South Korean VCs in search of better returns abroad

Quick Summary:

In August, Korean conglomerates SK Networks Co., LG Electronics Inc.and Hanwha Group joined with SoftBank to contribute to SBVA’s $130 million fund, dubbed Alpha Intelligence, formed to invest in AI startups.Hashed Inc., specializing in blockchain and Web3 technology investment, joined Singapore-based Backpack’s $17 million Series A funding round in March.

According to the Korean VC industry on Tuesday, IMM Investment Corp., a Seoul-based alternative investment firm with 7.70 trillion won ($5.6 billion) worth of assets under management, formed a joint fund worth $100 million with Shorooq Partners, a United Arab Emirates-based alternative investor, in May.

The Korean investor has indicated it is open to launching more funds with foreign capital that can invest in overseas companies as it has demanded the Korean government amend a related capital law that requires at least 20% of a foreign country-dedicated fund formed by a Korean investor to be allocated to firms at home.

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Category: Economy

Markets: South KoreaGeorgiaIndiaIndonesiaJapanSingaporeUnited Arab Emirates

Topics: Fund Worth Invest Investment Funds Venture Global Capital Foreign Korean Million

Source Website Secure: Yes (HTTPS)

News Sentiment: Positive

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-23 @ 16:25:59 (1 weeks ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 539 words

Reading Time: 3 minutes read

Sentences: 25 lines

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Copyright Owner: © Korea Economic Daily

News ID: 23212842

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