JB Investment, POSCO Technology Investment Alumni Join in Succession

Working in Sync with CEO Lee Guwook from POSCO Technology Investment
Organizational Restructuring through Investment Talent Infusion, Investment Moves in Focus

[Asia Economy Reporter Kwangho Lee] JB Investment, a venture capital (VC) firm under JB Financial Group (formerly Mega Investment), is set to recruit additional personnel from POSCO Capital. Although the firm has been struggling with the departure of investment staff, this move is expected to provide some relief.

According to sources in the investment banking (IB) industry, JB Investment plans to assign Um Min-woo, Senior Investment Officer (Deputy General Manager) at POSCO Capital, to its investment division. With Um joining, the investment division at JB Investment will increase to a total of five members, including CEO Lee Gu-ok.

Um previously worked at Korea Venture Investment Corp., a fund of funds operator. He has experience in structuring funds from the limited partner (LP) perspective. Later, he moved to POSCO Capital and pursued a career as a venture capitalist, steadily building his venture investment capabilities.

JB Investment has faced difficulties. Key personnel, including former Mega Investment CEO Jo Myung-woo, who was active before JB Financial’s acquisition, left the firm. They established a new startup investment company called Vine Ventures. This caused a shortage of staff.

However, at the end of last year, JB Investment reorganized its team by recruiting Lee Gu-wook, former group leader at POSCO Capital, as CEO. Lee joined POSCO Capital in 2008 and is a veteran investment officer who contributed to the company’s growth for over 14 years. With Um, also from POSCO Capital, joining, the influence of POSCO Capital alumni within JB Investment is expected to grow further.

Earlier, JB Financial Group acquired Mega Investment, the predecessor of JB Investment, in June last year. It purchased 100% of the shares held by Megastudy for 48 billion KRW. The group judged that Mega Investment had a strong track record in policy finance sectors such as the fund of funds and growth finance.

Currently, JB Investment manages several venture funds including the Smart Korea Mega Youth Investment Association (total committed capital of 20 billion KRW), Smart Non-face-to-face JB-Mega Investment Association (20 billion KRW), 2017 Mega RS Investment Association (20 billion KRW), Mega Trend Startup No.2 Investment Association (25 billion KRW), and Mega-HGI Double Impact Investment Association (20.5 billion KRW).

Meanwhile, Megastudy, which established Mega Investment, the predecessor of JB Investment, founded a new VC called Thanks Ventures after selling Mega Investment to JB Financial Group. Kim Jung-min, who previously led Mega Investment, is heading the new firm.