이 기사는 2021년 03월 30일 07시51분 thebell에 표출된 기사입니다

The Export-Import Bank of Korea (KEXIM) has shortlisted six managers in a tender process for a 50 billion won ($44.2 million) private equity mandate into which the state-controlled bank has integrated environmental, social and governance (ESG) factors for the first time.

Two consortiums led by Stonebridge Ventures and KB Investment, Dominus Investment, E&F Private Equity, Q Capital Partners and Crescendo Equity Partners have advanced to the next round of the selection process that will choose two managers to award 25 billion won each, according to sources.

The deadline for application was March 12 and about 10 proposals were received. The shortlisted candidates will make presentations on Friday, with final selections expected before the end of April. Each selected manager must close a fund of 100 billion won or more within six months after the selection date.

A request for proposals (RFP) issued by KEXIM a month ago specified that the fund should invest in sectors listed in the government’s guidelines on the New Deal investment. The RFP also made it clear that ESG factors would be included in evaluating the fund’s performance, the first such attempt by the investor that reflects a growing embrace of ESG among limited partners in South Korea.

The selected managers will receive an incentive fee based on the improvement of ESG scores of the fund’s portfolio companies. KEXIM also plans to select an ESG ratings firm to help with the evaluation process.

The bank’s increased focus on ESG is in line with its three top priorities set for this year: the other two are achieving the $600 billion export milestone and digital innovation.

The RFP has been issued about two months earlier this year, as the 2020 selection process for private equity mandates was not launched by KEXIM until April.

Most of the managers that won the New Deal mandates jointly awarded by Korea Development Bank (KDB) and Korea Growth Investment Corp (K-Growth) in February are understood to have submitted proposals to KEXIM.

“KEXIM’s RFP drew attention from private equity firms that secured capital commitments from KDB and K-Growth as both mandates focus on the government’s New Deal initiative,” said an industry insider. “Most of the candidates shortlisted by KEXIM are those chosen by KDB and K-Growth.” (Reporting by Byung-yoon Kim)