As banks and securities firms began sales of the second citizen-participation national growth fund today (September 30), asset management companies have also simultaneously launched their funds to begin raising capital.

According to the financial investment industry, Mirae Asset Global Investments, Samsung Asset Management, and KB Asset Management began accepting subscriptions for their second-round funds today.

The three public offering asset managers are raising approximately 200 billion won each, totaling 600 billion won.

The subscription period runs until October 15.

This second-round fund is a product that indirectly invests in companies related to future high-tech industries—such as artificial intelligence (AI), semiconductors, biotechnology, secondary batteries, robotics, and energy—in which it is difficult for ordinary citizens to invest directly.

Interested applicants can sign up through 10 commercial banks and 14 securities firms, though participation is restricted for those who previously subscribed to the first round.

However, individuals who only opened an account during the first round but did not actually subscribe (invest) are eligible to join the second round.

The first-round fund, launched in May, successfully wrapped up by rapidly exhausting its allocation within a week, but its investment performance has remained unremarkable so far.

According to the Korea Financial Investment Association, as of the previous day, the average base price across the 15 classes of the first national growth funds managed by Mirae, Samsung, and KB was calculated at 1,006.46 won.

Based on the initial base price of 1,000 won at setup, the return stands at approximately 0.65%, still falling short of 1%.

The daily fluctuation rate for all 15 classes stood at 0.24% today.

The second-round fund has strengthened mechanisms to reduce the burden of losses for general investors.

Government funds and the proprietary capital of private equity fund (PEF) managers are injected together as subordinated capital into the individual PEFs in which the citizen-participation fund invests.

Government funds are invested as subordinated capital at around 20% of the senior investment amount, absorbing losses first if any occur.

Accordingly, subordinated investors absorb losses first—ranging from approximately 18.8% to 23.3% based on individual PEFs—acting as a buffer to protect general public offering investors from losses.

However, if losses exceed this threshold, general investors may still face principal losses.

Investment opportunities for low-to-middle-income earners have also been expanded.

During the initial sales phase, 50% of the total raised amount will be preferentially allocated to investors with a total annual salary of 50 million won or less, or a comprehensive income of 38 million won or less.

The preferential allocation ratio for low-and-middle-income earners was 20% during the first round.

To ensure offline subscription opportunities, financial authorities have limited the online sales proportion during the first week to 40% for banks and 60% for securities firms.

Subscribers to dedicated accounts can receive a 10% to 40% income deduction depending on their investment amount, with a maximum deduction cap of 18 million won.

Upon meeting certain requirements, a separate taxation benefit of 9.9% on dividend income will also be applied.

(Photo: Yonhap News)