South Korea's Ministry of SMEs and Startups said the Ulsan Future Growth Fund has completed investor recruitment and entered full-scale operations. The venture fund-of-funds has ₩25 billion ($18.3 million) in anchor capital from the Korea Fund of Funds and totals ₩50 billion ($36.5 million) with participation from Ulsan Metropolitan City, HD Hyundai Heavy Industries, Korea Zinc, Kyongnam Bank, NongHyup Bank and the Ulsan National Institute of Science and Technology. An operating committee comprising Korea Venture Investment Corp., Ulsan City and key investors will finalize investment sectors before sub-fund programs begin later this month. The initiative aims to raise more than ₩63 billion ($46.0 million) in venture funds. A separate startup-city specialized fund will be established after Ulsan was selected for the Startup City Development Project in April, with a focus on startups centered around UNIST. The announcement was made at a closing ceremony held alongside the Ulsan Venture Investment Forum, where participants reviewed the regional venture ecosystem, discussed growth strategies and held corporate presentations and investment consultations. Mok Seung-hwan, Director General for Startup and Venture Innovation at South Korea's Ministry of SMEs and Startups, said the fund would combine Ulsan's manufacturing base in automobiles, shipbuilding and petrochemicals with the innovative capacity of a startup city.