POBA eyes open-ended PE funds

The Seoul-based association favours high liquidity in open-ended funds.

Public Officials Benefit Association (POBA) considers investing in open-ended private equity funds to secure more liquidity in the state of an emergency.

The $9 billion pension has a 12.6 percent exposure to private equity including credit and mezzanine strategies such as blind-pool funds managed by Ares Management, Macquarie Group, IMM Private Equity and STIC Investments.

The association also looks to ramp up investments in separately managed accounts, co-investments, strategic joint investments, as well as overseas private equity in North America and Europe.

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