KVIC is an exclusive government backed fund of funds management institution in Korea. It also acts as a Korean government agency, with a forefront purpose of promoting the development of Korean venture capital and private equity fund industry. Since its establishment in 2005, KVIC has played a critical role in supporting Korean economy via providing funds to small to medium sized businesses in the form of contributing in the formation of VC funds with high potential value. KVIC now manages about US$1.2 billion. So far, KVIC invest in more than 160 funds and those funds made an investment in about 1,000 companies. Its primary focus is technology-oriented venture companies in various sectors, i.e. ICT, display and bio. KVIC also pursue new areas, such as green energy and life science.