The Korea Local Finance Association, a "big player in the capital market," selected five firms, including K2 Investment Partners, as general partners (GP) for this year's venture capital (VC) commitment program.
According to the VC industry on the 26th, the association finalized five firms as GPs for this year's VC commitment program: K2 Investment Partners, Stonebridge Ventures, Woori Venture Partners, Intervest, and Kolon Investment.
The association allocated a total of 150 billion won to this year's VC commitment program. That is an increase of 50 billion won from a year earlier, and 27 firms reportedly applied for the five GP slots.
The five VCs that won out at roughly a 5-to-1 competition rate are expected to receive 30 billion won each from the association. The minimum fund size is 80 billion won, with a fundraising deadline through Dec. next year.
A VC industry official said, "The VCs selected as GPs in this association's commitment program are all mid- to large-sized firms with proven management capabilities," adding, "A common thread is that all five are forming blind funds."
Meanwhile, the association is considered a big player in the capital market with about 30 trillion won in assets under management. Earlier, on Oct., it selected five firms, including VIG Partners, as GPs for a private equity fund (PEF) commitment program to which it allocated 350 billion won.