. 2018 | 2nd Evaluation(Selection Committee) | To be notified to the short-listed candidates |
| 01 Oct. 2018 ~ 05 Oct. 2018 | Due Diligence | |
| 11 Oct. 2018 | Final Selection (subject to internal approval) | To be posted on the GEPS website and notified by e-mail to selected managers |
※ The above schedule may be subject to changes according to internal situation of GEPS. Nonetheless, please pay due care to and prepare in advance for the above Due Diligence and Selection Committee schedules as GEPS shall make best efforts to adhere to the planned schedule date.
※ Also, please note that final selection can be canceled if fund cannot be inceived within 6 months.
6. Application and Submission
Required Documents for 1st Evaluation(Quantitative)
- Proposal 4 sets (both in Korean/English version)
※ Fill out the form attached herein and submit hard copies along with the soft copy in a portable memory card containing the proposal set
- Private Placement Memorandum 4 copies(English version), including any relevant amendments to date
※ PPM also has to be submitted in the portable memory card containing the proposal set
Required Documents for 2nd Evaluation(Qualitative)
- Presentation material based on the proposal
※ The short-listed managers for the Selection Committee presentation must prepare separate PT materials and submit prior to the committee to GEPS by e-mail after having been notified.
Submission
Soft Copy: e-mail (raykwon21@geps.or.kr, lid19@geps.or.kr)
※ File name Formats
- Korean version proposal : Date(20180904)_firm name_fund name_proposal_korean
- English version proposal : Date(20180904)_ firm name_fund name_proposal_english
- Quantitative data : Date(20180904)_firm name_fund name_data
- English version PPM : Date(20180904)_firm name_fund name_PPM_ english
Hard Copy: In-Person submission or by registered mail
Deadline: 04 Sep, 2018
※ Must arrive by 6:00PM on the deadline date.
Note
- All submitted documents will not be returned to the applicants.
GEPS will not be able to provide non-disclosure agreement during the submission phase.
Therefore, any information deemed to be confidential (e.g. trade secrets) may appear as confidential on the proposal, and will be treated accordingly.
The Korean version of the proposal form shall prevail over the English version, to the extent of any inconsistency between two versions.
7. Inquiries and Contact
Address : 3rd Fl., SangRok Bldg., 508 Eonjuro, Gangnam-Gu, Seoul, 06152, Korea
Department : Alternative Investment Department
Staffs
- Soonil Kwon (82-2-560-2175, raykwon21@geps.or.kr)
- Juhwan Lee (82-2-560-2903, lid19@geps.or.kr)
