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The Korea Teachers Credit Union (KTCU), the country's third-largest pension
fund, said Monday it has invested 90 billion won (US$80 million) to jointly
acquire an office building in Brazil.
KTCU said it took part in a property fund led by Mirae Asset MAPS Global Investments Co. to buy Rochavera Corporate Towers in Sao Paulo for 540 billion won.
The move comes as KTCU is stepping up efforts to diversify its investment portfolio. The pension fund aims to increase the portion of overseas investments to 10 percent of its total assets by 2015.
Last year, KTCU invested a total of 441.7 billion won in overseas investments, including an Australian toll road and a Chicago office building.
KTCU, which is set to manage 20.86 trillion won this year, is one of the top pension funds in the country after the National Pension Service with 350 trillion won and Korea Post with 80 trillion won.