"Consensus on Need to Transition from Council to Association"... PEF Council Holds First General Meeting of the Year
"Official Transition Not Yet Decided... Further Discussion Needed"
The Private Equity Fund (PEF) Management Company Council held its first regular general meeting of the year and discussed the need to transition into an official PEF association.
On the 28th, the PEF Management Company Council announced that it held a regular general meeting at The Plaza Hotel in Jung-gu, Seoul, where this direction was discussed.
The Council stated, "Recently, the scale of PEF investments and their industrial impact have grown. Despite the significant roles domestic PEFs have played in corporate restructuring, supporting growth companies, and industrial reorganization, there have been criticisms that there is a lack of official channels to comprehensively communicate these contributions and connect them to institutional discussions. There is a consensus on the need to establish a system for gathering opinions and a self-regulatory framework that accurately reflect the characteristics and operational realities of the PEF industry, as well as a foundation for professional communication with the National Assembly, policymakers, regulatory authorities, and the market."
However, the Council emphasized that it has not officially resolved to transition into a PEF association. The explanation is that, as the domestic PEF industry environment changes and its role expands, this is a matter of sharing awareness about the need for a systematic consultative and communication body to represent the industry.
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The Council added, "This regular general meeting was not intended to officially decide on the establishment (or transition) to a PEF association, but rather to share awareness and confirm consensus on the current state and future challenges of the domestic PEF industry. We will continue to carefully review the most desirable direction for the industry through sufficient discussion and collection of opinions."
Lee Chanjin, Governor of the Financial Supervisory Service, is taking a commemorative photo with attendees at the Private Equity Fund (PEF) Asset Management Company CEO Meeting held on the 20th at the Financial Supervisory Service in Yeouido, Seoul. Photo by Yonhap News
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