2022年12月27日

△未來資產風險投資:長期投資WinterÂ股份未來資產風險投資:長期投資WinterÂ尹有東× MAVI與未來資產子公司(證券、資本)的緊密聯係，在明年的新基金設立中將成為有利因素。MAVI正努力通過擴大資產管理規模和部署各種退出策略來捍衛其收益。未來資產集團的支援明年將持續下去。未來資產風險投資(MAVI)在2022年完成了與易買得(Emart)合作的風險投資基金和國民年金委托基金等8個基金(合計3800億韓元)的創建。這兩家基金有一個共同點:1)資產管理規模在1000億美元或以上;2)未來係列公司投資;3)普通合夥人比例高。MAVI計劃明年創建一隻規模為2500億韓元的基金，其中部分資金將由未來資產證券(Mirae Asset Securities)籌集。在22年第三季度，MAVI對VC和PE基金的管理費大幅增長至99億美元(環比增長53.8%)。隨著明年資產管理規模可能擴大，基金管理費預計將進一步擴大。我們注意到，MAVI可以通過抵消未來估值/處置損失來減少收益波動。 We also point out that the firm has proved its capability in raising investment funds even amid a VC sector slowdown. Secondary market stake selling is option if IPOs are not viable MAVI’s major investment portfolio holdings include Moloco, Bucketplace, RIDI, Good Choice, Chrono24, and SemiFive. With the general partner portions in its VC funds standing at as high as 15~20%, MAVI looks well situated to enjoy sizable investment returns. That said, with the IPO market slowing down, MAVI is known to be considering equity disposals in the secondary market. Investment recouping moves (in order to secure liquidity) are being witnessed across the industry. As of 3Q22, equity disposals accounted for 50.6% of domestic VC players’ investment recovery, far outstripping IPOs’ 25.6%. Moving ahead, this portion is likely to expand further.