KDB Industrial Bank Selects Fund Managers for 3 Trillion KRW 'Innovation Growth Fund'

Promotion of the 2nd Year Investment Project... Proposal Submission by the 20th
Last Year, 14 Management Companies Selected to Raise 3.15 Trillion Won

On the 10th, the creditor meeting of Taeyoung Construction was held at the headquarters of the Korea Development Bank in Yeouido, Seoul. Photo by Younghan Heo younghan@

On the 12th, the Korea Development Bank announced that it has posted a public notice for the selection of a delegated fund manager for the financial mother fund of the Innovation Growth Fund, in accordance with the '2024 Innovation Growth Fund Formation Plan' announced at the 6th Policy Finance Support Council held on the 6th.

This project is a follow-up measure to the Innovation Growth Fund Formation Plan aimed at enhancing future growth engines and fostering innovative venture companies. Last year, two delegated fund managers for the financial mother fund and 14 delegated fund managers for sub-funds were selected, successfully raising 3.15 trillion KRW (policy 900 billion KRW, private investment 2.25 trillion KRW), exceeding the target amount of 3 trillion KRW by the end of last year.

This year, the Korea Development Bank has prepared 300 billion KRW of government funds to additionally raise 3 trillion KRW for the Innovation Growth Fund and has initiated the second-year investment project starting with the public notice for the selection of the financial mother fund delegated manager.

Proposals will be accepted until the 20th, and through a review process, a total of two companies will be selected in April: one operator for the Innovation Industry Mother Fund (200 billion KRW) and one operator for the Growth Support Mother Fund (100 billion KRW). The selected operators will manage the financial mother fund of the Innovation Growth Fund and jointly oversee the sub-fund selection and investment projects with the Korea Development Bank.

After selecting the financial mother fund operators, the Korea Development Bank plans to select delegated sub-fund managers in the first half of the year and supply seed money to the contracted venture capital market by forming a large-scale fund of 3 trillion KRW within the year, continuing unwavering venture capital investment as a leading policy finance institution.

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