[Edaily Marketin Reporter Won Jae-yeon ] Ilshin Venture Investment, a first-generation domestic content venture capital (VC) firm that has invested in films such as “The Ginkgo Bed” and “Log-In,” is expanding its reach into the tourism and sports sectors. Having been listed as a co-investor in Director Yeon Sang-ho’s film “The Swarm”—which surpassed 5 million viewers this year—the firm has secured management rights for three sectors of the Ministry of Culture, Sports and Tourism’s master fund this year alone.

According to the venture capital industry on the 28th, Ilshin Venture Investment was simultaneously selected as the general partner (GP) for the “Tourism Enterprise Development” category under the Tourism Account and the “Sports AI Tech” category under the Sports Account in Korea Venture Investment’s May 2026 rolling investment program. In both sectors, Ilshin Venture Investment will serve as the sole GP without a co-manager.

In the Tourism Business Development sector, Ilshin Venture Capital will establish a sub-fund with a minimum size of 17.7 billion won, based on a 11.5 billion won contribution from the master fund. At least 65% of the fund’s total assets must be invested in tourism-related small and medium-sized enterprises (SMEs) and projects.

In the Sports AI Tech sector, the master fund will contribute 7 billion won. Ilshin Venture Capital plans to raise a fund of at least 10 billion won by recruiting private limited partners (LPs). The primary investment targets are companies in the sports industry or related sectors that utilize artificial intelligence (AI) and technology.

Previously, in April, Ilshin Venture Capital was selected as a general partner (GP) for the “New Growth in Content” sector under the cultural account of the Master Fund’s first regular investment program. Selected as a final fund manager alongside Gaia Venture Partners and Dev Sisters Ventures, it secured 15 billion won in capital from the Master Fund. The minimum fund size is 25 billion won.

Consequently, the total capital secured by Ilshin Venture Capital from the Master Fund this year has increased to 33.5 billion won, comprising 15 billion won for the “New Growth in Content” sector, 11.5 billion won for “Tourism Business Development,” and 7 billion won for “Sports AI Tech.” The minimum fund-raising targets for the three funds are 25 billion won, 17.7 billion won, and 10 billion won, respectively, totaling 52.7 billion won.

Ilshin Venture Capital is a content-specialized firm that has worked closely with the master fund for a long time. Established in 1990 as a first-generation venture capital firm affiliated with Ilshin Textiles, it entered the film investment market in the mid-1990s, at a time when financial capital investing in films was still a novelty. It made a name for itself in the film investment market by investing in films such as *The Ginkgo Bed*, *Christmas in August*, *Log-In*, and *The Harp of My Heart*, and expanded its portfolio to include *The Cruel Story of Seo-dong*, *The Kindly Ms. Geum-ja*, and *Tazza 2*. Since then, it has broadened its investment scope beyond films to include TV dramas, stage productions, animation, and games, establishing itself as one of the longest-standing content-focused venture capital firms in Korea.

A recent investment that has garnered attention is director Yeon Sang-ho’s film *The Swarm*. Ilshin Venture Capital participated as a co-investor alongside Michigan Venture Capital, Solare Partners, and Union Investment Partners. Twelve of its portfolio funds invested 6.7 billion won in *The Swarm*, accounting for 39% of the net production cost.

Buoyed by pre-sales to 124 countries overseas, *Gunchye* surpassed its theatrical break-even point of 3 million viewers within ten days of its release. With a cumulative audience of approximately 5.95 million, it became the second film released this year to surpass the 5-million-viewer mark. In the current content investment market, which has been experiencing a prolonged slump, *Gunchye* is regarded as an investment in which Ilshin Venture Capital can expect strong returns.

The Tourism Business Development Fund selected this time marks the first tourism-focused fund managed by Ilshin Venture Capital. The company’s challenge will be to leverage its existing experience in investing in content such as films and dramas to support tourism content, local tourism businesses, and related projects.

This is not Ilshin Venture Capital’s first foray into the sports sector. In 2024, it was selected as the general partner (GP) for the sports project category of the Master Fund and established the “Ilshin Fighting Korea Sports Investment Fund,” worth 12 billion won, in November of that year. The Sports AI Tech Fund selected this year places a stronger emphasis on investing in technology companies than its predecessor.

However, having secured management rights for multiple funds, the burden of simultaneously establishing them has also increased. Excluding the contribution from the master fund from the minimum target size of 52.7 billion won, Ilshin Venture Capital must raise approximately 19.2 billion won. If each fund aims to exceed the minimum target size, the actual amount to be raised could increase further.

Time is also tight. The Content New Growth Fund must be formed by the end of this month, and the newly selected Tourism Business Development Fund and Sports AI Tech Fund must also be formed within three months of their final selection dates.

Previously, when Ilshin Venture Capital established the 2024 Cultural Export Fund, it extended the formation deadline twice due to delays in recruiting private LPs caused by a slump in the content investment market. At that time, the fund was finalized at 37.5 billion won just eight months after the GP was selected; however, this year, the firm appears to be facing the challenge of simultaneously raising capital for three funds with different characteristics and assigning management personnel.