Dongkuk Steel Group established its corporate venture capital (CVC) firm, Dongkuk Investment, in March. Former Shinhan Capital Investment Banking Head Bae Chang-ho has been appointed as CEO, with the official launch coming soon. Dongkuk Investment aims to invest in emerging AI technology fields while also identifying and investing in companies related to materials, parts, and equipment tied to its steel business.
Chang Sun-ik, the eldest son of Dongkuk Steel Group Chairman Chang Sae-joo and an executive director at Dongkuk Steel, is expected to join Dongkuk Investment. Since joining Dongkuk Steel in 2007, Chang has advanced through roles overseeing production at the Incheon plant and has been serving as the head of raw materials procurement since 2022.
Second-generation corporate owners are becoming increasingly active as venture capitalists in their CVCs. They invest in new technologies and startups to enhance their core business competitiveness and explore new ventures, shaping their groups’ future growth strategies. Industry experts say that CVCs are now a crucial part of management training for these heirs.
Professor Kim Soo-wook of Seoul National University’s Business School said, “Major companies are adopting professional venture capital systems to make swift and aggressive investments in new technologies.” He added, “Heirs to these groups are playing crucial roles in CVCs, aligning with these changes and growing alongside their companies.”
Lee Yeon-soo, the eldest daughter of EcoPro founder Lee Dong-chae and a senior executive, serves as the Head of the Investment Division at EcoPro’s CVC, EcoPro Partners. She was a senior investment analyst when EcoPro Partners launched in 2020 and was promoted to division director this year.
EcoPro Partners has achieved significant results by investing in companies related to its core business of secondary batteries, such as SungEel HiTech, a battery recycling company; Mintech, a battery diagnostics equipment firm; and Soulmaterial, a company specializing in electric vehicle thermal management materials. By the end of last year, EcoPro Partners managed funds totaling 99.9 billion won.
Park Jun-beom, the eldest son of Mirae Asset Financial Group Chairman Park Hyeon-joo, is gaining attention in the VC industry. He has been serving as a venture capitalist at Mirae Asset Venture Investment since 2022. The firm has been actively investing in sectors such as gaming, extended reality (XR), and cloud technologies.
In particular, he made headlines by participating in the $80 million (about 107.8 billion won) Series A funding round for the U.S. public cloud company Foundry in March. The investment was reportedly sourced by Park himself, though the amount contributed by Mirae Asset Venture Investment was not disclosed.
Foundry was established by key members from Google DeepMind, the developers of AlphaGo, and the Stanford University Computer Science Ph.D. program. This investment round was led by U.S. venture capital firms Sequoia Capital and Lightspeed Venture Partners, with participation from Mirae Asset Venture Investment, Redpoint Ventures, and Microsoft Ventures.
Huh Tae-hong, who leads GS Group’s corporate venture capital (CVC) arm, GS Futures, is the second son of former GS Engineering & Construction Vice President Huh Myung-soo and a fourth-generation member of the GS family. Huh joined GS Home Shopping’s finance and accounting department in 2012, moved to the venture investment team as a manager in 2014, and became the head of GS Futures in 2020.
Currently based in California, Huh is responsible for investing in new technologies and startups in North America. GS Futures has invested in U.S. AI company AiFi, energy big data analytics firm AutoGrid, and battery management systems company Titan Advanced Energy Solutions.
Youngone Corporation, a leading South Korean outdoor gear company, established its CVC, Youngone Holdings Venture Capital (YOH CVC), in 2022. Vice Chairman Sung Rae-eun, the second daughter of Chairman Sung Ki-hak, oversees YOH CVC as part of the group’s future growth strategy division.
In April, Sung emphasized the role of YOH CVC in discovering future growth engines at the annual shareholders’ meeting. YOH CVC has invested in Circ, a U.S. fiber recycling company, and IFC, a Finnish textile waste recycling firm.
