South Korea’s biggest institutional investor, the National Pension Service, has forged a partnership with Dutch retirement fund operator APG Asset Management to invest in European and Asian markets, according to the Korean fund operator.

APG, which managed assets worth 538 billion euros ($637.4 billion) as of the end of 2019, invests in the private education, construction and energy sectors on behalf of Dutch state-run fund ABP. Before forging the partnership, APG and the NPS jointly invested in a university dormitory facility in Australia and an expressway operator in Portugal this year.

In an environment of ultralow interest rates, the NPS is restructuring its global investment strategies, streamlining overseas units and investment processes, and expanding partnerships.

“Through partnerships with global investors, the state-run fund will be able to share investment know-how regarding real assets with them and find new investment opportunities,” said Ahn Hyo-joon, the NPS’ chief investment officer.

The Korean fund operator joined forces with asset management firm Allianz Group in June. It had 752 trillion won under its management as of June.

By Kim Young-won (wone0102@heraldcorp.com)