# Government Employees Pension Service

Government Employees Pension Service is a Pension Fund based in Seogwipo-si, South Korea.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Seogwipo-si, South Korea
- **Region:** Asia
- **Address:** 63 Seohojungang-ro, Seogwipo-si, Jeju-do, 63568, South Korea
- **Founded:** 1982
- **Assets under management:** $7.6B (Altss estimate)
- **Website:** geps.or.kr
- **LinkedIn:** https://www.linkedin.com/company/government-employees-pension-service

## Regulatory record

- **Reports private funds:** No

## About

The Government Employees Pension Service (GEPS) was established in 1982 to administer retirement and welfare benefits for South Korean civil servants. The fund operates under the oversight of the Ministry of Personnel Management, creating a tightly coupled relationship between public-sector human-resources policy and long-term pension asset allocation. Its headquarters relocated from Seoul to Seogwipo-si on Jeju Island, though it maintains operational offices in the Dunsan-dong business district of Daejeon and a Seoul office at 63 Gukjegeumyung-ro. GEPS constructs its portfolio through a balance of traditional public-market assets and a growing alternatives program that spans real estate, private credit, venture capital, and secondaries. The fund participates in direct co-investments, fund-of-funds commitments, mezzanine lending, and special-situations deals, with a geographic footprint reaching Asia-Pacific, Europe, and North America. Confirmed direct holdings include a notable US office asset. Altss estimates total assets at approximately $7.6B, placing GEPS among the mid-tier Korean public institutional investors. The fund's stewardship posture is formalized through membership in the Stewardship Code Council, which binds it to engagement and voting responsibilities for equity holdings. GEPS has also partnered with TIAA on cross-border knowledge-sharing arrangements centered on pension administration and investment management. A UN Global Compact signatory since at least 2022, the service integrates ESG considerations into reporting and selection processes. GEPS's structural distinction lies in its merger of social-welfare provisioning and institutional asset management under one government roof. Unlike a standalone pension authority, the service simultaneously handles benefit disbursement, member welfare programs, and a diversified global investment portfolio — a dual mandate that subordinates its alternative-investment appetite to the political and demographic rhythms of South Korean public employment.

## Sectors

- Real Estate
- Private Credit
- Venture Capital
- Secondaries & Special Situations

## Offices

- 63 Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul, South Korea
- Dunsan-dong, Seo-gu, Daejeon, South Korea

## People

- Baek Joo-hyun — Chief Investment Officer

## Questions

### Who runs investment decisions at Government Employees Pension Service?

The Chief Investment Officer (CIO) is the senior investment decision-maker. The most recent identified CIO is Baek Joo-hyun, who held the role as of 2022 through 2025. The CIO reports within a governance structure overseen by South Korea's Ministry of Personnel Management.

### How does GEPS allocate its portfolio across asset classes?

GEPS operates a balanced portfolio that mixes traditional marketable securities with a broad alternatives program. The fund invests in venture capital (from early-stage seed through growth and late-stage), buyouts, direct secondaries, mezzanine, special situations, and real estate exposure through both equity and debt mandates. Its venture activity is generalist and spans domestic and cross-border transactions.

### How is GEPS different from the National Pension Service of Korea?

GEPS is a standalone pension fund exclusively for South Korean government employees, founded in 1982 and administered by the Ministry of Personnel Management. NPS is the much larger national pension fund covering the broader working population. The two funds have separate governance, asset pools, and beneficiary bases.

### What is GEPS's known posture on co-investments and external manager relationships?

The fund participates in co-investments alongside external general partners and allocates through fund-of-funds structures.

### Does GEPS maintain an explicit ESG or stewardship framework?

Yes. GEPS is a participating member of the South Korean Stewardship Code Council and a signatory to the UN Global Compact. These affiliations require adherence to stewardship responsibilities, active engagement with portfolio companies, and sustainability reporting.

### Who provides administrative oversight to GEPS?

The Ministry of Personnel Management serves as the oversight body for the Government Employees Pension Service. The ministry is responsible for its governance, benefit policy, and fund administration framework.

## Related profiles

- [Afore Azteca](https://altss.com/profile/afore-azteca)
- [Versorgungswerk der Architektenkammer Baden-Württemberg](https://altss.com/profile/versorgungswerk-der-architektenkammer-baden-w-rttemberg)

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Last updated: 2026-08-11T02:43:31.692Z

Canonical page: https://altss.com/profile/government-employees-pension-service

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology