Shinhan Asset Management noted that it will begin managing the parent fund of the Science and Technology Innovation Fund starting this year on the 13th.
The Science and Technology Innovation Fund is established to provide funding to research and development (R&D) corporations in five key areas: semiconductors, artificial intelligence (AI), advanced biotechnology, advanced mobility, and quantum. A parent fund will be created first, followed by a subsidiary fund that adds private investor funds.
The basic capital disbursement will be handled by three banks (Shinhan, Woori, and KB Kookmin) that deposit and manage funds from national research and development projects. The parent fund aims to raise 4.94 trillion won over the next four years, collecting 123.5 billion won each year. This year, an initial disbursement of 116.3 billion won has been made to the parent fund. Including the subsidiary fund, a total of 255.9 billion won in funds is planned to be managed.
Shinhan Asset Management reported that it will select seven entrusted management companies to manage the subsidiary fund. Proposals will be accepted until the 26th of this month, and the final selection of management companies will be made in the first half of this year after document and oral evaluations.