Korea Development Bank Receives Applications from 28 Firms for Policy-Type New Deal Fund Ad Hoc Asset Manager Recruitment
An Average Competition Rate of 2.3 to 1
[Asia Economy Reporter Jin-ho Kim] Korea Development Bank and Korea Growth Investment Corporation announced on the 20th that a total of 28 asset management companies applied for the "Policy-type New Deal Fund 2021 Ad-hoc Delegated Manager Selection" proposal submission, which closed on the 18th. The average competition rate was 2.3 to 1.
Twenty-seven asset management companies applied for the 660 billion KRW scale investment proposal type, and one asset management company applied for the 90 billion KRW scale infrastructure investment type. The ad-hoc investment project was established to complement the regular investment project and to reflect market and policy demands in the investment plan. It was designed to enable rapid fund formation in various New Deal sectors through differentiated investment ratios by sector and lowering the benchmark rate of return.
KDB and Growth Investment Corporation plan to select 12 asset management companies by the end of June through a transparent and fair evaluation process. The selected delegated managers will form funds sequentially within the year after recruiting private investors.
A KDB official stated, "We expect investment to be activated in various New Deal sectors such as the digital New Deal sector, eco-friendly and green industries for a carbon-neutral economy, and regional balanced New Deal."
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Meanwhile, among the asset management companies selected in the regular investment project with a target of 3 trillion KRW at the end of February, the 국민참여 New Deal Fund completed early sales and formed 201.9 billion KRW by the end of April to start investments. As of the end of April, a total of 487.3 billion KRW (achievement rate 16%) has been formed smoothly, including one infrastructure investment blind fund (241.9 billion KRW) and one corporate investment project fund (43.5 billion KRW).
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