LG Electronics will create a 100 billion won ($90.15 million) fund with Mirae Asset Group, the country’s largest nonbank financial institution, to invest in new businesses including electric vehicles, the companies said Friday.

The two business units will contribute 50 billion won each to the fund, which will be operated for 10 years.

Chief Strategy Officer Cho Ju-wan of LG Electronics, Chief Executive Officer Lee Man-hee of Mirae Asset Capital and other executives held a ceremony on Friday to mark their investment pledge.

LG will utilize the fund to seek new business opportunities by investing in startups in the fields of electric vehicle ecosystem, digital health care and data.

“Open innovation between conglomerates and startups is the purpose of creating this fund,” LG said in a statement.

In a separate statement, Cho said “LG will accelerate its preparations for future growth by focusing on what it can do and reinforce the current business portfolio.”

By Song Su-hyun (song@heraldcorp.com)