Korea Venture Investment Corp (KVIC) plans to allocate as much as 750 billion won ($677 million) from its Korea Fund of Funds to venture capital funds as part of its regular activities to facilitate investment in domestic startups.

The fund of funds manager, which is overseen by the Ministry of Small and Mid-sized Enterprises (SMEs) and Startups of South Korea, issued a request for proposals on December 16. Apart from its regular allocation to funds investing in innovative and scale-up businesses, KVIC this time added new investment mandates focused on bio and contact-free technologies, as well as sectors hit hard by the Covid-19 pandemic. Proposals are due on January 15, with final selections expected before the end of February.

Korea Hydro & Nuclear Power is also looking for a manager for a 10 billion won mandate focused on digital and innovative tech solutions. Interested parties should manage a fund larger than 12 billion won and invest 60% or more of the fund’s total committed capital in areas of radiology and digital healthcare. Proposals were due on Tuesday (December 22), with final selections expected before the end of January.

Korea Development Bank last week announced the shortlist for a 100 billion won mandate to invest in smart logistics infrastructure and companies with smart logistics solutions. Interviews of the shortlisted managers will follow later this month, with final selections expected next month.

Meanwhile, the Ministry of SMEs and Startups said on Tuesday that a bill allowing venture businesses to adopt a dual-class stock structure was approved at a cabinet meeting. If the bill is passed by the National Assembly, privately-held startups in South Korea would be able to issue two types of stocks: one for outside investors with one vote per share and the other for founding members with up to 10 votes per share. (Reporting by Jong-hye Lee)