Korea to launch Nasdaq IT fund

The government teams up with local and US private equity players to help get Korean high-tech companies listed on Nasdaq.

The Korean Ministry of Information and Communication MIC will today Wednesday announce its partners in a $50 million offshore venture fund designed to list Korean high-tech companies on Nasdaq, or otherwise integrate them into the Silicon Valley landscape, according to people bidding for the deal.

Korean financiers and MIC officials engineered the idea based on the Israeli model. Thanks in part to a concerted effort between the public and private spheres, there are now 123 Israeli companies listed on Nasdaq, most of them high-tech oriented. There is only one Korean name on Nasdaq, the dotcom Thrunet.

Furthermore, the government's previous efforts to place Korean companies in the thick of things in America's tech centres have...

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