[Getty Images Bank]
[Getty Images Bank]

South Korea has launched its first policy fund dedicated exclusively to marine companies outside the Greater Seoul area. The Ministry of Oceans and Fisheries announced Monday it would establish a total of 142.8 billion won in regional marine company investment funds by 2030, starting with a 21.5 billion won ($14.6 million) "sea lifestyle zone specialized fund" this year.

The newly formed fund — officially named the Clairvoyant Ventures Marine New Industry Investment Association No. 1 — is the first non-Greater Seoul specialized policy fund in the marine sector. Its defining feature is a mandatory requirement that at least 70 percent of its capital be invested in small and venture marine companies in regional areas.

The ministry introduced a marine mother fund in 2019 to move beyond loan- and subsidy-based support and stimulate private investment. Since then, it has established nine sub-funds totaling 152.2 billion won to support investment in marine companies.

Unlike the existing marine mother fund, the new sea lifestyle zone specialized fund targets only regional marine companies outside the Greater Seoul area as its primary investment focus. The ministry said it expects the fund to strengthen the growth foundation of regional marine companies and contribute to job creation and local economic revitalization.

The government plans to build the specialized fund in stages, reaching a total of 142.8 billion won by 2030 — comprising 100 billion won in public funds and 42.8 billion won in private capital — starting with 21.5 billion won this year.

Clairvoyant Ventures will manage the fund. It has an eight-year lifespan, with active investment taking place over four years. The term may be extended by up to two years with investor consent if needed.

Seo Jeong-ho, director general for marine policy at the ministry, said the marine industry is a sector where private investment is difficult because of high upfront costs and long payback periods. "We expect the sea lifestyle zone specialized fund to lay the groundwork for regional marine companies to grow and serve as a catalyst that drives the expansion of private investment," he said.


adastra@heraldcorp.com