Saneun Announces 32 Companies Passed Document Screening for '2020 Growth Support Fund'

32 out of 49 Asset Management Firms That Submitted Proposals in Early March Passed
Schedule Progressed Smoothly Despite COVID-19 Thanks to Introduction of Non-Face-to-Face Evaluation Process

[Asia Economy Reporter Kangwook Cho] The Korea Development Bank announced on the 8th that, following the document screening for the selection of entrusted operators for the '2020 Growth Support Fund' co-invested with Korea Growth Investment Corporation, 32 out of 49 applying operators have passed.

By league, there are 3 mid-sized companies, 4 scale-up growth (large VC) companies, 8 scale-up growth (general) companies, 11 scale-up innovation companies, and 6 rookie league companies.

The joint investment institutions including Korea Development Bank, KDB Capital, and Korea Growth Investment Corporation plan to promptly proceed with the establishment and execution of the 2.5 trillion KRW scale Growth Support Fund by selecting operators through non-face-to-face on-site inspections and oral examinations in April, ensuring no disruption in supplying venture capital for innovative growth by the end of this month.

In particular, considering the COVID-19 situation, on-site inspections and oral examinations will be conducted in a non-face-to-face manner using video conferencing platforms and Web Drive.

For on-site inspections, a virtual data room will be created on Web Drive to simulate an environment similar to on-site inspections, and for oral examinations, a video conferencing platform will be used so that judges can easily access from their respective workspaces to listen to presentations by operators and engage in Q&A.

A Korea Development Bank official stated, "We understand that recently, investment institutions are considering various measures to minimize face-to-face contact," adding, "We hope KDB's new attempt will serve as a catalyst for the reactivation of investment projects in the PE and VC markets."