South Korea’s Mirae Asset Financial Group has launched a 500 billion won ($417 million) fund raised together with the country’s power supply monopoly Korea Electric Power Corp. (KEPCO) to invest in new energy business.

Mirae Asset said on Thursday it set up an energy infrastructure investment fund and raised 500 billion won together with KEPCO on the occasion of the inauguration of Mirae Asset Daewoo Securities Co. Additional funds for diversified investments into various companies and new growth business will be introduced, Mirae Asset said.

Mirae Asset Daewoo completed business combination with Mirae Asset Securities and launched the combined entity as of Thursday. Business registration for the new entity is due on Friday with official operation beginning on January 2.

Earlier, Mirae Asset Financial Group’s two affiliates Multi Asset Global Investments and Mirae Asset Global Investments were chosen as the lead asset manager of a 2 trillion won fund to be raised by KEPCO. The 500 billion won fund is an advance scout of the new power industry fund that will funnel money into renewable energy, electricity vehicles and other new growth initiatives both at home and abroad.

Mirae Asset aims to up the ante on investments not only in power generation projects but also in new growth industries. Mirae Asset said it will invest a total of 10 trillion won in new growth engines such as biotech and healthcare industries over the next 10 years. More recently, the company partnered with NHN Corp, the operator of the country’s leading web portal Naver, to raise a 100 billion won venture fund in order to foster future technology and is in final talks with Celltrion chairman Seo Jung-jin to set up a venture fund for the biotech industry.

The combined Mirae Asset Daewoo Securities is now Korea’s largest stock broker and the fifth largest financial company in Korea, with customer deposits of 220 trillion won and equity capital of 6.6 trillion won. Its asset totals 62.5 trillion won, with 4,700 employees working at 182 sites in Korea and worldwide.

By Han Woo-ram and Yoon Jin-ho

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]