Post Office Insurance Bets 80 Billion Won on VCs

Plans to Select 3 Venture Capital GPs
Over 100 Billion KRW in Assets Under Management, No Co-GP Allowed Conditions

[Asia Economy Reporter Kwangho Lee] Post Office Insurance will invest 80 billion KRW in venture capital (VC) funds.

Post Office Insurance announced on the 28th that it will select three management firms and entrust 80 billion KRW to venture capital for investment. After document evaluation and on-site due diligence of the management firms, the final general partners (GPs) will be selected in October.

Once selected as a GP, they must establish a fund of at least 100 billion KRW. Additionally, there must be at least three liquidation funds based on blind funds. Other conditions include assets under management (AUM) of over 100 billion KRW and a prohibition on co-general partners (Co-GP). The investment period is four years, and the fund maturity is within eight years. The GP’s contribution ratio must be at least 1% of the fund size.

Previously, Post Office Insurance selected three entrusted firms in 2015 and invested a total of 50 billion KRW. In 2018, it also invested in overseas venture capital. At that time, Adams Street Partners was selected as the GP, and up to 50 million USD was invested. Last year, SV Investment, Mirae Asset Venture Investment, and LB Investment were selected as domestic venture capital entrusted management firms.

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