Hana Financial Group Chairman Ham Young-joo, left, and Minister of SMEs and Startups Lee Young water a plant during a photo session at the Seoul Startup Hub Scale-up Center in southern Seoul, Monday. Courtesy of Hana Financial Group
Hana Financial Group has established a private parent fund of 100 billion won ($77 million), in an effort to foster venture equity funds in Korea's private sector, the group said Monday.
The establishment followed the Dynamic Venture Investment Ecosystem Creation Plan announced by the Ministry of SMEs and Startups last November.
The entire fund will be operated by private fund managers with private capital, in what the group expects to cement as an innovative and dynamic industry ecosystem for the sustainable growth of small and medium-sized ventures and startups.
The fund will be invested jointly by its affiliates Hana Bank and Hana Ventures into promising future-tech startups.
“I’m thrilled that the fund took shape just a year after the government announced the policy drive,” SMEs Minister Lee Young said at the celebratory event at the center.
“The fund will serve as a significant milestone for the industry. The Ministry of SMEs and Startups will also spare no support.”
Hana Financial Group Chairman Ham Young-joo said in response that the first private parent fund would revitalize the investment market for small and medium-sized players.
“The fund will help the growth of strong small players, as mediated by a stable supply of private capital," he said. "Hana Financial promotes greater leaps and the growth of small and medium-sized ventures and startups with the help of the SMEs ministry.”
Meanwhile, Hana Financial is operating various programs to nurture youth-oriented startups and connect social innovation companies with young jobseekers.
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