KB Financial Group will set up a “mutual growth cooperation master fund” to support impact companies that pursue both social value and financial performance.
KB Financial said on Tuesday it formed the “mutual growth cooperation master fund” with the Large & Small Business & Rural Cooperation Foundation and Korea Venture Investment Corp.
The master fund is the first case of using the mutual growth cooperation fund for venture investment after a revision of the enforcement decree of the Mutual Growth Cooperation Act.
Of the 10 billion won in mutual growth cooperation funds contributed by KB Financial, the foundation will invest 3 billion won and Korea Venture Investment will manage the fund.
It plans to match private capital to create a 5 billion won sub-fund and invest in impact companies that pursue both solutions to social problems and financial performance.
The remaining 7 billion won contributed by KB Financial will be used to support small and medium-sized companies and small merchants in strengthening competitiveness, including artificial intelligence transformation (AX), green transformation (GX) and safety transformation (SX).
A KB Financial official said, “We will support companies with strong capabilities so they can secure competitiveness in the market and continue to grow.”
Ji-young Lee
ljy@d-today.co.kr