South Korea has completed investor recruitment for its first Regional Growth Fund, a ₩100 billion (approximately $71.7 million) fund of funds established in Jeonbuk, also known as North Jeolla. The Ministry of SMEs and Startups said the vehicle includes a ₩60 billion (approximately $43.0 million) government Fund of Funds commitment and participation from 17 institutions, including local governments, banks, companies and Wonkwang University. Its operating committee will finalize investment sectors before the ministry selects sub-fund managers in September. The planned sub-fund is approximately ₩180 billion (approximately $129.0 million), including private capital. The government aims to provide more than ₩2 trillion (approximately $1.4 billion) in Fund of Funds capital over five years, beginning with ₩450 billion (approximately $322.6 million) this year, to establish at least one regional growth fund in each of 14 regions outside the greater Seoul area.