KDB, K-Growth commit $2b to Korea VC ecosystem
State-owned Korea Development Bank (KDB) and Korea Growth Investment (K-Growth), a fund-of-funds, have jointly committed KRW2.5 trillion ($2 billion) to the local VC ecosystem.
The investors have selected 18 VC managers out of 49 applicants for inclusion in the program, including SkyLake Investment, JKL Partners, IMM Investment, LB Investment, Atinum Investment, and SBI Investment. These LP commitments will be used to anchor new funds, with the rest of the money raised from private sector investors.
SkyLake and JKL will each receive KRW135 billion for funds seeking at least KRW450 billion, while IMM and LB will receive KRW80 billion each for funds targeting about KRW200 billion. Atinum, Intervest, Wonik Investment Partners, and Partners Investment will receive KRW55 billion apiece for funds ranging from KRW120-250 billion.
SBI, Kakao Ventures, Neoflux, DSC Investment, Medici Investment, and Premier Partners will receive KRW30 billion each for funds targeting KRW80 billion. Noh & Partners, JC & Partners, Midas Asset Management, and Hyundai Investment Partners will each receive KRW12 billion for funds targeting KRW30 billion.
It brings fundraising commitments under KDB’s Growth Support Fund program to KRW8.5 trillion since the scheme was launched in 2018. KDB has contributed at least KRW1.3 trillion to Growth Ladder, a fund-of-funds it co-manages with K-Growth. Earlier this year, K-Growth reportedly backed a KRW122 billion first close on a growth-stage fund by Company K Partners that is targeting KRW150 billion.
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