Three Major Policy Banks Select Fund Managers for 700 Billion Won Scale-Up Fund

IBK Industrial Bank announced on November 5 that it has completed the selection of fund managers for the 'Global Scale-Up Cooperation Fund' in collaboration with the Korea Development Bank and the Export-Import Bank of Korea.

This fund was initiated in September by the three major policy banks to support the scale-up of small, medium, and venture enterprises. The aim is to pool the policy finance capabilities of each institution to provide growth capital to businesses and assist with their overseas expansion.

The three policy banks evaluated seven companies that participated in the public offering and selected three fund managers. One large fund manager will oversee a fund of 300 billion won, while two mid-sized fund managers will each manage funds of 200 billion won. The selected managers plan to establish a total fund of 700 billion won, leveraging the 450 billion won contributed by the policy banks as a catalyst.

An IBK official stated, "We will continue to play a leading role in the venture capital market while fostering ongoing collaboration among policy finance institutions to expand innovative growth and productive finance."