South Korea’s First Private Venture Capital Master Fund Launched
The South Korean Ministry of SMEs and Startups, in collaboration with Hana Financial Group, hosted a launch ceremony to establish the inaugural Private Venture Capital Master Fund (Private VC Master Fund).
The implementation of the private venture capital master fund took place on October 19, 2023, following the passage of the amendment to the Venture Investment Promotion Act by the National Assembly in March 2023.
A Venture Capital Master Fund (VC Master Fund) is a re-intermediated fund that invests in various venture sub-funds dedicated to supporting startups. Its aim is to attract private capital to the venture capital market by leveraging the fund’s stability, scalability, and expertise.
As the pioneer in forming a fund after the institutionalization of private venture capital master funds, Hana Financial Group heralds the commencement of a fully-fledged era for private venture capital master funds. The initial Private VC Master Fund, with a total funding of 100 billion won, is entirely backed by Hana Financial Group. The fund is set to concentrate on investments in ten Super Gap areas, with Hana Ventures managing it over the next ten years.
Lee Young, Minister of SMEs and Startups, expressed, “The Private VC Master Fund is the first venture policy crafted with great consideration from the perspective of venture entrepreneurs since my tenure as minister. I’m delighted that it has materialized within a year of the announcement. I anticipate the inaugural Private VC Master Fund to serve as a milestone in the industry, symbolizing the privately led venture capital market. The Ministry of SMEs and Startups is committed to providing unwavering support.”
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