Shinhan Asset Management announced on the 5th that it has shortlisted four general partner (GP) candidates for its Science and Technology Innovation Fund across two sectors: next-generation security and network, and semiconductor and display. The asset manager will select two GPs, one from each sector, after an initial selection round in the previous month failed to identify suitable candidates meeting the required criteria. This selection is part of a broader Science and Technology Innovation Fund initiative launched in June, which has already completed GP selections for five other technology sectors including AI, advanced robotics and mobility, advanced bio, space and aviation and maritime, and quantum technology.
Shortlisted GP Candidates by Sector
In the next-generation security and network sector, DA Value Investment will compete against J-Curve Investment and Deep Dive Partners (Co-GP) for the GP position. For the semiconductor and display sector, Almaz Investment and KT Investment advanced to the second round. The next-generation security and network sector initially received applications from six asset managers, while the semiconductor and display sector saw both of its two applicants pass the document review stage.
First-Round Applicants Eliminated in Document Review
Four applicants in the next-generation security and network sector failed to pass the document review threshold: MW&Company, Yuil Technology Investment, G&P Investment and Partners Hyun (Co-GP), and Pacific Capital and BTB Ventures (Co-GP). Shinhan Asset Management had launched the Science and Technology Innovation Fund investment project in June and completed GP selection for five sectors in the previous month, but chose not to select GPs for the next-generation security and network and semiconductor and display sectors at that time, determining that no asset managers met the required standards.
Fund Allocation and Formation Requirements
Shinhan Asset Management allocated 15 billion won to the next-generation security and network sector and 24 billion won to the semiconductor and display sector. The selected GP for next-generation security and network must form a fund of at least 37.5 billion won, while the semiconductor and display sector GP must form a minimum fund of 80 billion won.
GP Selection and Fund Formation Timeline
Shinhan Asset Management plans to complete GP selection within this month. Selected GPs must form their funds by the end of this year, with the formation period extended to March of next year if multi-closing is conducted.
FAQ
What did Shinhan Asset Management announce on the 5th regarding GP candidates?
Shinhan Asset Management announced that it shortlisted four GP candidates for its Science and Technology Innovation Fund, with two candidates competing in the next-generation security and network sector and two in the semiconductor and display sector. The asset manager will select one GP from each sector.
Why did Shinhan Asset Management conduct a re-announcement for these two sectors?
Shinhan Asset Management conducted a re-announcement because the initial GP selection round in the previous month found no asset managers that met the required standards for the next-generation security and network and semiconductor and display sectors, despite completing GP selections for five other technology sectors.
