Conditions for creating a super-metropolitan integrated fund in the Daegu and Southwestern regions: Gyeongnam, Jeonbuk, Jeju, and Chungbuk, designated as fund creation regions when financial resources are secured (Seoul = Yonhap News) Reporter Koo Jeong-mo = The Ministry of SMEs and Startups announced on the 30th that it has selected four regions, including Daegu and Southwestern regions (Daegu and Gyeongbuk), Southwestern regions (Gwangju and Jeonnam), Daejeon and Ulsan, as regions for the creation of a ‘regional growth fund’ in which local communities, local governments and mother funds invest together.
All of the regions selected this time plan to form parent funds worth more than 350 billion won.
Gyeongnam, Jeonbuk, Jeju, and Chungbuk were designated as subordinated creation regions, allowing the fund to be formed without additional public offering once financial resources are secured in the future.
In order to alleviate the concentration structure in the metropolitan area and foster a venture ecosystem at the ultra-metropolitan level, the Ministry of SMEs and Startups gave preference to ultra-metropolitan integrated funds during this recruitment process and selected the Daegyeong area and the southwestern area on the condition of creating an integrated fund.
The Regional Growth Fund is a regional fund created and operated by the local community, local government, and fund of funds.
With the goal of creating at least one parent fund in 14 non-metropolitan regions, we plan to supply more than 3.5 trillion won in subfunds over the next five years.
Minister of SMEs and Startups Han Seong-sook emphasized, “Regional Growth Fund is an investment platform designed to enable community members, such as companies, universities, and banks, to experience venture investment and enjoy the fruits of it.”
He said, “The Regional Growth Fund will actively support the establishment of a sustainable local venture investment ecosystem that allows local companies to grow and attracts more local investors.”
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