100 Billion KRW Scale K-Bio and Vaccine Fund No.3, Recruiting New Asset Managers

The Ministry of Health and Welfare announced that it will hold a public announcement for the selection of a management company from the 18th of this month until the 10th of next month to establish the 3rd K-Bio·Vaccine Fund worth 100 billion KRW.

The K-Bio·Vaccine Fund is a fund established through initial investments by the government and policy banks to develop innovative new drugs and secure vaccine sovereignty.

This recruitment aims to select a management company for the 3rd fund to raise the remaining 100 billion KRW out of the 250 billion KRW fund formation, for which Mirae Asset Venture Investment and Mirae Asset Capital relinquished their management rights in June. Considering the domestic and international situations such as the contraction of the investment market, the Ministry of Health and Welfare and policy banks decided to fully invest 40 billion KRW regardless of the fund size. Of the 40 billion KRW, the Ministry of Health and Welfare and the Export-Import Bank of Korea will each invest 15 billion KRW, while the Korea Development Bank and the Industrial Bank of Korea will each invest 5 billion KRW. Additionally, if more than 70% of the target fund size of 100 billion KRW is raised, an early investment priority formation method by the management company will also be allowed. Detailed investment conditions and management company selection criteria can be found on the Korea Venture Investment website.

The 1st and 2nd K-Bio·Vaccine Funds raised this year have raised a total of 261.6 billion KRW. Yuanta Investment, the management company of the 1st fund, raised 150 billion KRW, and Premier Partners, the management company of the 2nd fund, raised 111.63 billion KRW. Park Min-su, the 2nd Vice Minister of the Ministry of Health and Welfare, stated, "We hope that the newly announced 3rd fund will also be raised quickly."