South Korea’s SK Group and Chinese automobile giant Geely on Thursday said they will form a joint fund worth US$300 million to invest in the new mobility sector.
The pair will each put in US$30 million first then seek global investors such as European banks and Asian pension funds to pitch in the rest.
The fund will look for and invest in new companies that work on technologies related to what the pair call CASE __ connected, autonomous, shared, and electric.
It will be run by a fund manager, who was not named, who has worked in global investment banks, including Morgan Stanley and Macquarie, and have over 20 years experience in finance.
SK Holdings CEO Jang Dong-hyun said the pair will collaborate based on each others’ strength to securing a solid footing in the new mobility sector.