Key Takeaways
- • NPS alternative investments reached 256.5 trillion won as of June 2026, roughly four times the 66.8 trillion won recorded at the end of 2017 when the Fund Management Center moved from Seoul to Jeonju, according to materials supplied to Rep. Han Jia (People Power Party) by the NPS Fund Management Center.
- • Alternative investment managers numbered 98 as of August 2026, up only 1.6 times from 61 in 2017, leaving each manager responsible for 2.6173 trillion won, up from 1.0951 trillion won in 2017.
- • Private equity and venture capital assets rose fivefold, from 22 trillion won to 111.6 trillion won, with the Private Equity and Venture Capital Office showing the sharpest per-manager increase at 1.9-fold.
- • NPS per-manager exposure is roughly four times that of Canada's CPPIB (623.6 billion won per manager), and above APG (1.095 trillion won) and CalPERS (2.9104 trillion won, which is higher, so NPS sits between CPPIB/APG and CalPERS).
- • The Ministry of Health and Welfare flagged the manager shortage in a 2023 improvement plan, but progress remains insufficient according to the report.
Summary
The National Pension Service's Fund Management Center, which oversees 1,866 trillion won in public retirement assets, has been based in Jeonju, North Jeolla Province, for ten years. Over that period, the alternative investment portfolio has grown rapidly while the number of managers responsible for it has not kept pace, according to materials obtained by Rep. Han Jia of the People Power Party, a member of the National Assembly's Health and Welfare Committee.
The data show alternative investments (private equity and venture capital, real estate, and infrastructure) totaled 256.5 trillion won as of June 2026. Assets surpassed 100 trillion won in 2021 and 200 trillion won in 2024 (202.9 trillion won). Private equity and venture capital grew fivefold, from 22 trillion won to 111.6 trillion won, while real estate and infrastructure rose threefold and 3.5 times, respectively.
Staffing has lagged. Managers in alternative investment departments increased from 61 in 2017 to 98 in August 2026, an increase of 1.6 times. The average held at 63 from 2017 through 2022, then rose to 83 in 2023 and 100 in 2025. As a result, assets per manager climbed from 1.0951 trillion won in 2017 to 2.1279 trillion won in 2022 and 2.6173 trillion won by August 2026, exceeding the 2.5 trillion won mark. The ratio rose in most years except 2020 and 2023, with the Private Equity and Venture Capital Office recording a 1.9-fold increase, followed by the Infrastructure Investment Office at 1.88 times and the Real Estate Investment Office at 1.48 times.
An international comparison cited in the report puts NPS workloads at a higher level than several peers. The Canada Pension Plan Investment Board manages 365 trillion won in alternatives, or 623.6 billion won per manager; APG, which manages the Netherlands' ABP pension, oversees about 230 trillion won, or 1.095 trillion won per manager; and CalPERS manages 259 trillion won, or 2.9104 trillion won per manager.
The Ministry of Health and Welfare acknowledged the issue in a 2023 plan to improve fund management infrastructure, which noted a shortfall of managers relative to Canada and the Netherlands at around 2 trillion won per manager. Rep. Han argued that as the NPS grows into one of the world's top three pension funds and diversifies its holdings, it must strengthen its professional staff, warning that manager shortages could increase individual workloads and create risks for overall fund management.
The data show alternative investments (private equity and venture capital, real estate, and infrastructure) totaled 256.5 trillion won as of June 2026. Assets surpassed 100 trillion won in 2021 and 200 trillion won in 2024 (202.9 trillion won). Private equity and venture capital grew fivefold, from 22 trillion won to 111.6 trillion won, while real estate and infrastructure rose threefold and 3.5 times, respectively.
Staffing has lagged. Managers in alternative investment departments increased from 61 in 2017 to 98 in August 2026, an increase of 1.6 times. The average held at 63 from 2017 through 2022, then rose to 83 in 2023 and 100 in 2025. As a result, assets per manager climbed from 1.0951 trillion won in 2017 to 2.1279 trillion won in 2022 and 2.6173 trillion won by August 2026, exceeding the 2.5 trillion won mark. The ratio rose in most years except 2020 and 2023, with the Private Equity and Venture Capital Office recording a 1.9-fold increase, followed by the Infrastructure Investment Office at 1.88 times and the Real Estate Investment Office at 1.48 times.
An international comparison cited in the report puts NPS workloads at a higher level than several peers. The Canada Pension Plan Investment Board manages 365 trillion won in alternatives, or 623.6 billion won per manager; APG, which manages the Netherlands' ABP pension, oversees about 230 trillion won, or 1.095 trillion won per manager; and CalPERS manages 259 trillion won, or 2.9104 trillion won per manager.
The Ministry of Health and Welfare acknowledged the issue in a 2023 plan to improve fund management infrastructure, which noted a shortfall of managers relative to Canada and the Netherlands at around 2 trillion won per manager. Rep. Han argued that as the NPS grows into one of the world's top three pension funds and diversifies its holdings, it must strengthen its professional staff, warning that manager shortages could increase individual workloads and create risks for overall fund management.
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