About the Growth Ladder Fund (the "GLF")

A dedicated fund-of-funds(AUM KRW1.85 trillion) to address funding problems of start-ups & SMEs through its subordinate funds with different purpose and structure

KEB Bank / Industrial bank of korea / D.CAMP
Growth Ladder Fund(Fund-of-Funds) / fund manager [k-growth]
Private-sector Capital
[Early Stages]
Start-up Funds / K-Crowd Funds / Creative Economy Funds
[Mid-Stages]
M&A Funds / K-Growth Global Funds / Intellectual Property Funds
[Later Stages]
Secondary Funds / Restructuring Funds / KONEX Funds

Fund-of-funds structure

  • The fund is composed of a number of subordinate funds with different purposes and structures to meet funding needs tailored to different stages of the business cycle
  • Financed by public-based capital, the Growth Ladder Fund invests in its subordinate funds to effectively provide best solutions to strategic challenges that venture eco-system participants are facing at different phases

    Total AUM : KRW 1.85tn

    Fund duration : 20-year

[Mission] Promote the circulation of virtuous cycle in domestic venture eco-system

[Early Stage(Seed Stage)]
- Expectation gap between start-ups and investors creates supply-demand imbalance
- Risk-averse investors concentrate toward the latter phase of start-ups
- Financing routes for start-ups need to be much more diversified
- Importance of regional aspects of venture eco-system is often neglected
- "Start-up fund" focuses on seed & early stage engagement
- "K-Crowd fund" nurtures crowd funding market
- "Creative economy fund" links regional conglomerate with start-ups
[Mid-Stage(Growth Stage)]
- Lack of capital and know-how deters SMEs from M&A participation
- Global expansion is mandatory, but difficult to execute
- SMEs with cutting-edge technology demand greater attentions from equity investors
- "M&A fund" invests in M&A deals involving SMEs as a strategic investor
- "K-Growth global fund" facilitates Korean SMEs' global expansion
- "Intellectual Property fund" invests in SMEs and projects with innovative technology
[Later Stage (Mature Stage)]
- Secondary markets (both direct and LP interests) are not yet vitalized
- SMEs with financial distress see less chance of equity financing
- KONEX (Korea New Exchange, a securities exchange exclusively for SMEs) is a good IPO option for SMEs, but is not yet popularized
- "Secondary fund" invests in tail-end assets and funds
- "Restructuring fund" invests in DIP, sale & leaseback, M&A of financially distressed SMEs
- "KONEX fund" invests in companies being traded on or planning to be listed on KONEX market