The lineup of general partners (GPs) for the National Growth Fund's indirect investment program has been finalized, with 11 private equity firms and venture capital firms selected. The chosen GPs will now compete to match private capital and identify investment targets. The program's managers, the Korea Development Bank (KDB) and Shinhan Asset Management, plan to form an investment fund worth 3.9 trillion won through this commitment.
According to investment banking sources on Tuesday, KDB and Shinhan Asset Management announced the final list for the first round of the National Growth Fund's commitments. The selection comes about a month after the commitment notice was issued and applications were received last month, with 11 PEF managers and VCs ultimately chosen as fund operators. KDB and Shinhan Asset Management aim to form an investment fund of 3.9 trillion won through this program. Policy capital contributed by the government and KDB alone amounts to 1.385 trillion won.
In the large-cap league, which aims to form sub-funds of 1 trillion won, Skylake Equity Partners and Atinum Investment were selected as managers. For the small-cap league, with fund sizes of 200 billion won, Aju IB Investment and Paratus Investment were chosen as GPs. In the mergers and acquisitions (M&A) league, where only one manager was to be selected, Weltus Investment passed the final round to win management rights.
In the KOSDAQ league, a consortium of Mirae Asset Venture Investment and Brain Asset Management was selected. In the AI and semiconductor league, which targets a fund of 400 billion won, Daishin Private Equity and Intervest were chosen. The project (consignment) league, which selects a single manager, was awarded to Kiwoom Private Equity.
Meanwhile, KDB on the same day posted an additional notice for a second round worth 1.6 trillion won. The deadline for proposal submissions is the 10th of next month. Managers that were dropped in the first round may reapply.
