[Photo by Yonhap]
South Korea’s Hana Financial Group on Monday launched the country’s first private venture parent fund with a full investment of 100 billion won ($77 million).
Hana Financial Group and the Ministry of SMEs and Startups held a ceremony for the launch in Seoul.
The group’s venture parent fund is an investment fund that invests in other feeder, or subsidiary venture funds, with a variety of startup portfolios.
The parent fund has the advantage of being more stable than venture funds that directly invest in startups, while it is also easier to expand the portfolio.
Hana Financial Group Chief Executive Officer Ham Young-joo [Photo by Yonhap]
Hana Financial Group’s venture parent fund is the first kind in the private sector following the amendment of the venture investment law in March.
Hana Ventures Inc. will manage the fund for ten years, and Korea Venture Investment Corp. will share its expertise to assist Hana Ventures in the operation of the funds with its 20-year experience operating the government-funded parent funds.
Hana Ventures stated that its focus areas will be in the fields such as system chips, bio-health, future mobility, eco-friendly energy, and robotics.
By Kim Dong-eun and Chang Iou-chung
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