The U.S. government is expanding its influence by directly acquiring equity in listed companies. After acquiring MP Materials preferred shares in Jul., it acquired Intel equity last month. The Trump administration said it could acquire equity in corporations in the defense and shipbuilding sectors as well.
On this, the Wall Street Journal (WSJ) noted that "American capitalism is coming to resemble Chinese-style capitalism." It said the U.S.-led global financial market is entering a new order of "state capitalism."
At the forefront of the recent trend of state capitalism are "policy funds." The United States formalized the establishment of a policy fund early this year and is buying corporate equity. The Korean government also moved quickly to respond. President Lee Jae-myung announced on the 10th that "the public, the government, and the business community must create the future together," and said the National Growth Fund would be expanded from the existing 100 trillion won to 150 trillion won.
The National Growth Fund will be deployed in advanced strategic industries such as AI, bio, robots, shipbuilding, defense, and energy, and will be executed in various ways including equity investment, infrastructure support, and ultra-low-interest loans. Ha In-hwan, a KB Securities researcher, said, "The U.S. policy fund is not simply about expanding assets under management but a strategic investment for economic security," adding, "Korea likewise has no choice but to adopt similar logic."
The Korean version of the National Growth Fund targets strategic industries similar to the U.S. model, but differs in that it also aims for job creation and domestic-demand innovation. If the United States prioritizes "supply chain security," Korea is shouldering dual tasks of "future growth + security" at the same time.
If large-scale funds flow into new growth industries, it is expected to spur corporate investment, listings, and M&A activity, and open new opportunities for financial sectors such as securities firms and asset management companies.
From the perspective of investment strategy, experts also advise focusing on structural growth. Researcher Ha suggested, "The policy fund trend is more about supplying stable capital to medium- to long-term growth industries than about short-term momentum," adding that "AI, semiconductors, bio, robots, defense, and shipbuilding are the core beneficiaries."
The financial sector is also expected to benefit indirectly. Securities firms can see direct gains in the process of fund execution and structuring, and the private equity and venture investment markets are also expected to regain vitality. However, in the securities industry, there is a common emphasis that "in the short term, we must guard against market overheating, and a dollar-cost averaging approach and medium- to long-term investment strategy are needed."