Nuveen secured a USD100m commitment from South Korea’s Government Employees Pension Service (GEPS) for a US-focused private capital mandate, with GEPS selecting Churchill Asset Management, Nuveen’s private equity arm, to oversee investments in US junior capital and private equity. Nuveen’s parent, TIAA, signed an agreement with GEPS to maintain close ties, including educational programmes, knowledge sharing, and local networking. Nuveen sees this mandate as a key milestone in a strategic growth market and highlights the importance of its Seoul presence. The deal aligns with GEPS’s pursuit of higher-growth opportunities through global fund managers. In 2022, GEPS chose Apollo, Warburg Pincus, and EQT for overseas private equity mandates, and it is currently evaluating managers, including Blackstone and KKR, for its overseas real estate debt portfolio.