Korea Venture Investment, the state fund-of-funds manager under the Ministry of SMEs and Startups, is appointing Choi Chul-hoon, head of its Fund Management Division 1, as its new vice president. It marks the first time the company has filled the post through an internal promotion since it was created in 2023.
Korea Venture Investment has tapped Choi for the position, according to venture capital industry sources on the 28th. Choi is set to formally begin the term on the 31st. The company closed applications for the post in April and has since been running the selection process.
The vice president post had been vacant for an extended period after Shin Sang-han stepped down in September last year at the end of his term. Choi’s appointment fills the gap after about 11 months.
Korea Venture Investment created the vice president position in 2023 as the organization’s role and size expanded. The post carries treatment on par with an agency head and is understood to wield considerable influence over fund investment reviews and major decisions.
Choi is regarded as one of the company’s leading insiders. Born in 1968, he majored in business administration at Kwangwoon University and earned a master’s degree in business administration at the same university’s graduate school. He then joined Korea Venture Investment, where he served as head of the management innovation team, head of the market surveillance office, head of the management support office, head of the innovation investment division and head of the regional innovation division. Since early this year, he has led Fund Management Division 1, which oversees the fund of funds’ core investment programs.
Because of his long tenure at the company, Choi is seen as having a strong grasp of both fund-of-funds management and organizational administration.
Attention is also turning to how Choi will divide responsibilities with Korea Venture Investment CEO Lee Dae-hee. Given his familiarity with fund-of-funds operations and internal affairs, he is expected to take a leading role in investment management and organizational administration. “Choi Chul-hoon is well versed in internal matters such as fund-of-funds management, and I understand he also has a deep network among outside investment industry figures,” a venture capital industry official said. “Now that he has become vice president, he is expected to lead the organization steadily while also serving as a bridge to the private investment industry.”
#KoreaVentureInvestment#FundOfFunds#VentureCapital#KoreaStartups#Appointment
Original reporting by Ryu Seok for Seoul Economic Daily.
AI-translated from Korean. Quotes from foreign sources are based on Korean-language reports and may not reflect exact original wording.
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