The newly appointed CEO of Korea Venture Investment, Lee Dae-hee, who manages a parent fund of 11 trillion won, emphasized that "we will establish a foundation for the global expansion of domestic ventures and startups."
Lee attended a press briefing held at the Korea Federation of Small and Medium Enterprises in Yeouido, Seoul, on this day, noting that "we plan to convert the offices in Singapore and the U.S. West into corporate entities."
The press briefing was held as part of a policy discussion aimed at exploring the development direction of the parent fund. It was also Lee's first press briefing since taking office as the representative of Korea Venture Investment earlier this month.
Lee was also noted as the first head from the bureaucracy of Korea Venture Investment, which is celebrating its 20th anniversary. He is a 37th class administrative examination pass and has worked at the Ministry of Economy and Finance.
He stated, "The parent fund established the first global fund in 2013, and as of the end of last year, the global fund has grown to over 12 trillion won," adding that "we plan to provide physical support space."
Lee said, "We plan to convert the office in Silicon Valley, U.S., into a corporate entity to create a unified hub for supporting domestic venture companies," adding that "we established K-VCC in Singapore."
The VCC, which means variable capital company, is a fund-specific system introduced by Singapore in 2020. It allows for the establishment and operation of multiple sub-funds based on the fund created.
Lee also presented a plan to address the phenomenon of venture investment being concentrated in the metropolitan area. He remarked, "We are currently in the process of creating venture funds for the local era," stating that "we will accelerate the formation of region-specific parent funds."
Finally, he said, "Just as the parent fund has led the growth of innovative venture companies over the past 20 years, we will continue to fulfill our role as patient capital," bringing up the discussion of the permanence of Korea Venture Investment.
Lee pointed out that "the operational period of the parent fund is until 2035," noting that "there are only 10 years left and an extension of the operational period or permanence is necessary to invigorate the venture investment market."