Additional 100 Billion KRW Raised for National Participation New Deal Fund... Total Scale of 100 Billion KRW

Scheduled for Sale to the General Public at the End of November

[Asia Economy Reporter Park Sun-mi] An additional 100 billion KRW-scale 국민참여 New Deal Fund will be established. The fund product is scheduled to be launched at the end of November with a scale of 80 billion KRW and will be sold to the general public for up to two weeks through commercial banks, securities firms, and online channels.

On the 9th, the Financial Services Commission announced that starting with the recruitment announcement for New Deal Fund entrusted management companies on the 10th, it will promote the establishment of a 100 billion KRW-scale 국민참여 New Deal Fund to share investment performance with the public. The additional funding for the 국민참여 New Deal Fund consists of 80 billion KRW of public funds to be raised through the fund launch and 20 billion KRW of government budget. The established 100 billion KRW-scale fund will invest in listed companies or pre-listed companies engaged in New Deal sectors, and the profits generated upon the recovery of investment funds will be shared with the citizens who subscribed to the fund.

The Industrial Bank of Korea and Growth Finance, the lead institutions of the New Deal Fund, plan to start the recruitment announcement for entrusted management companies that will form and operate the 국민참여 New Deal Fund on the 10th and finalize the selection of eight management companies by the end of October. The fund product will be launched at the end of November or early December with a scale of 80 billion KRW and will be sold to the general public for up to two weeks through commercial banks, securities firms, and online channels.

A financial authority official stated, "Considering the high public interest in the 국민참여 New Deal Fund launched last March and the investment progress of the first established fund, we decided to proceed with additional establishment," adding, "The government and the lead institutions of the New Deal Fund will regularly inform the public about the actual operation strategies of the 국민참여 New Deal Fund and thoroughly monitor the investment progress of the established fund."