Massachusetts-Based C Change Tapped to Co-Manage Korea's Green Growth Fund.
The consortium of C Change Investments Management and Korea Investments & Securities Co. Ltd. (KIS) has been selected to manage Korea's Green Growth Fund, it was announced in Seoul last Friday by the Republic of Korea's Minister of Knowledge and Economy.
The fund will make private equity investments in companies and projects throughout the globe that - through the deployment of their products, manufacturing and construction activities in Korea - can stimulate unprecedented and accelerated low carbon, green economic growth throughout the country.
C Change will immediately begin organizing the fund, which is expected to be launched in June with an investment of US $130 million by the Korean government, as well as private sector investors from Korea and overseas.
Last year, the Korean government unveiled plans to become a world leader in green technologies and provide a new engine for economic growth. The Green Growth Fund is a major government initiative to execute these plans, and as such, the fund size could grow to exceed USD $1 billion over the next five years.
A "Green New Deal" project was announced last year by the Korean government in hopes of creating 900,000 jobs over the next four years. As part of this ambitious project, the government has taken a unique approach in stimulating low carbon, green growth in that they are not making investments directly, but through a fund managed by a private equity consortium."The C Change - KIS consortium is now firmly established as the premier specialist in green energy and technology investment in Korea," said Russell Read, C Change CEO and co-founder.
Headquartered in Cambridge, Massachusetts, C Change Investments, LLC was co-founded in 2008 by Russell Read and John Preston. The former CIO of CalPERS, Read is a recognized authority in the financing and deployment of clean technologies. Preston, the former director of MIT Technology Development, has considerable experience in technology commercialization.
The mission of C Change is to focus on projects and companies for the scale-up or commercialization of the most transformative and promising clean energy, green building and renewable resource technologies or services.
For more information, visit www.cchangeinvestments.com.
The flagship company of Korea Investment Group, one of the oldest and largest financial groups in Korea, Korea Investment & Securities Co., is based in Seoul, South Korea, with an additional office in New York City.
For more information, visit eng.truefriend.com.
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|Date:||Mar 17, 2009|
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