18 Companies Compete to Manage 100 Billion Won Scale 'Suwon Enterprise Saebit Fund'

Suwon City Hall

Nineteen firms have submitted proposals to become the general partner (management company) responsible for establishing and managing the 'Suwon Enterprise Saebit Fund' in Suwon City, Gyeonggi Province.

On the 25th, Suwon City announced that a variety of companies, ranging from some of the nation's leading large management firms to emerging venture management companies, submitted proposals for the Saebit Fund management company recruitment.

In particular, among the five sectors?early-stage startups, materials/components/equipment, bio, the Fourth Industrial Revolution, and re-acceleration?the Fourth Industrial Revolution sector recorded a competition rate of 8 to 1.

Suwon City will conduct first and second rounds of evaluation by the end of this month and announce the selection results in September. The selected management company must establish the fund within six months from the date of selection.

The Suwon Enterprise Saebit Fund is designed to invest in startups, ventures, and small and medium-sized enterprises that have technological capabilities but lack financial resources to grow.

The fund will be established with a total scale of 100 billion KRW, including 10 billion KRW in investment from Suwon City.

There is a mandatory investment agreement requiring that at least twice the amount of Suwon City's investment be invested in Suwon-based companies, which is expected to result in significant investments in local enterprises.

A Suwon City official stated, "The Suwon Enterprise Saebit Fund will serve as a 'growth ladder' for Suwon's excellent companies and create a virtuous cycle corporate growth ecosystem," adding, "We hope the Saebit Fund will be a source of strength for Suwon enterprises."

This content was produced with the assistance of AI translation services.