The Korea Development Bank and Korea Growth Investment Corp. (K-Growth) said Monday they had selected 12 external managers to create a fresh 750 billion-won ($664 million) fund by the end of 2021 to support South Korea’s New Deal policy.

With the announcement, the two institutions approached their year-end fundraising target of a total of 4 trillion won in commmitments for the policy fund this year, out of the total 20 trillion-won target for 2021 to 2025, in the plan first unveiled in September 2020. 

The external partners for the latest nonregular batch are four private equity firms, including Samchully Asset Management, seven venture capital firms including KB Investment, and investment trust Woori Global Asset Management, the state-run institutions said. The KDB and K-Growth will back 270 billion won for the funds.

“(KDB) has wrapped up the external manager selection process for the first year fundraising for the Korean New Deal fund,” KDB said in a statement.

Earlier in February, the KDB and K-Growth selected 26 external partners to establish a 3 trillion-won fund. A KDB spokesperson said the remaining 250 billion-won would be earmarked through special sessions including a 150 billion-won thematic fund investing in the electric vehicle industry.

The New Deal fund is intended to provide a source of long-term capital to small and midsized enterprises and infrastructure associated with the Korean New Deal policy. Eligible targets include companies dedicated to digital data analytics technologies and eco-friendly consumer goods.

The KDB said the policy fund has some 500 billion won earmarked as of end-May.