South Korea’s 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, it 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 completed 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 our portfolio by increasing our exposure to alternative investment, we will continue to achieve 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)