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Jeonbuk Venture Fund is about to reach KRW 1tn with additional KRW 264 bn this year
On February 6, Jeonbuk State announced that it will raise an additional KRW 264 billion across nine funds this year to reach its goal of KRW 1 trillion for the "Jeonbuk Innovation Success Venture Fund."
So far, a total of KRW 853.3 billion has been raised for venture funds.
Under the 7th civil government, six funds were established, totaling KRW 210.5 billion. Since the 8th civil government took office, the amount raised for venture funds has more than quadrupled in just two years.
The number of fund management company has also significantly increased from six to 31.
Jeonbuk State has created and is operating the " Investment Account for SMEs Promotion Fund" since July of last year to separately secure funds from both the venture fund resources and existing funds.
Additionally, it plans to strengthen the venture investment ecosystem by systematically managing the funds through the stages of contribution → investment → exit → reinvestment.
Jeonbuk plans to establish two funds with a total of more than KRW 30 billion in the first half of the year, followed by seven more funds totaling over KRW 234 billion KRW in the second half of the year.
sollenso@yna.co.kr
Source Text
** This article was translated from Korean.
Date
2025.02.07
Views
60
According to Yonhap News,
On February 6, Jeonbuk State announced that it will raise an additional KRW 264 billion across nine funds this year to reach its goal of KRW 1 trillion for the "Jeonbuk Innovation Success Venture Fund."
So far, a total of KRW 853.3 billion has been raised for venture funds.
Under the 7th civil government, six funds were established, totaling KRW 210.5 billion. Since the 8th civil government took office, the amount raised for venture funds has more than quadrupled in just two years.
The number of fund management company has also significantly increased from six to 31.
Jeonbuk State has created and is operating the " Investment Account for SMEs Promotion Fund" since July of last year to separately secure funds from both the venture fund resources and existing funds.
Additionally, it plans to strengthen the venture investment ecosystem by systematically managing the funds through the stages of contribution → investment → exit → reinvestment.
Jeonbuk plans to establish two funds with a total of more than KRW 30 billion in the first half of the year, followed by seven more funds totaling over KRW 234 billion KRW in the second half of the year.
sollenso@yna.co.kr
Source Text
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Source: Yonhap News (February 5, 2025)
** This article was translated from Korean.