Korea VC FoF seeks offshore VC funds to commit $66 mn

The Korea Venture Investment Corp. (KVIC), which manages funds of venture capital funding vehicles, will pick offshore VC funds to commit around 75 billion won ($66 million) in aggregate.

The designated VC funds will be required to invest more than the amount it is receiving from the KVIC in South Korean companies, according to its request for proposals issued last week.

They also must raise more than half of their capital from global investors, with the KVIC's commitment not exceeding 40% of the VC fund’s fundraising.

Additionally, they must launch the VC funds within six months after they are finally selected by KVIC.

Qualified candidates need to have at least two fund managers at the VC firm with at least two-year experience in venture capital investment. They are required to provide quarterly reports on the fund's portfolio and the capital account of its limited partners.

KVIC will receive proposals by April 12 at 2 p.m. (Seoul local time)

KVIC is a quasi-government agency established to promote investments in Korean startups.



Write to Sang-eun Lucia Lee at selee@hankyung.com
Yeonhee Kim edited this article.