Korea Development Bank to Select Fund Manager for 1.5 Trillion KRW Growth Support Fund with Woori Asset Management by End of March

After the First Capital Contribution Announcement on the 17th,
Second 1.5 Trillion KRW Innovation Industry Fund to Be Selected
"15 Trillion KRW Five-Year Project... Nurturing Unicorn Companies"

Korea Development Bank and Woori Asset Management announced on the 17th that they are recruiting fund management institutions for a growth support fund worth 1.5 trillion KRW. The growth support fund project is one of the innovative growth fund programs investing 15 trillion KRW over five years from 2023 to 2027, aiming to nurture small and venture companies into global unicorn companies (unlisted companies with a valuation of over 1 billion USD).

Seoul Yeongdeungpo-gu Yeouido Korea Development Bank building. Provided by Korea Development Bank

According to Korea Development Bank, the innovative growth fund investing 15 trillion KRW over five years is divided into the growth support fund and the innovation industry fund, both supporting small and venture companies. Each fund will receive 1.5 trillion KRW over five years. Korea Development Bank plans to invest in the innovative growth fund to foster global unicorn companies.

On the same day, Korea Development Bank, together with Woori Asset Management, announced the first capital contribution project of this year (growth support fund). The growth support fund is expected to be composed of 470 billion KRW in policy funds (370 billion KRW from Korea Development Bank and 100 billion KRW from the government budget) and 1.03 trillion KRW in private funds. Through this, they plan to expand investment demand for growth-stage small and venture companies.

Korea Development Bank will accept proposals for the growth support fund until the 5th of next month and plans to select fund managers by the end of next month. Subsequently, about nine entrusted managers for the second project (innovation industry fund) will be selected.

A Korea Development Bank official stated, "Since 2018, we have been managing policy funds contributing to securing new national growth engines and forming the private investment market," adding, "We will continue to play a leading role in the domestic venture capital market as Korea's representative policy financial institution."