Ministry of SMEs and Startups Launches 101.1 Billion KRW "Chungnam Enterprise Growth Venture Fund"

Record-High Parent Fund Investment of 60 Billion KRW
Joint Participation from Chungcheongnam-do, Financial Institutions, and Leading Local Companies
1.5 Trillion KRW Venture Fund to Focus Investments in Chungnam Over Three Years

On August 20, the Ministry of SMEs and Startups announced the formation of the "Chungnam Enterprise Growth Venture Fund," a venture fund-of-funds worth 101.1 billion KRW, which will invest primarily in venture funds focused on the Chungnam region.

Noh Yongseok, Vice Minister of the Ministry, attended the Chungnam Enterprise Growth Venture Fund Formation Ceremony held at Sono Belle Cheonan on the same day and announced that the Chungnam regional fund-of-funds will officially begin operations.

Noh Yongseok, Vice Minister of the Ministry of SMEs and Startups (sixth from the right), is taking a commemorative photo with attendees after the ceremony at the "Chungnam Enterprise Growth Venture Fund Formation Ceremony" held on the 20th at Sono Belle in Cheonan, Chungnam. Ministry of SMEs and Startups

In February, the Ministry of SMEs and Startups invited local governments to participate in the creation of regional funds-of-funds dedicated to areas outside the capital region, ultimately selecting four locations: Gangwon, Gyeongbuk, Busan, and Chungnam. Thanks to the active participation of the local community led by the Chungnam Provincial Government, the first fund was established in Chungnam.

This fund received a record-high investment of 60 billion KRW from the Korea Venture Investment Corp. (the parent fund) to create a large-scale regional fund-of-funds. Major investors include Chungcheongnam-do, IBK (Industrial Bank of Korea), NongHyup Bank, and Hana Bank. Notably, senior local companies such as JB, MiraeN Seohae Energy, Sunic System, and Daeil Industry contributed a total of 6 billion KRW to support the growth of emerging local companies.

The Chungnam Enterprise Growth Venture Fund will determine its investment sectors through an operations committee next month and will begin sub-fund investments starting in October. Over the next three years, it plans to create a 150 billion KRW venture fund focused on investments in Chungnam.

Vice Minister Noh stated, "The 'Chungnam Enterprise Growth Venture Fund,' born from the solidarity of the local community, will inspire and encourage other communities and serve as a catalyst to attract the participation of many local investors. Starting with this fund, the Ministry of SMEs and Startups will create exclusive venture fund-of-funds for non-capital regions centered on the 'Five Core Regions and Three Special Zones' strategy, nurturing ventures and startups as engines of regional growth."

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