# POBA

POBA is a Pension Fund based in Seoul, South Korea.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Seoul, South Korea
- **Region:** Asia
- **Address:** 140 Hangang-Ro, Yongsan-Gu, Seoul, South Korea
- **Founded:** 1975
- **Assets under management:** Undisclosed
- **Website:** poba.or.kr
- **LinkedIn:** https://www.linkedin.com/company/대한지방행정공제회

## Regulatory record

- **Reports private funds:** No

## About

POBA was established in 1975 as a public welfare institution serving South Korean local government officials. Its mandate centers on stabilizing members' lives through long-term asset management. The fund allocates to illiquid alternatives while maintaining liquidity terms suited to pension liabilities. POBA targets private equity, real estate debt, and infrastructure. It commits to buyout and venture funds managed by domestic sponsors including VIG Partners, MBK Partners, and IMM Investment. Real estate holdings include a $1B joint venture with Nuveen on US commercial debt, a $600M multifamily equity partnership with CalSTRS, and a €1.2B European logistics portfolio alongside PFA Pension and Patrizia. Geographic exposure spans the United States, Europe, and South Korea. The fund employs external advisors including StepStone Group, Townsend Group, and CBRE Global Investors. It maintains separate accounts with GCM Grosvenor for infrastructure and with Kyobo AXA for logistics and data centers. In May 2024 POBA participated as a speaker at the ASK 2024 Summit discussing alternative investment strategies. POBA structures many investments as joint ventures or separate accounts rather than blind-pool commitments. This approach allows direct oversight of specific assets such as the One38 Apartments in San Jose and the Praga Studios office building in Prague.

## Sectors

- Real Estate
- Infrastructure
- Private Equity

## People

- Heo Jang — Chief Investment Officer

## Questions

### Who runs investment decisions at POBA?

Heo Jang serves as Chief Investment Officer. Investment activity occurs through external advisors and joint-venture partners including StepStone, CBRE Global Investors, and PCCP.

### Does POBA participate in fund commitments or only direct deals?

POBA makes both fund commitments and direct investments. It holds limited-partner interests in domestic buyout and venture funds while also executing joint ventures and separate accounts in real estate.

### Which regions does POBA target for real estate investments?

POBA invests in the United States, Europe, and South Korea. Confirmed holdings include US multifamily and commercial debt, European logistics portfolios, and Seoul office assets.

### How does POBA source proprietary deal flow?

POBA works through long-standing relationships with global managers and Korean sponsors. Joint-venture partners such as CalSTRS and Nuveen provide access to specific transactions.

### What asset classes receive POBA target allocations?

POBA maintains an 11% target allocation to private equity. Real estate and infrastructure form additional core sleeves, executed via joint ventures and separate accounts.

### Is POBA a signatory to ESG standards?

POBA is a signatory to the UN Principles for Responsible Investment and a member of the Institutional Limited Partners Association.

### What is POBA's known posture on co-investments alongside external GPs?

POBA executes co-investments through joint ventures and separate accounts. Examples include the European logistics portfolio with PFA Pension and Patrizia and US real estate debt with Nuveen.

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Last updated: 2026-06-03T20:00:00.000Z

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