K-Growth, KDB to invest in Innovative Growth Fund K-Growth and KDB will earmark a combined 880 billion won to the fund in 2020
이 기사는 2020년 02월 07일 08:00 더벨 유료페이지에 표출된 기사입니다.South Korea’s state-led fund of funds (FoF) manager K-Growth and the state-run Korea Development Bank (KDB) will earmark a combined 880 billion won to the Innovative Growth Fund to spur venture investments across the nation in 2020.
K-Growth said on Tuesday that it will commit 1.6 trillion won this year to create subfunds worth 5.4 trillion won, which marks the largest amount in the K-Growth’s history.
Under the plan, K-Growth will commit 170 billion won along with KDB (610 billion won) and KDB Capital (100 billion won) to Innovative Growth Fund in a bid to nurture startups for later-stage funding rounds. They will back a combined 880 billion won to create 16 subfunds worth 2.5 trillion won. The FoF operator's Innovative Growth Fund project, which was launched in 2018, will end this year.
K-Growth's Innovative Growth Fund provides risk capital to innovative companies in the growth and later stage of business. Nasdaq-listed Cognex’s acquisition of South Korean artificial intelligence startup Sualab last year is a good example of the aim of the fund.
Asset management firms have shown strong interest to Innovative Growth Fund every year. The match ratio of the fund to private capital stands at 50 percent to 60 percent. A wide range of target investments attracted a lot of management firms. Several large-sized venture funds, which have been created over the last two years and worth more than 100 billion won, have participated in the Innovative Growth Fund project.
In 2018, Smilegate Investment, DSC Investment, KTB Network, G.N.TECH Venture Capital, Platinum Technology Investment and Stonebridge Ventures made matching commitments to the fund. Mirae Asset Venture Investment, Hana Ventures, Partners Investment, KB Investment, K2 Investment and SV Investment made matching commitments last year.
K-Growth and KDB will make announcement about the commitment to the fund by the end of this month and kick off a process to select a pool of external managers. A total of 16 managers will be chosen for four segments, including mid-cap, growth-cap, venture, and rookie.
(By reporter Lee yoon-jae)
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