This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:29 p.m. on Apr. 24, 2026.
A record-breaking funding race has begun among major domestic venture capital firms (VCs) including Atinum Investment and Smilegate Investment. With the National Pension Service, a "big player" in the venture investment market, kicking things off and a wave of policy capital commitments to venture funds signaled for this year, even large VCs that recently set up funds have jumped into new fundraising.
According to the VC industry on the 24th, more than 10 VCs submitted applications for the National Pension Service's venture fund commitment program. The National Pension Service has allocated a total of 400 billion won for this program and plans to select up to six managers. Compared with last year, when around six firms applied, the competition has nearly doubled.
Right away, Atinum Investment, which runs the nation's largest venture fund with a "one-fund" strategy, returned to the fundraising market after three years by entering the National Pension Service commitment program. The company is said to be aiming to create a 1 trillion won-plus fund that surpasses "Atinum Growth Fund 2023" (860 billion won), formed in 2023.
In addition, heavyweight VCs such as Mirae Asset Venture Investment, Premier Partners, Intervest, Company K Partners, T.S. Investment, Smilegate Investment and Partners Investment have thrown their hats into the ring. Mid-sized VCs such as Medici Investment and Almus Investment also joined the lineup.
Initially, the consensus was that competition among large VCs would not be that intense this year. That's because most of the major firms had already completed the formation of their flagship funds last year and early this year. In fact, Intervest set up a 309 billion won fund in September last year, and Premier Partners registered a new fund early this year.
Major domestic VCs typically pursue new fundraising after an investment period of about three years following the formation of a large fund of 100 billion won or more. Because of constraints such as the principle of exclusive dedication by key managers and the requirement that the investment execution rate (utilization rate) of established funds exceed 60% to submit new proposals, "invest first, fund later" has been the usual practice.
The National Pension Service's easing of the outside-work standard for key venture fund managers has led large VCs to make successive bids in the commitment program. Starting with this year's program, even key managers of venture funds with a utilization rate below 60% can seek fundraising as long as the unutilized balance does not exceed 100 billion won per person.
The government's stance of expanding the supply of risk capital also spurred VCs to accelerate fundraising. With the Public Growth Fund allocating 1.385 trillion won for the selection of sub-fund managers, expectations are rising that if a firm is chosen simultaneously as a delegated manager by the National Pension Service and the Public Growth Fund, it could secure close to 270 billion won in one stroke.
The financial authorities' "productive finance" policy is also seen as a boon. In particular, the Financial Services Commission has imposed a risk capital investment obligation when securities companies raise capital through an integrated managed account (IMA) or short-term notes. The mandatory investment ratio rises from 10% this year to 20% next year. After 2028, it is expected to increase to 25% or more.
A VC industry official said, "With the government's stance of expanding the supply of risk capital, many major domestic VCs see this year as a 'golden time for fundraising,'" and added, "Some VCs are hopeful that if they are selected as managers by the National Pension Service and the Public Growth Fund, they could set records for the largest fund formation ever."