Intops Investment to Form Its First Standalone Blind Fund

Samsung Electronics' 1st Tier Vendor Intops VC, Fundraising 'Smooth'
'IP Specialist' Jang Cheol-jin, Fourth IP Fund Lead Fund Manager

[Asia Economy Reporter Kwangho Lee] Intops, a KOSDAQ-listed company, has established a venture capital (VC) firm, Intops Investment, which is forming its first standalone blind fund. This move differs from its previous practice of managing Co-GP funds alongside other asset managers. Attention is focused on its future fund management strategy.

According to the investment banking (IB) industry on the 21st, Intops Investment is accelerating the formation of the ‘Intops IP Scale-up Fund’ with a size of 19 billion KRW. It has already secured major limited partners (LPs). Unless there are unexpected developments, the general meeting for fund formation is expected to be completed within this year.

Previously, Intops Investment challenged the 2022 2nd regular (patent technology commercialization) and occasional (patent account) capital contribution projects of the Korea Fund of Funds and was selected as a GP in the IP-based regional enterprise sector along with Vine Ventures. The Fund of Funds will contribute 22.5 billion KRW to them.

In the IP-based regional enterprise sector, Intops Investment competed with Vine Ventures, Ice Square Ventures, NVC Partners·HB Investment, and Idea Bridge Asset Management. Intops Investment secured the winning position by submitting a capital contribution proposal after securing LPs above a certain standard, including letters of commitment (LOC).

The lead fund manager will be Vice President Cheoljin Jang. Key operating personnel include Director Byungseok Kang and Senior Investment Officer Seongdeuk Kim. Notably, Vice President Jang, who recently joined, has an impressive career. He has worked as an IP specialist investment officer at Sansu Ventures, Wonik Investment Partners, TS Investment, and Magellan Technology Investment. He is a veteran investment officer with 22 years of experience in the investment industry.

Two main reasons are cited for Intops Investment being selected as a sub-fund manager of the Fund of Funds. First, the track record of productization and commercialization of technologies conducted in collaboration with its parent company, Intops, and Intops Investment’s investment performance in regional companies (38% of total investment amount) were decisive.

Secondly, the recruitment of Vice President Jang was the finishing touch. As the lead fund manager, Vice President Jang holds a record of managing IP funds. Representative examples include ▲HTIC-Patent Technology Commercialization Fund 18 billion KRW (Wonik Investment Partners) ▲TS 2011-4 Patent Technology Commercialization Investment Association 16.6 billion KRW (TS Investment) ▲MTI IP Commercialization Fund 15 billion KRW (Magellan Technology Investment). The Intops IP Scale-up Fund will be his fourth IP fund.

Intops Investment has consistently appeared in capital contribution projects through collaboration. It formed Co-GP funds in partnership with Inlight Ventures, Wonik Investment Partners, and IBK Capital. This time, being selected as a standalone blind fund GP demonstrated the house’s competitiveness. As an IP fund, it is expected to focus on investing in unlisted companies possessing IP competitiveness.

Meanwhile, Intops, a KOSDAQ-listed company, established Intops Investment in April 2018. It spun off its internal venture investment division to serve as a corporate venture capital (CVC). Founded in 1981, Intops manufactures mobile phone cases, interior and exterior materials for home appliances, and automotive parts using mold manufacturing and plastic molding technologies. It is known as a first-tier partner of Samsung Electronics.