Foreign Venture Investment
The Korea Development Bank and the Industrial Bank of Korea announced on Nov.r 25 that they launched the Global Partnership Fund worth a total of 80 billion won (US$72.3 million).
The Global Partnership Fund is going to be invested in funds in which foreign venture capital participates as operators or foreign companies participate as strategic investors so as to attract their investment in Korean venture firms. Those invested in the Global Partnership Fund have to invest at least half of their money in Korean venture firms or small companies.
Six venture funds, including the WTR Health at 50 billion won (US$45 million), have been selected as the objects of the Global Partnership Fund until now. These are planning to raise a venture fund of approximately 300 billion won (US$271 million) by June next year.
“The business agreement between the Korean and British venture capital associations that was signed during President Park Geun-hye’s state visit to Britain in November last year and the following IR session interested the foreign investors,” the Korea Development Bank explained.