Korea Teachers’ Credit Union (KTCU) said on Monday (November 30) that it has selected 10 local companies to manage venture capital (VC) blind funds worth a total of 150 billion won (about $136 million).

KTCU picked three large venture capital houses, four mid-sized VCs and three rookie VCs, and will commit 25 billion won for each large manager, 15 billion won for each mid-sized manager and 5 billion won for rookie managers, the saving fund said in a press release.

The fund issued a request for proposals in September, and has since selected the managers through verification of these proposals and due diligence.

“We wanted to select managers for each size of VC to give various opportunities to companies and promote the market, and we will do our best to ensure stable management of our assets and increase returns,” said Chief Investment Officer Kim Ho-hyun.

“We will continue to contribute to vitalizing the VC industry through continuous investment in the future.” (Reporting by Kyoung-ho Lee)