Silicon Valley VCs With $313 Billion in Assets Pledge More Investment in South Korea
Summary
- The National Pension Service said it signed investment cooperation MOUs with six global venture capital firms (VCs) to jointly identify promising innovative companies and global investment opportunities.
- The National Pension Service said it plans to expand its investment scope from equities and alternative assets into the venture sector.
- Global VCs including a16z and Sequoia Capital signaled plans to invest in Korean companies and increase investment in Korea.
Forecast Trend Report by Period
Lee Meets Silicon Valley VCs
Khosla Ventures, a16z Among Six Firms at Event
National Pension Service Signs Investment Cooperation MOUs
South Korean President Lee Jae-myung brought together six of Silicon Valley’s biggest venture capital firms as he seeks to help Korean startups grow into global companies by connecting them with major US investors.
Lee hosted a "Silicon Valley Venture Investment Meetup" at the Fairmont Hotel in San Francisco on July 25. Attendees included Khosla Ventures founder Vinod Khosla, Lightspeed Venture Partners co-founder Barry Eggers, New Enterprise Associates Co-Chief Executive Officer Tony Florence, Sequoia Capital partner Alfred Lin, General Catalyst Chief Executive Officer Hemant Taneja and Andreessen Horowitz, or a16z, General Partner Martin Casado.
The six firms are among Silicon Valley’s best-known kingmakers, having made early investments in companies including Apple, Nvidia, Google, Meta and OpenAI. Together, they manage $313 billion in assets.
The National Pension Service, South Korea’s state pension fund, signed separate memorandums of understanding with the six firms on July 25 to cooperate on identifying promising innovative companies and global investment opportunities. The agreement marks a move by the NPS to broaden its investment scope beyond equities and alternative assets into venture investing.
"When the capabilities of promising South Korean startups meet those of global investors, investors can gain new growth opportunities and startups can secure a foundation for expansion into global markets," Lee said.
The venture firms also expressed their intention to invest in Korean companies. Casado said South Korea has leading companies in manufacturing and semiconductors, along with strong engineering talent. Combining Korea’s strengths in hardware and manufacturing with US software and artificial intelligence would benefit both countries. a16z opened a Seoul office last month.
Lin said Sequoia Capital was an early investor in Coupang and has longstanding ties with Korea. The firm plans to keep increasing its investment in the country. Sequoia has invested in Apple, Nvidia and Google, as well as Airbnb, Stripe, Zoom and Snowflake.
San Francisco — Kim In-yeop, Hankyung.com correspondent, inside@hankyung.com
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