SU&Financial Investment, a domestic private equity fund (PEF) manager, is pushing to set up a 140 billion won artificial intelligence (AI) investment fund with a local manager in Taiwan.
On the 14th, SU&Financial Investment said it signed a memorandum of understanding (MOU) in early this month with Taiwanese PEF manager AIIDA to jointly create the "Korea-Taiwan technology cooperation fund."
SU&Financial Investment and AIIDA will serve as co-managers and aim to invest in promising technology corporations in the Asia-Pacific region, including Korea and Taiwan, targeting a fund size of $100 million (about 140 billion won).
SU&Financial Investment and AIIDA specifically set AI, semiconductors, green energy, and bio and medical care as core investment areas. They also plan to invest in Japanese and U.S. corporations.
The fund is expected to launch early next year. SU&Financial Investment has secured some domestic limited partners and also set plans with AIIDA to request commitments from Taiwan's sovereign wealth fund National Development Fund (NDF).
A SU&Financial Investment official said, "Cooperation of capital has become essential for the development of the AI industry," adding, "Taiwan is a country that also has semiconductor production capabilities."