The consortium of C Change Investments Management and Korea Investments & Securities has been selected to manage Korea’s Green Growth Fund.
The consortium of C Change Investments Management and Korea Investments & Securities has been selected to manage Korea’s Green Growth Fund.
C Change will immediately begin organising the fund which is expected to be launched in June with an investment of USD130m by the Korean government as well as private sector investors from Korea and overseas.
Last year, the Korean government unveiled plans to become a world leader in green technologies and provide a new engine for economic growth. The Green Growth Fund is a major government initiative to execute these plans, and as such, the fund size could grow to exceed USD1bn over the next five years.
Russell Read, C Change chief executive and co-founder, says: ‘This is a very satisfying win for C Change, as we were selected from a highly competitive field of a dozen Korean and global firms. C Change’s mission and capabilities are a perfect match for this enormous opportunity to help shape green investment and deployment.’
The Green Growth Fund will make private equity investments in companies and projects throughout the globe that – through the deployment of their products, manufacturing and construction activities in Korea – can stimulate unprecedented and accelerated low carbon, green economic growth throughout the country.
A ‘Green New Deal’ project was announced last year by the Korean government in hopes of creating 900,000 jobs over the next four years. As part of the project, the government has taken a unique approach in stimulating low carbon, green growth in that they are not making investments directly, but through a fund managed by a private equity consortium.
Through the consortium, C Change will make additional announcements as the fund is launched and investments are made.
