[VC Now] Listed VC Market Cap Rankings Shifted... Hot Themes Made the Difference

This Year’s Top Two Listed VCs Driven by Space-Themed Stocks
Third-Ranked DSC Investment Surges on FuriosaAI News

A major shift has occurred among the top five listed venture capital (VC) firms by market capitalization. While the success of aerospace and deep tech portfolio companies appears to be influencing investor sentiment, industry insiders have expressed regret that the share prices of listed VCs remain driven primarily by thematic trends rather than business performance.

According to KRX Data Marketplace on June 12, the top five listed VCs by market capitalization as of June 9 were markedly different from last year. As of June 9, the top five listed VCs by market capitalization were Mirae Asset Venture Investment in first place, followed by Aju IB Investment, Woori Technology Investment, DSC Investment, and STIC Investments.

Mirae Asset Venture Investment, which ranked third among venture capital firms by market capitalization last year, rose to the top this year, joining the ranks of companies with market capitalization in the 2 trillion won range. Mirae Asset Venture Investment’s market capitalization soared more than fivefold, from 360.2 billion won last year to 2.3215 trillion won this year. Similarly, Aju IB Investment climbed from fourth last year to second this year, with its market capitalization increasing from 309 billion won to 1.14 trillion won.

With the emergence of VCs with a market capitalization exceeding 1 trillion won, Woori Technology Investment—which ranked first last year—fell to third place this year. Woori Technology Investment recorded a market capitalization of 661 billion won last year, seemingly on the verge of joining the 1 trillion won club, but its market capitalization declined to 459.5 billion won this year, a decrease from the previous year. DSC Investment, which ranked fifth last year, saw its market capitalization rise by 47% to 308.3 billion won, while STIC Investments, which was second last year, dropped to fifth.

Space & Deep Tech Themes Shifted the Rankings

The reshuffling of the top five listed VCs by market capitalization is closely tied to their portfolio companies. This year, the aerospace theme—and particularly whether SpaceX was included in a VC’s portfolio—was a decisive factor for success. The Mirae Asset Group, including Mirae Asset Venture Investment, reportedly invested about 278 million dollars in SpaceX between 2022 and 2023. Aju IB Investment also invested in SpaceX through its U.S. subsidiary, Solasta Ventures.

Expectations for returns from a potential SpaceX IPO, which became more tangible in March and April, were reflected in advance in share prices, which soared sharply. Mirae Asset Venture Investment’s closing price climbed from 20,800 won on March 24 to 67,400 won on May 18, showing a general upward trend. During the same period, Aju IB Investment’s share price followed a similar trajectory, rising from 6,560 won to 17,010 won. However, recently, their share prices have declined along with other domestic aerospace stocks. On June 8, the closing prices for Mirae Asset Venture Investment and Aju IB Investment had dropped to 38,150 won and 8,800 won, respectively.

The artificial intelligence (AI) theme has also come into play. DSC Investment’s share price has been moving in tandem with that of its portfolio company, AI semiconductor firm FuriosaAI. On May 29, news broke that the National Growth Fund had decided to make an equity investment of 800 billion won in FuriosaAI, prompting DSC Investment’s share price to close at 14,100 won, up 9.39% from the previous day. Back in February, the company’s share price surged again due to speculation that the government may adopt domestic neural processing units (NPUs).

Listed VCs: “Strong Performance, But If Not Themed, No Change”

Industry sources point to the revenue model of VCs as the reason why listed VCs inevitably move in line with thematic trends. Since VCs invest in venture and small to medium-sized companies for the long term and only realize returns upon exit, it is difficult to predict their business outlook based on simple indicators such as sales or operating profit. One representative from a listed VC commented, “The market perceives VC stocks as thematic plays and does not seem to pay much attention to financial statements. Fundamentally, VC performance can only be evaluated based on their portfolio companies.”

Another executive at a listed VC noted, “Because the portfolios within each fund are not publicly disclosed, it is difficult to predict share price movements, which leads to market neglect. Institutions are also reluctant to invest due to performance uncertainty, resulting in low market capitalization. This, in turn, prevents large institutional and foreign investors—who drive long-term upward trends—from entering, perpetuating a vicious cycle.”

This executive also emphasized the need to interpret indicators differently from other companies when assessing sustainability, given the long timeframes required for VC exits. “To gauge sustainability, you should look at assets under management (AUM), management fees, and growth indicators. To assess the robustness of company profits, consider both the size and frequency of performance fees,” the executive said.

This content was produced with the assistance of AI translation services.