Henry Choi, formerly a principal at venture capital and private equity firm Korea Investment Partners, has joined Hana Ventures, South Korea-based financial services firm Hana Financial Group’s ₩1 trillion ($894m) fund-of-funds.
Choi will head Hana Ventures’ global investment efforts. Launched in December 2018, Hana Ventures is understood to be the first corporate venturing subsidiary set up by a Korea-headquartered financial services firm.
The unit intends to back venture capital firms focusing on investments in biotech and information, communication and technology product developers, both domestically and abroad.
Choi told Global Corporate Venturing he would give emphasis to direct domestic and international investment, and regional limited partner commitments to support international investment efforts.
Choi had spent seven months at Korea Investment Partners, which manages 41 funds with a total of more than $2bn in assets under management globally. He had previously held a similar role at VC firm Big Basin Capital, overseeing seed-stage investments and taking board seats at eight portfolio companies.
The news comes not long after the South Korean government announced that the minimum size required to form a non-banking special investment vehicle would be decreased from ₩300bn to ₩50bn ($265m to $44m).
Choi told GCV: “Hana Ventures is a new entity so we will need to build a strong system as we move forward, but as far as my personal opinion goes, I want to invest in other funds that can grow together with us. They will most likely be funds outside of Korea with a regional focus.”
Photo of Henry Choi courtesy of LinkedIn.
