[Edaily Marketin Reporter Won Jae-yeon ] Vision Ventures and Hancom Value Investment have joined forces to launch a tourism artificial intelligence (AI) fund. Vision Ventures, which has built up experience investing in technology companies primarily through project-based funds, and Hancom Value, which possesses expertise in private-sector new technology finance and corporate finance, are combining their respective strengths in an effort to be selected as the first general partner (GP) for the fund of funds.

According to the venture capital industry on the 23rd, Vision Ventures and Hancom Value applied as co-general partners (Co-GPs) for the AI-specialized tourism account under Korea Venture Investment Corporation’s (KVIC) June ad hoc investment program. The Korea Venture Investment Corporation (KVIC) will select one fund manager in this sector and contribute 10 billion won. The selected GP must form a sub-fund totaling at least 15.4 billion won by adding private capital and invest at least 60% of the total fund size in tourism-related small and medium-sized enterprises (SMEs) and venture companies that develop or utilize AI technology.

In addition to Vision Ventures and Hancom Value Investment, IP Partners, Hana Ventures, UNIST Technology Holdings, K-Clavis Investment, and Etri Holdings applied for this investment program, resulting in a competition ratio of 4 to 1. Given that venture capital firms affiliated with financial groups, as well as technology holding companies from universities and government-funded research institutes, have entered the competition, the actual tourism AI investment pipeline and the ability to raise private capital are expected to be key factors in the evaluation process.

Vision Ventures is a venture capital firm jointly established in 2021 by IT Sen and Vision Investment. Since its establishment, it has formed the Vision New Growth Engine Venture Investment Fund No. 1, the Vision Materials, Parts, and Equipment Venture Investment Fund No. 1, and the Vision Innovative Growth Venture Investment Fund No. 1, among others. Last year, it added the New Media Fund and the AI Eco Fund, and currently manages five funds totaling approximately 26 billion won.

Although its assets under management are not large, the firm has gained experience in identifying technology companies through investments in FuriosaAI (an AI semiconductor company), Livicon (an LCD display company), Moon Technology (a mobility platform), and Taebang Patek (a precision components company). However, since its existing funds have focused on small-scale, project-based funds, its experience managing large blind funds with institutional investors has been limited.

Vision Ventures has previously applied for the “Rookie” early-stage fund under the Master Fund and for the Public Safety sector, but was not selected as the final general partner (GP). Earlier this year, the firm was selected as a fund manager in the smart agriculture sector by T-Investment and the Korea Agricultural Policy Insurance and Finance Corporation (KAPIF), securing its first track record as a GP for a policy-backed fund. Currently, it is working to establish its first blind fund worth 20 billion won, backed by a 10 billion won investment from KAPIF. This tourism AI investment initiative represents a follow-up effort to expand its base of policy LPs beyond KAPIF to include Korea Venture Investment.

Hancom Value Investment is a newcomer that was established in 2013 as Jungdong Finance, which was later acquired by a private equity fund affiliated with the Hancom Group and renamed to its current name in July 2024. In addition to new technology finance and private equity investment, the firm also engages in corporate lending, leasing, and structured finance. While it has no track record of managing the Korea Master Fund, it possesses extensive experience in handling private investment funds and corporate finance.

Since joining the Hancom Group, Hancom Value has been strengthening its venture investment and new business development capabilities. This year, it also sought to participate in a Korea Venture Investment Corporation (KVIC) fund investment project in collaboration with other asset managers in the fields of AI convergence and future environmental industries, but was not ultimately selected. In the tourism AI sector, it has selected Vision Ventures as a new partner and is once again seeking to secure its first entry into the Korea Venture Investment Corporation (KVIC) fund.

The fact that Hancom is expanding its AI orchestration and documenthttps://eda.edailystatic.com/data-based AI businesses is cited as a key differentiator for this consortium. During the evaluation process, Hancom Value will showcase the group’s AI technology, business network, and private capital-raising capabilities, while Vision Ventures will contribute its experience in deal sourcing and investment review for early-stage and technology companies.

If selected for this investment project, Vision Ventures will secure its second policy LP—following the Korea Rural Community Bank—and its first track record of managing the Korea Venture Capital Fund. Hancom Value will also be able to expand its reach as a venture investment platform by establishing its first track record as a GP for the Korea Venture Investment Corporation since joining the group. However, as neither company has experience in forming or managing the Korea Venture Investment Corporation, the key challenges are expected to be the division of roles in co-management, the selection of lead fund managers, and the ability to secure private capital.