What requirements must be met to manage a general private fund?

To manage a general private fund, a firm must register a general private collective investment business with the Financial Services Commission; operating without registration is prohibited.

Under the Enforcement Decree, the firm must be a stock company or similar entity with equity capital of KRW 1 billion or more, at least 3 full-time investment managers, physical facilities such as IT systems, and a system to prevent conflicts of interest, among other things. Even after registration, it must continue to meet registration requirements such as maintaining equity capital above a certain level.