South Korea's Government Employees Pension Service is planning to enter the secondaries market in 2026, marking a potential shift in how one of the country's largest institutional investors approaches private market allocations. The pension fund will evaluate secondary transactions across private equity, debt, real estate, and infrastructure assets.

GEPS joins a growing number of pension funds exploring secondaries as a way to manage liquidity and optimize portfolio performance. Secondaries purchases allow investors to buy existing fund stakes at potential discounts, providing immediate exposure to mature assets without the typical J-curve. This approach has gained traction among institutional investors seeking to balance illiquid private market commitments with portfolio flexibility.

The move reflects broader institutional interest in secondaries, where deal volume has surged in recent years. The South Korean pension's entry into this space could signal increased competition for quality secondaries assets and potentially influence market valuations. This development shows how secondaries have evolved from a niche liquidity tool into a strategic portfolio management approach for major institutional investors worldwide.