'5 Geuk 3 Teuk' Center Non-Capital Region Exclusive Venture Mother Fund Creation...Chungnam 101.1 Billion Won

[Financial News] The Ministry of SMEs and Startups announced on the 20th that the Chungnam regional mother fund, which focuses on investing in Chungnam, has been established with a scale of 101.1 billion won.
No Yong-seok, Vice Minister of the Ministry of SMEs and Startups, attended the 'Chungnam Corporate Growth Venture Fund' formation ceremony held at Sono Belle Cheonan on this day and announced that the Chungnam regional mother fund, which focuses on investing in Chungcheongnam-do, has completed recruiting investors and is starting full-scale operations.
The Ministry of SMEs and Startups recruited local governments to participate in the creation of a non-capital region exclusive regional mother fund in February this year and selected four locations, including Gangwon, Gyeongbuk, Busan, and Chungnam, as fund creation regions.
The Chungnam Corporate Growth Venture Fund was established as a venture mother fund with a scale of 101.1 billion won, and the parent fund invested 60 billion won, the largest ever, to create a large regional mother fund.
Main investors include Chungcheongnam-do, Industrial Bank of Korea, NongHyup Bank, and Hana Bank. In particular, this fund supports the growth of local junior companies by investing a total of 6 billion won from senior companies in the region such as JB, Mirae En Seohae Energy, Seonik System, and Daeil Industry.
The Chungnam Corporate Growth Venture Fund will finalize the investment fields through the operating committee in September and start the sub-fund investment business from October. It plans to create a 150 billion won venture fund focused on investing in Chungnam over the next three years.
The event included an opening ceremony in the first part, followed by a briefing on the operation direction of the Chungnam Corporate Growth Venture Fund and an IR of promising companies in Chungnam in the second part, and in the third part, networking opportunities were provided between investors in the Chungnam region and capital region investment companies, with participation from LB Investment, AJU IB Investment, and others.
No Yong-seok, Vice Minister of the Ministry of SMEs and Startups, said, "The Chungnam Corporate Growth Venture Fund, born from the solidarity of the local community, will inspire and encourage other local communities and become a catalyst for attracting many local-based investors," and "Starting with this Chungnam Corporate Growth Venture Fund, the Ministry of SMEs and Startups will create a non-capital region exclusive venture mother fund centered on '5 Geuk 3 Teuk' to foster ventures and startups as engines of regional growth."

stand@fnnews.com Seo Ji-yoon Reporter