North Jeolla Launches First "Regional Growth Fund" Worth 100 Billion Won
17 Institutions Join, Including Hyundai Motor Group, Jeonbuk Bank, and Wonkwang University
The first "Regional Growth Fund" in North Jeolla Province has been established with a size of 100 billion won. As a regional investment platform, the Regional Growth Fund is a local umbrella fund created and managed jointly by local communities, local governments, and the Korea Fund of Funds.
On August 20, the Ministry of SMEs and Startups held an establishment ceremony for the "North Jeolla Regional Growth Fund" at the Lahan Hotel Jeonju, announcing that the North Jeolla Venture Umbrella Fund—which will focus its investments on North Jeolla Province—had completed its fundraising and was now entering full-scale operations. Earlier this year, in January, the ministry selected five regions—Daegu-Gyeongbuk, Jeonnam-Gwangju, North Jeolla, Daejeon, and Ulsan—through its "2026 Regional Growth Fund Local Government Participants Recruitment Announcement." Among these, the active participation of the local community led to the first fund being established in North Jeolla Province.
The North Jeolla Regional Growth Fund was launched with 60 billion won from the Fund of Funds as seed capital and a total of 17 participating institutions. A notable feature is the broad participation from various local stakeholders, including North Jeolla Province, Iksan City, Jeongeup City, Gimje City, Jeonbuk Bank, VNATEK, and Wonkwang University—spanning banks, companies, and universities. Hyundai Motor Group, NH Bank, and Hana Bank have also joined to support the development of North Jeolla's venture ecosystem.
The North Jeolla Regional Growth Fund will determine its investment focus through an operations committee, which includes Korea Venture Investment Corporation, the local government, and other key investors. Starting in September, it plans to launch investments in sub-funds, with the goal of establishing sub-funds totaling 180 billion won.
The event included not only the fund establishment ceremony in the first session, but also an investor relations (IR) presentation by promising North Jeolla companies and one-on-one investment consultations in the second session. Networking opportunities between local firms and major venture capital (VC) investors from the Seoul metropolitan area were also provided afterward.
Hot Picks Today
Despite 10% Annual Interest, Russians Pull Out Cash as Fears of Deposit Nationalization Spread
- "Monami Posts a 10 Billion Won Deficit, But Consistently Awards 4.7 Billion Won in Contracts to the Third-Generation Family Company"
- "JP Morgan Highlights and Analyzes Additional Shareholder Returns, Urging 'Buy More SK hynix Even Now'"
- Installment Transactions Act Amendment Passes National Assembly... Credit Extension to Funeral Service Company Controlling Shareholders Limited to 50% of Paid-In Capital
- "Caught Sneaking Water from Baengnokdam at Dawn"... Jeju Deploys Thermal Imaging AI Drones on Hallasan
No Yongseok, First Vice Minister of the Ministry of SMEs and Startups, stated, "The North Jeolla Regional Growth Fund is the first investment platform of its kind, joined by local universities, banks, established companies, and residents of North Jeolla Province. Starting from the North Jeolla fund, the Ministry will continue to form regional growth funds as planned, fostering venture businesses and startups as engines for regional growth."
© The Asia Business Daily. All rights reserved. Unauthorized AI training and use prohibited.
