SK Holdings, the holding company of the country’s energy-to-telecom-focused SK Group, said on Sept. 10 it plans to launch a $1 billion investment fund with the Korean Teachers’ Credit Union next month to explore overseas investment opportunities.
In an initial agreement, the two will make 50:50 investments in new businesses and overseas companies that have innovative technologies, a company spokeswoman said.
SK Holdings and the credit union plan to form the fund by the end of October and begin seeking investment opportunities for new growth drivers and investment gains, respectively, she said.
The credit union manages assets valued at 37 trillion won ($31 billion), and it is the first time for the union to form a fund with a local company for investment.
By Ram Garikipati and newswires (firstname.lastname@example.org)