The government-backed National Growth Fund began its second 600 billion-won ($443 million) retail offering Wednesday, with banks selling about 10% of their allocations by midmorning. The pace was slower than in May, when five major banks sold out on the opening day and the entire offering was completed within five business days. The weaker start reflects losses in the first fund, which invested partly in the Kosdaq market, as well as rules barring previous subscribers from participating again. Investors can subscribe through banks and securities firms on a first-come, first-served basis until Oct. 15. The two retail offerings are intended to raise 1.2 trillion won, alongside 240 billion won in government subordinated capital (loss-absorbing funding), creating a total pool of 1.44 trillion won. The program, launched late last year as one of President Lee Jae Myung’s key economic initiatives, targets advanced industries including artificial intelligence, semiconductors, biotechnology, robotics and rechargeable batteries. Banks and regulators still expect the second offering to sell out, although they say it may take longer and caution that the fund requires a longer investment horizon.