Largest-Ever Regional Integrated Fund of Funds Launches in Jeonnam-Gwangju with KRW 131.3 Billion
Fund of funds established with participation from 16 institutions, including KRW 75 billion from the Korea Fund of Funds
Venture funds totaling KRW 200 billion planned
The Jeonnam-Gwangju Regional Growth Fund has been launched as the largest-ever regional integrated fund of funds.
The Ministry of SMEs and Startups said it attended the establishment ceremony for the Jeonnam-Gwangju Regional Growth Fund, held on November 11 at the gymnasium of Sunchon National University. The venture fund, which will focus its investments on the Jeonnam-Gwangju Integrated Special City, has completed fundraising and is moving ahead with its full-scale formation.
Formed this year as the last regional growth fund following those in Jeonbuk, Ulsan, Daejeon, and Daegu-Gyeongbuk, the Jeonnam-Gwangju Regional Growth Fund has a total size of KRW 131.3 billion. The Korea Fund of Funds contributed KRW 75 billion, while a diverse range of regional participants, including the Jeonnam-Gwangju Integrated Special City, Yeosu City, Suncheon City, Gwangyang City, Industrial Bank of Korea, Gwangju Bank, NH NongHyup Bank, Hana Bank, Gwangju Institute of Science and Technology (GIST), Chonnam National University, Sunchon National University, Mokpo National University, Chosun University, and POSCO, participated as investors.
The Jeonnam-Gwangju Regional Growth Fund will determine its investment sectors through an operating committee comprising Korea Venture Investment Corporation, the Jeonnam-Gwangju Integrated Special City, and major investors. It plans to launch a subsidiary fund investment program in December and establish venture funds totaling approximately KRW 200 billion.
Following the fund's establishment, Gwangju Bank, Jeonbuk Bank, Korea Venture Investment Corporation, and the Korea Technology Finance Corporation also signed a "Productive Finance Agreement to Revitalize Venture Funds and the Venture Ecosystem in the Southwest Region." The four institutions that signed the agreement will work closely together to establish a comprehensive venture finance support system for the southwest region that links investment, loans, and guarantees.
The Southwest Regional Investment Center of Korea Venture Investment Corporation also officially opened in the Jeonnam-Gwangju Integrated Special City on the morning of November 11. Following the Southeast Regional Investment Center in Busan, the Southwest Regional Investment Center is the corporation's second regional center. It will serve as a regional hub supporting venture investment by connecting local ventures and startups with investors, including venture capital firms.
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Noh Yong-seok, First Vice Minister of SMEs and Startups, said, "The Jeonnam-Gwangju Regional Growth Fund, the nation's largest regional integrated fund of funds, is a large-scale investment platform being established with the participation of diverse regional stakeholders. Building on the regional growth funds and Korea Venture Investment Corporation's regional investment centers, the Ministry of SMEs and Startups will expand the provision of long-term growth capital and investment attraction support for regional ventures and startups, helping build a sustainable regional venture ecosystem."
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