The New Deal Fund, promoted by the government as a core project of the Korean version of the New Deal policy, will enter public offerings for general investors starting on the 29th. It is known that investors are interested in this product as a product that can pursue a relatively high rate of return with a de facto principal guarantee structure that compensates for losses of up to 20% by the government. However, such as the’profit differential fund’ that is launched in the private sector, the government bears losses and shares the results of government-promoted projects with the public while designing the structure to take more returns than the public for excess returns that exceed the standard rate of return Some point out that it is somewhat inconsistent with the existing intention.
According to the Ministry of Strategy and Finance on the 26th, the’National Participation Policy New Deal Fund’, which allows the public to invest as ordinary investors, will begin recruiting investors from the 29th. The total amount of the fund created this time is 200 billion won, of which the government invests 60 billion won using finances, and the manager invests 1.5% or 3 billion won. Excluding this, the recruitment size of general investors is 137 billion won.
As is known, the government invests 40 billion won out of 60 billion won in investment, and 3 billion won for managers, respectively. 21.5% of the total fund size is a subordinated investment. Through this, if a loss occurs at the expiration of the fund, the loss is first reflected in the principal of the subordinated investor, and the general investor is designed so that the principal can be guaranteed up to the loss rate of 21.5%.
The government has set the standard rate of return of the National Participation Policy New Deal Fund at 20%, and when the rate of return at maturity is 0-20%, all investors, including the public and the government, must allocate the return according to the investment ratio. On the other hand, for the profits exceeding 20%, the general investor and the subordinate investor, the government/management companies, were allocated at a ratio of 40 to 60. Even within the subordinate ranks, the government and manager divide the excess revenue into 70:30.
This is the same structure as the’profit differential fund’ that has recently emerged in the market, as it will allocate more profits to subordinate investors for profits exceeding a certain rate of return as subordinate investors bear greater risk. However, it was pointed out that it was inappropriate to apply the usual market logic in which subordinate investors, who take more risks, take more profits, in terms of their different characteristics from ordinary private products.
Shin Seong-hwan, a professor of business administration at Hongik University (former president of the Financial Research Institute) said, “There is an inappropriate aspect of the purpose of the fund to talk as if the government benefits investors and take as much risk as it takes.” I need to do it.”
Of course, some suggest that the government should take more. Hwang Se-woon, a research fellow at the Capital Markets Research Institute, explained, “Because the government is a subordinate investor, it is appropriate to have a high rate of return due to risk compensation.” did.
On the other hand, there is controversy about the fact that the national tax is the source of funding that guarantees the principal guarantee of the New Deal Fund. The government is promoting that the possibility of loss is low, but since the nature is’investment’, there is no possibility that the government’s finances will return to 100% loss depending on the performance at maturity.
The National Participation Policy New Deal Fund is a private equity indirect public offering fund that mainly invests in convertible bonds (CBs) issued by listed and unlisted companies in the digital and green New Deal sectors. A structure in which funds raised through five managers, including Golden Bridge Asset Management, Shinhan Asset Management, KB Asset Management, Hanwha Asset Management, and IBK Asset Management, are invested in 10 funds each managed by the nine sub-managers selected earlier. All.
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