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S. Korea, Israel ink US$150 mln venture fund deal

All Headlines 15:54 August 23, 2010

SEOUL, Aug. 23 (Yonhap) -- Korea Venture Investment Corp. (KVIC), a state-backed fund management company, signed a memorandum of understanding with Israel's Vertex Venture Capital (VVC) to raise a US$150 million fund, officials said Monday.

The fund will be used to finance joint ventures or the merger and acquisition of small and mid-size venture firms in the two countries, according to the Small and Medium Business Administration (SMBA).

Under the agreement, VVC will operate an office in South Korea to oversee the management and evaluation process of investments on the country's venture firms.

KVIC will provide information on South Korean venture firms and contribute up to $25 million to the envisioned fund, the SMBA said, adding that the money will come from a special fund for smaller companies.

The fund is likely to help boost venture firms in the two countries in areas such as information technology, robotics, and agriculture, according to the SMBA.

mil@yna.co.kr
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