[DigitalToday reporter Oh Sang-yup (오상엽)] Securities firms that have raised money through integrated investment management accounts (IMA) and short-term notes are expanding risk capital. The industry is broadening deployment beyond venture investment to areas such as offshore wind project finance and emergency operating funds.

As of March 15, the financial investment industry said financial authorities have made it mandatory to supply risk capital equivalent to 25 percent of funds raised through IMA and short-term notes. The ratio will rise to 10 percent in 2026, 20 percent in 2027 and 25 percent in 2028.

Initially, attention focused on regulatory approval for the system and the funding base itself. At the execution stage, money is being spread across venture fund commitments, investment in strategic industries, project finance and operating fund support for companies undergoing rehabilitation.

A representative case is Woori Investment Securities. The firm this month took part in 50 billion won of the 100 billion won in emergency operating funds for Homeplus that MBK Partners led in arranging.

The funding is structured to be used for paying Homeplus employee wages and settling payments to partner companies for deliveries. Woori Investment Securities explained the support as a move to join Woori Financial Group's inclusive finance policy.

This case differs in nature from traditional risk capital. It focuses more on maintaining employment and mitigating knock-on impacts on trading partners than on venture investment or fostering strategic industries, giving it a stronger inclusive finance character.

Still, because financial companies shared in providing emergency operating funds for a company in rehabilitation proceedings, it can also be seen more broadly as a case of productive finance aimed at supporting stability in the real economy.

Woori Investment Securities also presented an example on the productive finance side. The company last month served as sole lead arranger for 50 billion won in acquisition project finance for the offshore wind installation vessel "Nuri Baram".

The project was 추진한 by Woori Technology and offshore wind specialist CGO, and the vessel is set to be deployed in major domestic offshore wind projects, including the Shinan Ui offshore wind power project. Woori Investment Securities presented it as its first risk-capital financial arrangement and an example of productive finance support.

Other securities firms are also moving to execute deals in line with the push to expand productive finance. Hana Securities last month began forming a 200 billion won private venture fund of funds, the first such move in the securities industry.

The fund will be operated as a fund-of-funds structure, committing money secured through short-term notes to venture capital sub-funds, and will serve as a channel to supply funds to strategic industries and innovative companies.

Meritz Securities invested 40 billion won in hydrogen fuel cell company Miko Power. The hydrogen industry is one of the national strategic industries the government is fostering, and Meritz Securities' investment is interpreted as both risk capital and a case of productive finance.

Shinhan Investment Corp was selected with Flux Ventures as a delegated manager for the "2025 Chungnam Corporate Growth Venture Fund" and began joint management. The fund is structured to invest in innovative companies in advanced strategic industries in the Chungnam region, including semiconductors, artificial intelligence and bio.

As such, an interpretation has also emerged inside and outside the industry that market interest in risk capital discussions is no longer limited to IMA and short-term note approvals themselves, but is shifting to which industries and companies actually receive the funds.

A Woori Investment Securities official said, "We decided on funding support as quickly as possible so that Homeplus can get back on a normal track as soon as possible." The official added, "We will continue to practise inclusive finance that helps where it is truly needed."