BNK Financial Group(138930) said on the 30th it will push to create a venture fund worth 50 billion won to expand venture investment infrastructure with Busan City. The fund's tentative name is "maritime capital venture fund."
Busan City will contribute 20 billion won over three years starting this year, and BNK Financial Group will contribute 30 billion won, creating 50 billion won. After that, it plans to select BNK Venture Investment as the manager and operate a fund of more than 250 billion won for 10 to 12 years starting next year.
The aim is to build an efficient investment system to fill investment gaps by growth stage of corporations, such as supplementing existing region-focused funds centered on early-stage startups and expanding follow-on investments in scale-up stage corporations.
To that end, the city commissioned a central investment review, and it plans to sign a business agreement with BNK Financial Group in Oct. and begin full-fledged preparations to establish the fund.