Dongkuk Investment manages 60 billion KRW 'Future Growth Venture Fund No. 1'

Dongkuk Steel Mill's corporate-led venture capital (CVC), Dongkuk Investment, announced on Nov. 11 that it has been selected as the asset management company (GP) for the government-funded 'CVC Scale-Up Fund.'

The CVC Scale-Up Fund is a corporate-led venture capital project funded by the Korea Industrial Technology Promotion Agency (KIAT), which operates under the Ministry of Trade, Industry and Energy. It aims to establish a fund with a total size of over 30 billion won by investing 15 billion won in one asset management company.

The Korea Industrial Technology Promotion Agency has designated the main investment target as corporations that possess innovative technologies corresponding to national advanced strategic technologies designated by the National Advanced Industry Act and key areas of the ultra-gap program. It recommends that over 60% of the total agreement amount be invested.

Dongkuk Investment plans to manage the 'Dongkuk Future Growth Venture Fund No. 1' with a scale exceeding 60 billion won, including the investments from Dongkuk Steel Mill Group and additional funds. Dongkuk Investment said, 'In the future, we will actively collaborate on scale-up investments focused on venture companies and the creation of new business models.'