National Pension Service of Korea – the world's seventh-largest private equity investor according to Private Equity International's Global Investor 150 ranking – saw its secondaries exposure grow by over a third last year. The institution had 5.27 trillion won ($3.7 billion; €3.2 billion) of capital invested in secondaries as of 31 December 2025, according to its latest annual investment disclosure.

This allocation includes secondaries funds, co-investments, and deal-by-deal funds. The increase of more than $1 billion in dollar terms underscores NPS's continued commitment to the secondaries market as a core portfolio component.

As one of the world's largest institutional investors, NPS's expanding secondaries program signals sustained demand for liquidity solutions and portfolio restructuring among major limited partners. The disclosure provides a rare transparent view into the secondaries allocation strategy of a top-tier global pension fund.