Mirae Asset Global Investments, Samsung Asset Management, and KB Asset Management were selected as managers for the public offering funds of the public participation Public Growth Fund.
The Financial Services Commission said on the 13th that Korea Growth Investment Corporation (K-Growth), selected as the fiscal mother fund manager for the public participation Public Growth Fund, recruited public offering fund managers and finalized the selection of these three firms.
The public participation Public Growth Fund is designed as an indirect investment vehicle that pools money from ordinary citizens participating as investors to create a mother fund, which then invests in multiple sub-funds (private equity funds). The public offering fund managers selected this time will raise citizen capital and create the mother fund.
The target size for the mother fund is a total of 600 billion won, consisting of 570 billion won from citizens and 30 billion won from the Advanced Technology Fund. The 120 billion won in fiscal input reinforced as a junior tranche is separate.
The Korea Development Bank and Korea Growth Investment Corporation (K-Growth) will select the sub-fund managers and manage the managers' investment assets as well. The Financial Services Commission will select the sub-fund managers in April and, as early as late May, unveil products for ordinary citizens to invest in.