The second edition of the National Growth Fund has launched after the first fund quickly sold out, with Samsung Asset Management, Mirae Asset Global Investments and KB Asset Management jointly offering the Public Participation National Growth Fund II, a fund-of-funds structure that invests through private equity and venture capital funds. Each manager will offer up to 200 billion won, for a combined ceiling of 600 billion won. The new fund raises the underlying loss buffer to between 18.8% and 23.3%, from 17.5% to 20.8% in the first fund, by placing government fiscal contributions and fund managers' capital ahead of retail investors in absorbing losses. The five-year closed-end fund will spread investments across about 10 funds focused on unlisted companies and KOSDAQ technology-track listings in 12 advanced strategic industries, including artificial intelligence, semiconductors, energy, biotechnology and robotics. Dedicated accounts are unavailable to first-fund investors and people subject to comprehensive financial-income taxation from 2023 through 2025. Eligible dedicated-account investors can contribute up to 100 million won annually and 200 million won over five years, with income deductions of up to 18 million won a year and a separate 9.9% dividend-income tax rate after holding the fund for five years. The fund will list on an exchange within 90 days of establishment, but selling within three years may require repayment of tax benefits. Subscriptions run through October 15, while half the offering is reserved through October 7 for low- and middle-income investors meeting the stated income thresholds.