Strategic Collaboration to Enhance Global Investment Portfolio

The Government Employees Pension Service (GEPS) has announced a significant partnership with Nuveen Asset Management, marking a $100 million private capital investment. The funds will be managed by Churchill Asset Management, a private capital specialist under Nuveen, aiming to expand GEPS' global investment portfolio.

Established in 1982, GEPS is one of Korea's four public pension programs, providing benefits to government employees, pensioners, and their families. This strategic move follows a memorandum of understanding (MOU) signed on Dec. 13 between GEPS and TIAA at Sangnok Hall in Seoul, laying the groundwork for the investment agreement.

Churchill Asset Management plans to invest GEPS' funds in junior capital and private equity solutions in the United States. These investment types, known for their potential to achieve higher returns with higher risk, align with GEPS' strategy to diversify its portfolio globally. By leveraging Churchill's expertise, GEPS aims to enhance its investment capabilities and improve portfolio returns.

Mike Perry, head of Nuveen Global Client Group, emphasized the strategic importance of the Korean market to Nuveen and TIAA, stating, "This agreement with GEPS will be an important opportunity for Nuveen to further strengthen its presence in Korea and promote mutual benefits."

Baek Joo-hyun, Chief Investment Officer (CIO) of GEPS, expressed optimism about the partnership, hoping to "improve portfolio returns and strengthen investment capabilities by leveraging Nuveen's investment expertise across its global network."