President Lee Jae-myung met with six major Silicon Valley venture capital firms on the 24th and 25th (local time) in San Francisco, according to Policy Director Kim Yong-beom's Facebook post on the 26th (local time). The meeting brought together Andreessen Horowitz (a16z), General Catalyst, Sequoia Capital, Lightspeed Venture Partners, New Enterprise Associates (NEA), and Khosla Ventures. Kim described the gathering as a commitment to developing Korea's next-generation big tech companies to follow Samsung and SK. The six VCs manage $313 billion in assets under management, and together with the National Pension Fund's 1,690 trillion won in assets, the meeting represented a significant concentration of investment capital focused on Korean startups.
Six Silicon Valley VCs Meet Korean President in San Francisco
Kim Yong-beom posted on Facebook under the title "Alliance with Kingmaker VCs," stating that "on the 24th we met with big tech, and on the 25th we met with the kingmakers who created big tech." He characterized the gathering of these six VCs in one location as highly unusual. The firms attended included Andreessen Horowitz, General Catalyst, Sequoia Capital, Lightspeed Venture Partners, New Enterprise Associates, and Khosla Ventures.
Kim described these investors as "those who were at the starting point of most of the big tech companies moving the world today." He specified that Sequoia Capital made early investments in Apple, NVIDIA, and Google, while Andreessen Horowitz invested in Meta, Instagram, and defense startup Anduril. Khosla Ventures participated as an early investor in OpenAI. Kim noted that "that insight is now directed toward Korea," pointing to Andreessen Horowitz's recent opening of a Korea office as part of this trend.
VCs Manage $313 Billion Targeting Korean Startups
The six participating VCs manage $313 billion in assets under management (approximately 450 trillion won). Combined with the National Pension Fund's 1,690 trillion won in assets, Kim emphasized that "tremendous capital was gathered in the terrace room that day." He distinguished venture investment from big tech infrastructure investment, noting that "venture investment operates at a different scale than big tech infrastructure investment that requires hundreds or thousands of trillion won." Kim added that "even 50 billion won qualifies as a mega-deal" in the venture context.
Kim indicated the meeting would not be a one-time event. He credited the National Pension Fund's San Francisco office with building a local VC network, and acknowledged the efforts of the Ministry of SMEs and Startups, Korea Venture Investment Corporation (KVIC), Startup Venture Campus (SVC), and Asan Nanum Foundation's Maru SF as contributing to the meeting.
Government Positions VC Partnerships as Path to Next-Generation Big Tech
Kim stated that "this meeting was a commitment to nurture the next players like Samsung and SK, our country's big tech companies." He explained that discussions covered Korea's venture investment environment as viewed by global investors and potential cooperation methods.
Kim emphasized that "the next generation of our country's large corporations cannot grow in the way Samsung and SK grew, under the government's economic development plans." He contrasted this with advanced economies, stating that "big tech in advanced countries started as startups, grew with venture capital investment, and leaped into the global market." He concluded that "those who best understand that growth method and speed are the world's VCs," and that "connecting them with Korean startups is precisely the role the state should play."
FAQ
What did President Lee Jae-myung do on the 24th and 25th in San Francisco?
President Lee Jae-myung met with six major Silicon Valley venture capital firms: Andreessen Horowitz, General Catalyst, Sequoia Capital, Lightspeed Venture Partners, New Enterprise Associates, and Khosla Ventures. Policy Director Kim Yong-beom described the gathering as a commitment to developing Korea's next-generation big tech companies.
How much capital did the VCs at the meeting manage?
The six participating venture capital firms manage $313 billion in assets under management, approximately 450 trillion won. Combined with the National Pension Fund's 1,690 trillion won in assets, the meeting represented a significant concentration of investment capital focused on Korean startups.
Why did Kim Yong-beom say the meeting was significant?
Kim stated the meeting was a commitment to nurture Korea's next big tech companies following Samsung and SK. He explained that connecting global VCs with Korean startups is the state's role, as these investors understand the growth methods that created successful big tech companies in advanced economies.
