The Saint Clair Net Supply Index
111.418 Jun 2026 = 100
KRW 21.4tn committed to funds past or within two years of original term is not covered by Korea’s secondary funds. The index stood at 100 on 18 June 2026 and rises as that sum grows.
Tesseractic. An international platform for the Korean venture secondary market
Korean venture secondaries are a buyer’s market.
Find out whyIndicators
The Saint Clair Secondaries Price Band
76%of NAV
Buyers paid this price for interests in venture funds worldwide between 2020 and mid-2026, as reported by Jefferies.
Korea No published reading on this base yet
The Term Calendar
KRW11.6tn
These commitments of listed funds reach original term in the next twelve months, KRW 5.1tn of them in December 2026.
The Extension Count
4.0 : 1
Since 18 Jun 2026, 221 funds have extended their term and 55 have left the register.
Funds listed past maturity
201funds
These funds remain on the register past their current maturity date, with KRW 3.6tn in commitments.
Korean direct secondaries
87%of last round
The median price of existing shares in Korean venture-backed companies, against the last round, in seven completed sales.
The fund exit rate
4.1%
In 2025, 4.1% of the funds open at the start of the year left the operating stock, half the 8.7% of 2016: funds now stay open longer.
Market data
Supply How much is there, and when does it reach term?
Committed to funds reaching term, 2026–2030
KRW46.8tn
1,784 funds · committed capital
Source DIVA register, September 2026 disclosure
Portfolio in funds reaching term, 2026–2030
KRW29.5tn
≈ USD 22.0bn · 1,643 funds · reported carrying value, 31 Dec 2025
Source DIVA fund balance sheets FY2025, joined to the DIVA register (Aug 2026 disclosure) · As of 31 Dec 2025
Competition Who else is buying?
Capital of Korea’s secondary funds
KRW4.3tn
≈ USD 3.2bn · 239 secondary-purpose funds, committed capital
Source DIVA register, September 2026 disclosure; committed capital, so the capacity to buy is lower · As of Sep 2026
Foreign capital in Korean venture funds
1%
Singapore 84% · United Kingdom 74% · United States 7%
Source Korean government (joint ministries), October 2024, citing Preqin; upper bound · As of 2024
Exit How do holdings exit?
KOSDAQ listings that were venture-backed, 2025
73%
69 of 94 listings
Source DIVA VC Market Brief, May 2026 · As of 2025
Capital committed to funds reaching term, by maturity year
KRW tn, committed capital, DIVA register, September 2026
- All of Korea’s secondary funds: KRW 4.3tn
Table view and sources
| Year | Committed to funds reaching term |
|---|---|
| 2026 | 9.4 |
| 2027 | 10.8 |
| 2028 | 8.7 |
| 2029 | 7.8 |
| 2030 | 10.2 |
Source DIVA register, September 2026 disclosure
Note The capital reaching term in each year from 2026 to 2030 exceeds the KRW 4.3tn committed to all of Korea’s secondary funds.
Portfolio at book in funds reaching term, by maturity year
KRW tn, reported carrying value, 31 Dec 2025
Table view and sources
| Year | Portfolio, KRW tn | Funds |
|---|---|---|
| 2026 | 4.6 | 319 |
| 2027 | 4.7 | 419 |
| 2028 | 6.2 | 296 |
| 2029 | 6.0 | 291 |
| 2030 | 8.0 | 318 |
| 2031 | 3.2 | 171 |
Source DIVA fund balance sheets FY2025 · DIVA register Aug 2026
Funds opened, and funds leaving the register, each year
funds
- Funds opened
- Funds leaving
Table view and sources
| Year | Funds opened | Funds leaving |
|---|---|---|
| 2016 | 120 | 46 |
| 2017 | 164 | 50 |
| 2018 | 146 | 58 |
| 2019 | 170 | 55 |
| 2020 | 206 | 49 |
| 2021 | 404 | 51 |
| 2022 | 380 | 74 |
| 2023 | 290 | 70 |
| 2024 | 286 | 83 |
| 2025 | 309 | 89 |
Source DIVA VC Market Brief 2019–2026 · leaving = opening stock + opened − closing stock
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Submitted holdings
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Operated by Saint Clair An investment firm that also builds the infrastructure through which capital crosses borders. saintclair.sg (opens in a new tab)Latest Reading
Korean institutions begin to write the rules for trading venture fund stakes (opens in a new tab)
The mother fund opened a secondary call that defines which fund stakes qualify. A state research institute asked for transfer standards and price checks. A secondary fund’s stake bought before a listing trades about a third below cost.
Read the edition (opens in a new tab)Data and sources
| Fund register | DIVA, the disclosure system of the Korea Venture Capital Association · September 2026 disclosure |
|---|---|
| Fund balance sheets | DIVA periodic filings · FY2024, FY2025 |
| Market series | DIVA VC Market Brief · 2019–2026 |
| Exchange rate | USD 1 = KRW 1,341.81 · Twelve Data, 8 Oct 2026 |
| Method | The standard |