A shortlist of general partners (GPs) for the first indirect investment commitment project, to which about 1.4 trillion won from the Public Growth Fund has been allocated, has been narrowed down.
According to the investment banking (IB) industry on the 15th, Korea Development Bank (KDB) and Shinhan Asset Management selected and notified 22 firms for the GP shortlist in the first indirect investment commitment project of the Public Growth Fund.
Under the policy to select a total of 11 GPs by league across three areas—overall ecosystem, targeted support, and projects—twice the number will be first chosen for oral evaluation.
In the overall ecosystem major league, where the formation of sub-funds of up to 1 trillion won is anticipated, venture capital (VC) firms and private equity fund (PEF) managers are expected to compete.
Dominus Equity Partners, Skylake Equity Partners, Atinum Investment, and Korea Investment Partners made the list. For the two final GPs, 197.5 billion won each is expected to be executed.
In the overall ecosystem challenge league, which saw 35 proposals submitted and recorded the highest competition rate, VC firms Samho Green Investment, Openwater Investment, and Pureun Investment made the shortlist.
In the small-cap league, to which 17 managers applied, VC firms and PEF managers also compete. The Hahm Partners, AJU IB INVESTMENT, SBI Investment KOREA, and Paratus Investment were selected.
In the targeted support M&A league, where one spot is at stake, the field has been narrowed to a two-way race between Well to Sea Investment and KL&Partners.
In the targeted support KOSDAQ league, two consortia—Mirae Asset Venture Investment·Brain Asset Management and KB Investment·IMM Credit & Solutions—passed the document review and advanced to the finals.
Korea Development Bank integrated the existing Innovation Growth Fund and Semiconductor Ecosystem Fund into the Public Growth Fund. In the first round, it plans to commit 1.385 trillion won to create a 3.9 trillion won fund.