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KVIC, Cisco foster IT innovation in Korea

Posted: 09 Sep 2009 ?? ?Print Version ?Bookmark and Share

Keywords:Korea IT innovation? venture capital? ICT?

The Korea Venture Investment Co. and Cisco have announced that SkyLake Incuvest & Co. Ltd has been designated as the manager of a new investment fund to support IT innovation in Korea. The SkyLake Global Incuvest 4 (SGI4) fund has been submitted to the Korean Financial Services Commission for approval.

SkyLake will focus its investments in leading small and medium-sized enterprises in IT and new growth-engine industries. KVIC, the Korea National Pension Service, Tongyang Life Insurance and Cisco are co-investors. Also, the fund expects to add value to the portfolio companies by actively supporting their management.

SGI4's first closing is $80 million and it will be active for eight years. As the largest IT venture fund in Korea, and the largest investment in a fund that KVIC has made to date, SGI4 is expected to revitalize domestic IT companies. For KVIC, the new fund represents a way to expand its investments and attract foreign capital.

This investment in SGI4 continues Cisco's long-time commitment to invest in the innovation economy globally. Cisco is an active and involved investor in markets around the world with a portfolio valued at approximately $1.3 billion.

"KVIC and SkyLake are very pleased that SGI4, a fund that both parties have put countless hours into, will finally be launched. KVIC, as a government-backed fund-of-funds manager, will continue to provide support to both domestic and international investors to stimulate and advance the venture capital/private equity market in Korea. Accordingly in the future, we hope that more venture capital/private equity firms are given the chance to work together with KVIC to globalize their investment scope," said Hyungki Kim, CEO of KVIC.

"Korea is world-renowned as a leader in ICT innovation, and Cisco's anchor investment in the SGI4 fund underscores our belief in the innovative technology and ideas in this exciting market," said Hilton Romanski, VP of corporate development at Cisco. "Strong local venture capital and limited partners are the foundation for successful engagement, and the fact that Cisco is moving forward with a commitment of $32 million for the fund is indicative of the strength of SkyLake."

Daeje Chin, CEO of SkyLake, added, "Skylake Incuvest has a long-standing belief in the value of network technologies as a platform for innovation and looks forward to collaborating with Cisco in establishing this new fund. Korea Fund of Funds' involvement in this initiative acted as a vital factor in completing the first closing of the fund, and we plan to show our gratitude by executing investments where both investor and investee come out as winners."

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