A public-private partnership between the private sector and the South Korean sector will see the establishment of a US$6.2 billion corporate venture capital fund (CVC) pool.
The so-called CVC Alliance was announced by minister of trade, industry and energy Lee Chang-yang.
The majority (90%) of the fund will be provided by a coalition of 42 VC units within local corporations while the South Korean government will stump up the remaining 10%, equivalent to 1 trillion won.
The first pledges have come from Hyosung Ventures, a VC unit within Korean conglomerate Hyosung Group, and Lighthouse Combined Investment Co, a VC fund manager backed by a number of Asian corporates.
According to the government, the CVC Alliance will accelerate the backing of startups and consequently boost research and development efforts within the country’s corporate sector.
The government also intends to ease regulations for CVCs and also promote more private-sector participation in government-backed R&D projects.
©2023 funds global asia 
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