The Largest Blind Fund Since VC Establishment
Chief Fund Manager Executive Director Kwon In-ho
Full-Scale Fund Deployment Starting Next Year
[Asia Economy Reporter Kwangho Lee] Daily Partners, a bio-specialized venture capital (VC), has raised the largest fund since its establishment. Despite the market downturn, it succeeded in fundraising, laying the foundation for a mid-sized house.
According to the investment banking (IB) industry on the 25th, Daily Partners held the general meeting for the formation of the "Daily Creek Bio Healthcare Fund." It is a blind fund with a total formation amount of 50 billion KRW. Unlike previous funds formed in the 20 to 30 billion KRW range, this is the first time they have launched a fund in the 50 billion KRW range.
The lead fund manager is Executive Director Inho Kwon. He graduated from Korea University with a major in Life Sciences (Genetic Engineering), completed a master's degree at the same graduate school, and finished a Ph.D. coursework in Technology Management. He is a bio-venture expert who has served as director of the venture investment division at KB Investment, head of the venture investment division at Woori Technology Investment, visiting researcher at the University of Pittsburgh Medical Center in the U.S., and senior researcher at Dong-A Pharmaceutical’s Biotech Research Institute.
Key management personnel include CEO Seungho Lee and Executive Director Eunseok Lee. CEO Lee graduated from Seoul National University’s Department of Pharmacy and worked as a senior researcher in the research planning team at Dong-A Pharmaceutical’s research headquarters before working as a pharmaceutical and bio analyst at Samsung Securities and others. Executive Director Lee graduated from Yonsei University’s Department of Ceramic Engineering and focused on the bio sector at Daishin Securities, Daishin Asset Management, and Kyobo AXA Asset Management.
Earlier, in 2022, they were selected as a general partner (GP) for the vaccine and bio sector in the first regular investment project of the Korea Fund of Funds. They received 40% of the fund’s capital, 20 billion KRW, from the Fund of Funds, and the remaining 60% was raised from private limited partners (LPs). This demonstrated the house’s capabilities amid a tightening funding environment for VCs.
As a result, assets under management (AUM) increased from 341.3 billion KRW to 391.3 billion KRW. They are expanding their business by forming various concept funds every year. The Daily Creek Bio Healthcare Fund is planned to be actively managed starting early next year. Given the inclusion of "Healthcare" in the fund’s name, they are expected to focus on related investments.
Daily Partners was established in 2014 as a subsidiary of Daily Financial Group. The shareholding structure is 36% by Gowid, 36% by CareLabs, and 15.8% by CEO Seungho Lee. Along with bio investments, they are energizing the bio ecosystem through various initiatives such as the accelerating program D’LABS.
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