Korean venture secondaries Register: DIVA disclosure, September 2026 Balance sheets: FY2025
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
Funds extended for every fund that left the register
3.6 : 1
18 Jun–26 Oct 2026 · median extension 12 months
Source Saint Clair reading of the DIVA register, seven pulls
As of 26 Oct 2026
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%
KOSDAQ listings that were venture-backed, 2025
73%
69 of 94 listings
Average price of a venture fund stake, 2020 to mid-2026
76%
of net asset value, worldwide · Korea publishes no price series; the first Korean readings are for registered users Registered
Source Jefferies, cited by the Korea Capital Market Institute, 19 October 2026
As of Oct 2026
111.418 June 2026 = 100
KRW 21.4tn committed to Korean venture funds past or within two years of their original term is not covered by Korea’s secondary funds.
Source DIVA fund register; Saint Clair calculation As of 26 Oct 2026
41–76%of base
Each published reading is a price as a percentage of its base: net asset value, a fund’s own value or a round’s cost.
Source Jefferies via KCMI; Bloomberg; KRX, Saint Clair calculation As of 10 Nov 2026
KRW tn, committed capital, DIVA register, September 2026
| 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.
KRW tn, reported carrying value, 31 Dec 2025
| 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
| 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
Full market data
Size, seniority and movement
Submitted holdings
The breadth of supply
Documented holdings
The depth of supply
Data rooms
Full documentation
Price register
Comparable transactions, by segment
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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)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)| Fund register | DIVA, the disclosure system of the Korea Venture Capital Association · August 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 |