With just one day left until the sales close for the second batch of public-participatory national growth funds managed by Mirae Asset Global Investments, Samsung Asset Management, and KB Asset Management, asset managers are making a final push to raise capital.

According to the financial investment industry, the three asset managers have been selling a total of 600 billion won worth of the second-batch public-participatory national growth funds—about 200 billion won each—starting from September 30, with the subscription period ending tomorrow, October 15.

In the early stages of sales, half of the total offering amount was allocated exclusively for low-income earners, but the restriction was lifted starting October 8, allowing general investors to subscribe to the remaining shares.

During the first five business days of sales through October 7, the second-batch funds sold 330.16 billion won, filling 55% of the total offering amount.

Following this, there were successive cases where some securities firms exhausted their initial allocations and received additional supplies.

Samsung Asset Management also announced that sales of its "Samsung Public-Participatory National Growth Fund No. 2" are being rapidly depleted, and it will continue to recruit investors on a first-come, first-served basis until October 15.

The public-participatory national growth fund is a private equity fund-of-funds public offering that indirectly invests in 12 major advanced strategic industries—such as artificial intelligence (AI), semiconductors, biotechnology, secondary batteries, and robotics—that are difficult for general investors to access directly.

The public funds gathered by the three public offerings will be distributed across 10 sub-funds, and regardless of which asset manager's product investors sign up for, they invest in the same portfolio with an identical return structure.

In the event of a loss, government finances and the subordinated capital of the sub-fund managers are designed to absorb the losses first.

Samsung Asset Management explained that subordinated capital absorbs losses first up to roughly 18.8% to 23.3% on an individual sub-fund basis.

However, the principal is not guaranteed.

Tax benefits also apply.

Investors who sign up through a dedicated account and meet the requirements can receive income deductions of up to 18 million won depending on their investment amount, and a separate taxation rate of 9.9% is applied to dividend income.

The fund is a 5-year closed-end type, making mid-term redemptions impossible.

While shares can be transferred through a stock exchange listing within 90 days after setup, transferring them within 3 years of investment may result in the retroactive collection of tax benefits.

The first-batch public-participatory national growth fund, launched in May, was also formed at a scale of 600 billion won and sold out early.

The second-batch fund was launched with restrictions on duplicate subscriptions by previous subscribers of the first batch and an expanded allocation for low-income earners compared to before.
 
(Photo provided by Samsung Asset Management, Yonhap News)