The second National Participation Growth Fund sold 214 billion won on its first day, reaching 35.7% of its 600 billion-won offering and trailing the first fund's 87% opening-day sales rate. The slower start was attributed to restrictions on first-fund investors using dedicated accounts and a larger allocation for underprivileged investors. Half the offering, or 300 billion won, was reserved for that group during the first five business days, while online sales were capped at 40% for banks and 60% for securities firms. KB Securities, NH Investment & Securities and Mirae Asset Securities exhausted their online quotas on launch day. The five-year closed-end fund, managed by Samsung Asset Management, Mirae Asset Global Investments and KB Asset Management, invests retail capital through private equity and venture funds in advanced strategic industries. Remaining inventory included 266.29 billion won at banks and 119.71 billion won at securities firms, with 229.12 billion won still reserved for underprivileged investors. Subscriptions continue on a first-come, first-served basis through Oct. 15, offering income deductions of up to 40%, a separate 9.9% tax rate on dividend income and subordinated government support covering 18.8% to 23.3% of losses.