Government AI strategy, exit profits boost venture capital growth
This article was posted on the Chosun Biz Money Move (MM) site on February 6, 2026, at 4:20 p.m.
This year, the stock prices of listed venture capital (VC) firms have surged. Though once considered representative underperforming stocks in the KOSDAQ market, they have emerged as core growth stocks due to the AI and deep tech boom, coupled with expectations for government policies. Some VCs that secured stakes in promising tech companies are even being treated as so-called “proxy investment vehicles.”
According to the financial investment industry on the 6th, the stock prices of 18 listed VCs on the KOSDAQ market — including Mirae Asset Venture Investment, DSC Investment, and Aju IB Investment — rose by an average of 69.2% as of the closing price on February 6 compared to the end of 2024. This surpassed the KOSDAQ index’s rise of 59.4% (from 678.19 points to 1,080.77 points) during the same period.
Some listed VCs have even jumped more than fivefold, fueled by revaluations of their major investments in AI and deep tech sectors. Mirae Asset Venture Investment is a prime example: its stock price, which had been around 4,500 Korean won, surged to around 24,000 Korean won as the value of its stakes in global unicorns like SpaceX and Moloco was reappraised.
DSC Investment also gained attention as an investor in FuriosaAI, a domestic AI semiconductor company, with its stock price rising approximately 195% from around 2,800 Korean won to around 8,400 Korean won. Other VCs such as SV Investment (97.7%), Aju IB Investment (93.1%), and LB Investment (87.8%) also recorded near-100% gains.
There is growing recognition that VCs are transforming from mere thematic stocks into core growth stocks. While VC stock prices were previously treated as short-term thematic plays, surging or plummeting based on trends like political connections, the metaverse, or non-fungible tokens (NFTs), the situation has changed as AI and deep tech have become key industries. Though some short-term thematic tendencies remain, they are increasingly acknowledged as competitive “companies” compared to the past.
A fund manager at a domestic asset management company said, “As AI and deep tech technologies spread across major industries, the stakes VCs hold in portfolio companies are now translating into actual exit profits (performance fees). While the nature of a thematic stock driven by expectations remains, it is no longer based on vague optimism.”
Indeed, major domestic VCs are now entering the exit phase for their AI portfolios. This follows recent initial public offerings (IPOs) by promising AI tech companies they invested in early. For instance, Stonebridge Ventures, which invested approximately 10.5 billion Korean won in Nota AI since 2019, has already recovered 42.5 billion Korean won through partial exits.
Expectations for the government’s policy to revitalize the venture investment market are also driving VC stock prices. In December last year, the Ministry of SMEs and Startups announced a “Comprehensive Strategy for Leaping into a Top Four Global Venture Powerhouse,” aiming to pioneer an era of 40 trillion Korean won in annual venture investments. This includes the creation of 50 AI and deep tech unicorns.
A financial investment industry official said, “When the government pledges to create 50 AI and deep tech unicorns by injecting funds, companies first identified by VCs are likely to be prioritized for support. There is an expectation that as these companies grow with government backing, the value of VCs will also rise.”
Favorable regulations for VCs are also emerging. The investment obligation period for venture capital firms was extended from three to five years, allowing long-term investments in deep tech and other sectors. Additionally, the Financial Services Commission and Korea Exchange introduced a customized technology-specialized listing system for AI.
Meanwhile, some VCs excluded from the deep tech trend underperformed or even recorded negative returns. These include Woori Technology Investment, SBI Investment, and Daesung Venture Capital. Notably, Daesung Venture Capital, which focused on film investments, saw its stock price fall 11.7% as of February compared to a year ago. Woori Technology Investment, as a shareholder of Dunamu, has been influenced by Bitcoin-linked trends.
