January 4, 2011 / 6:59 AM / in 7 years

UPDATE 1-S.Korea NPS eyes funds for energy, resources

* Private equity funds to focus on overseas resources, energy

* KT, Samsung C&T, SK Group, GS Group likely to join

* Each fund may be worth up to $890 million - spokesperson

SEOUL, Jan 4 (Reuters) - South Korea’s National Pension Service said on Tuesday that it is in talks with the country’s major companies to create private equity funds to invest in overseas resources and energy development.

“We are close to signing memorandums of understanding with KT Corp (030200.KS), Samsung C&T 000830.KS, SK Group and GS Group to establish multiple PEFs,” an NPS spokesman said.

Each fund could be worth hundreds of billions of won or up to 1 trillion won ($890 million) each and would be jointly invested by one company and the NPS, he said.

The plan was subject to approval by a government committee on fund management, he added.

The world’s No.4 pension fund manages 300 trillion won in assets.

A KT spokeswoman said the country’s top fixed-line carrier was considering investing overseas with the NPS, but had not made a final decision on the investment. (Reporting by Ju-min Park and Hyunjoo Jin; Editing by Chris Lewis)

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