Key Takeaways
- • South Korea's Military Mutual Aid Association (MMAA) announced on October 15, 2026 that it has finalized selection of 18 external managers for a ₩300 billion (approximately $223.2 million) domestic blind fund.
- • The lineup comprises eight private equity firms and ten venture capital firms, with the PE roster led by VIG Partners and Arc & Partners and the VC group including Mirae Asset Venture Investment and IMM Investment.
- • The selection followed a process running from proposal submissions in late July through presentation evaluations, review committee assessments, and on-site due diligence.
- • The MMAA, one of South Korea's major institutional investors, aims to enhance returns through proven managers and expects the commitment to supply liquidity to the private capital market and expand financing for SMEs and venture companies.
Summary
South Korea's Military Mutual Aid Association (MMAA) has finalized its selection of 18 external managers to run a ₩300 billion (approximately $223.2 million) domestic blind fund, the association announced on October 15, 2026. A blind fund raises capital before specific investment targets are determined. The MMAA pursued the selection with the goal of entrusting capital to proven managers to enhance returns and secure new investment opportunities.
Eight private equity firms were chosen: VIG Partners, Arc & Partners, Affirma Capital, Woori PE Asset Management, Inius Private Equity, J&Private Equity, KL&Partners, and Keystone Private Equity. Ten venture capital firms were also selected: Mirae Asset Venture Investment, IMM Investment, AJU IB Investment, Almus Investment, SBVA, LB Investment, Wonik Investment Partners, KB Securities-EcoPro Partners, Partners Investment, and Premier Partners.
The process began with proposal submissions in late July, followed by presentation evaluations, review committee assessments, and on-site due diligence, culminating in the final list in October. The selected managers are expected to move quickly on fund formation based on the MMAA's capital commitment.
The MMAA is a mutual aid institution that promotes the welfare of South Korean military personnel and civilian employees of the armed forces. Its commitment is expected to supply liquidity to South Korea's private capital market and expand investment opportunities for small and medium-sized enterprises and venture companies.
Eight private equity firms were chosen: VIG Partners, Arc & Partners, Affirma Capital, Woori PE Asset Management, Inius Private Equity, J&Private Equity, KL&Partners, and Keystone Private Equity. Ten venture capital firms were also selected: Mirae Asset Venture Investment, IMM Investment, AJU IB Investment, Almus Investment, SBVA, LB Investment, Wonik Investment Partners, KB Securities-EcoPro Partners, Partners Investment, and Premier Partners.
The process began with proposal submissions in late July, followed by presentation evaluations, review committee assessments, and on-site due diligence, culminating in the final list in October. The selected managers are expected to move quickly on fund formation based on the MMAA's capital commitment.
The MMAA is a mutual aid institution that promotes the welfare of South Korean military personnel and civilian employees of the armed forces. Its commitment is expected to supply liquidity to South Korea's private capital market and expand investment opportunities for small and medium-sized enterprises and venture companies.
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