South Korean state banks select managers for 700 billion won fund

IBK Industrial Bank of Korea, Korea Development Bank, and Export-Import Bank of Korea have finalized the selection of asset managers for the 700 billion won Policy Financial Institution Global Scale-up Cooperation Fund. The three state-run banks are contributing a total of 450 billion won to the initiative.

KB Investment and IMM Credit & Solution have been selected as co-managers for a large-scale 300 billion won fund. Additionally, Smilegate Investment and Partners Investment will manage two medium-sized funds of 200 billion won each. The fund aims to support the growth and overseas expansion of small, medium, and venture enterprises.

According to the investment plan, managers must allocate at least 50 percent of the total commitment to new shares in small and medium-sized enterprises with a pre-investment valuation of at least 50 billion won. Furthermore, at least 30 percent of the total commitment must be directed toward supporting overseas expansion, including exports and foreign investment.