As Korea Development Bank (KDB) sets up a dedicated organization to run the National Growth Fund, it has decided to bring in two core Heads of Team from outside. The National Growth Fund will supply 150 trillion won over five years to 10 advanced industries, including artificial intelligence (AI), semiconductors, and biotech.
According to the financial sector on the 1st, KDB has begun external hiring for the Heads of Team for infrastructure finance and direct investment within the National Growth Fund's dedicated organization. KDB plans to complete the hiring this month.
The Head of Team for infrastructure finance will be responsible for sourcing project financing (PF) investments for AI and data centers (deal sourcing). As the government decided to invest 30 trillion won of the fund's capital in AI projects, the infrastructure finance Head of Team is a core role within the organization. The infrastructure finance Head of Team will also conduct financial feasibility and economic viability analyses and reviews for arranging PF.
The Head of Team for direct investment will be responsible for sourcing and reviewing mega projects, including scale-up investments and pre-IPO equity investments. The government plans to identify mega projects with large spillover effects in the industry and provide an integrated package of solutions covering regulation, taxation, fiscal policy, finance, and workforce development. The direct investment Head of Team will identify and verify such mega projects.
Eligibility requires at least five years of experience at the manager level in the relevant field or at least 10 years at the practitioner level.
KDB is currently forming a vice president-level organization (one institutional sector and four departments) to handle the National Growth Fund's operations. Under the National Growth Fund institutional sector, an investment management bureau is expected to be established, with direct investment, indirect investment, and infrastructure investment teams, among others. As the first fund under the National Growth Fund is set to launch within the year, KDB's organizational setup is expected to proceed quickly.
The 150 trillion won National Growth Fund will consist of 75 trillion won in a public-fund format Advanced Strategic Industry Fund and 75 trillion won from the private sector, pension funds, financial institutions, and public investment. Through the fund, the government will support 10 industries and 90 technologies in advanced strategic industrial technologies and national strategic technologies that will drive new growth.
The 10 industries include ▲ semiconductors ▲ secondary batteries ▲ vaccines ▲ displays ▲ hydrogen ▲ future mobility ▲ biotech ▲ artificial intelligence ▲ defense industry ▲ robotics. Industries such as content and critical minerals needed for future strategy and economic security were also included as support targets.