[Click eStock] "Mirae Asset Venture Investment: Benefiting from KOSDAQ Revitalization and Visible Returns from SpaceX Investment"

On December 17, Hanyang Securities analyzed that Mirae Asset Venture Investment is entering a mid- to long-term growth phase, benefiting structurally from policies to revitalize the KOSDAQ market and increased visibility of exits from major portfolios such as SpaceX.

Mirae Asset Venture Investment, established in 1999, is a leading domestic venture capital firm that has engaged in venture and private equity investments for over 20 years. From 2005 through 2024, the company has maintained 20 consecutive years of profitability, and since its founding, it has formed a cumulative fund of approximately 2 trillion won through 53 venture capital investment associations and 6 institutional private equity funds.

Mirae Asset Venture Investment's strength lies in its virtuous cycle management structure of "investment-exit-reinvestment." Junseok Lee, a researcher at Hanyang Securities, stated, "The company's business structure, which internalizes the investment cycle from the pre-IPO stage through post-listing, is its core competitive edge. As multiple investment assets are now entering the exit phase, there is a high possibility of simultaneous expansion in performance fees and proprietary account profits in the short to medium term." He further noted that the increasing visibility of IPOs for major portfolio companies, the overall recovery in the venture investment industry, and KOSDAQ market revitalization policies are converging, creating a simultaneous momentum in policy, industry, and performance.

There is also analysis that the current KOSDAQ market environment is markedly different from the past. Researcher Lee explained, "After a rise centered on large-cap stocks until the middle of the third quarter, the recent rebound in the KOSDAQ market has been led by small- and mid-cap stocks. This is not merely a short-term technical rebound, but rather a process in which expectations for the KOSDAQ market structure improvements and long-term capital inflow policies announced last September are gradually being reflected."

Historically, the KOSDAQ market has faced structural limitations, with an excessively high proportion of individual investors and a limited share of investment from pension funds. Researcher Lee emphasized, "Whereas past KOSDAQ revitalization policies focused on short-term liquidity supply aimed at restoring trading and rebounding the index, the current policy is differentiated by its structural shift to selectively supply long-term capital, particularly to national strategic industries such as AI and semiconductors."

In particular, regarding the National Growth Fund, which will invest more than 150 trillion won over the next five years, he evaluated, "With the core goal of scaling up venture and technology companies, KOSDAQ is being redefined not as a short-term supply-and-demand market but as a recovery platform for policy-driven industries."

Such policy changes are highly likely to lead to expansion in capital deployment and improved exit conditions across the venture capital industry. Researcher Lee said, "This will result in increased assets under management and expanded performance fees, and Mirae Asset Venture Investment, which has a proven track record, is a representative example where the policy effects can be tangibly realized."

The enhanced visibility of exits from major portfolios is cited as a concrete investment point. Researcher Lee explained, "The company's key investment points are the increased visibility of exits from major portfolios such as Semifive, Moloco, and SpaceX." Semifive, an AI semiconductor design and platform company, is scheduled to go public on the 29th, and depending on the listing price, is expected to generate profits of approximately 30 billion won. Regarding Moloco, which is valued at around 10 trillion won in the global market, he projected, "A major exit scenario is possible in 2026, either through an overseas IPO or a strategic deal with a global company."

In particular, SpaceX is drawing attention as a core global portfolio directly invested in by Mirae Asset Group. Researcher Lee highlighted, "Recently, expectations have spread that SpaceX's corporate value could be re-evaluated at several hundred billion dollars, and related vendor stocks have already reflected this in their share prices. Mirae Asset Venture Investment is virtually the only listed company with a structure directly linked to the rise in SpaceX's corporate value." He explained that if SpaceX enters the IPO phase in the future, its value is highly likely to be directly reflected in the company's performance.

This exit momentum is expected to materialize in earnest in 2026. Researcher Lee stated, "In 2026, there is a high possibility that multiple IPOs and investment exits will occur simultaneously. Considering this, the company's operating profit could expand to a level approaching 100 billion won."