The National Pension Service (NPS) said it would select eight local asset managers next month to run a Pan-Asia Fund totalling up to 900 billion won.

Each asset manager would handle a maximum 200 billion won to support and invest in venture companies and firms seeking to expand in Asia.

The Pan-Asia Fund is aimed at tapping into the high growth potential of China, India and other Asian countries, it said in a statement.

The NPS, which manages total assets of 333 trillion won, has expanded investment in overseas properties and infrastructure since 2006 to diversify its portfolio beyond fixed-income assets.

It bought HSBC's headquarters in London for 1.5 trillion won in 2009 and an office building in Sydney for 750 billion won last year.

Last April it announced a deal to take over Berlin's Sony Center from a Morgan Stanley real estate fund for 850 billion won.

This year the NPS has entrusted 440 billion won to Pramerica Real Estate Investors, an affiliate of Prudential Financial which mainly invests in office buildings and homes in Australia, China and Japan.