South Korea‘s pension fund the National Pension Service said Tuesday it has selected five private equity firms as external partners to invest a combined 800 billion won ($665.28 million) in private equities.

According to the world’s third-largest public pension fund, NPS will commit 160 billion won each to Glenwood Private Equity, Macquarie Asset Management Korea, SkyLake Investment, IMM Investment and JKL Partners.

The firms will be responsible for managing funds with a 10-year maturity. Investments must be complete within five years after the fund is created. Partners may opt to draw more limited partners‘ investment to create the private equity fund, according to NPS.

NPS was overseeing some 89.8 trillion won alternative assets, or 12.4 percent of its entire assets under management, as of end-April.

“In a constant effort to diversify portfolio by increasing our exposure to alternative investment, NPS will continue to achieve a long-term stability and improve returns on investment,” NPS Chief Investment Officer Ahn Hyo-joon said in a statement.

By Son Ji-hyoung (consnow@heraldcorp.com)