Seoul selects KDB Capital, STIC for Nasdaq fund

Local players seek American private equity partner for groundbreaking tech fund.

The Korean Ministry of Information and Communication MIC has selected a consortium of two domestic venture capital firms as its partners in a $50 million offshore fund designed to list Korean high-tech companies on Nasdaq, or otherwise integrate them into the Silicon Valley landscape.

KDB Capital, the venture-capital arm of Korea Development Bank, and STIC Venture Capital, a specialist in information technology investing, beat rival domestic consortia and are now in talks with American private equity firms to complete the management team of the so-called Nasdaq Fund. MIC will provide $30 million in seed money and let the consortium manage the investments. The consortium must initially raise $20 million, although one executive involved says a...

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