Thailand-based conglomerate True Corporation’s True Incube incubator and Line Games, the gaming subsidiary of messaging platform Line, are among the founders of a newly formed private equity fund, DealStreetAsia reported yesterday.
The state-backed Korea Venture Investment Corporation (KVIC) and True-Kona, a joint venture between True Incube and investment firm Kona Venture Partners, are also backing the vehicle, Line Games-True-Kona Limited Partnership, which has $22.7m in capital according to a stock exchange filing.
The fund will make investments in early-stage companies operating in the gaming and technology sectors, where Line and True Incube will get the chance to forge commercial partnerships.
True Incube invested $5.9m for a stake in the fund sized at approximately 26% while KVIC is the largest shareholder with a 40% stake, according to Telecom Paper. Line Games Corp holds 33% and True-Kona 2%.
Yupa Leewongcharoen, True Corporation’s co-chief financial officer, told DealStreetAsia: “True Incube would be entitled to the right to publish games in Southeast Asia which would be leveraged among True Group’s multiple platforms, increase revenue growth potential and generate future capital gain.”