What must an asset manager commit to when a KOSDAQ venture fund receives IPO shares?

Under Korea Financial Investment Association regulations, a collective investment business entity that wants IPO shares allocated to a venture company investment trust must submit a letter of commitment to the lead managing underwriter.

The letter states that the asset manager is not among those barred from allocation, such as related parties of the underwriter or the issuer; that the fund meets the requirements for a venture company investment trust under the regulations; and, for a private fund, that redemption is prohibited for at least 1 year and 6 months from establishment.