New Commanding Officer After 20 Years, Baek In-soo: "Accompanied from Startup Founding to Overseas Expansion"

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"I want to instill the perception that investing with Smilegate Investment means we will accompany startups from their early stages through scaling up and overseas expansion."

Baek In-soo, CEO of Smilegate Investment, recently made these remarks in an interview with Money Today's startup media platform 'Unicorn Factory'. Baek (CEO) announced plans to open a new era of 2 trillion won in assets under management (AUM) this year by finalizing three core funds and strengthening the private equity (PE) sector.

In March, Baek (CEO) was appointed as the new CEO of Smilegate Investment. This marks the first time in 20 years that Smilegate Investment has changed its CEO. Nam Gi-moon, a founding member who led the company since 2007, stepped down to become an advisor.

Baek In-soo is an ex-engineer from Samsung Electronics who joined the company in 2011 and was a key figure in directly identifying promising startups such as MyRealTrip and Vuno. Having served as a reviewer for about 15 years, he is highly regarded for his deep understanding of internal operations. While the leadership has changed, the organization and workforce will maintain their existing structure for the foreseeable future.

Baek In-soo emphasized, "Rather than making drastic changes this year, we aim to preserve our existing culture while seeking improvements or directions that can generate greater synergy." He added, "We place great importance on 'emotional rewards' to build an organization where members realize the meaning of their work and act autonomously." Considering the nature of venture investment, which has no single correct answer, he plans to continue fostering an internal culture where diverse perspectives are freely exchanged.

To expand assets under management (AUM), Smilegate Investment is actively preparing to establish new funds this year, focusing on three main pillars: △Early-stage Fund (40 billion won) △Main Venture Fund (over 300 billion won) △U.S. Subsidiary Dedicated Fund (60 billion won). The plan is to increase the current AUM of approximately 1.4 trillion won to 1.8 trillion won.

The Early-stage Fund has been selected as the first-term entrusted operator (GP) for the fund of funds (Korea Venture Fund), and fund establishment is underway. With 12 billion won in capital contributions, the fund aims to reach a target of 40 billion won. This fund will be used to selectively invest in early-stage companies identified by Orange Planet, the startup foundation of the Smilegate Group.

The Main Venture Fund plans to challenge remaining capital-raising projects this year, including the National Growth Fund, aiming for establishment at a scale exceeding 300 billion won. This strategy is based on recovery performance from four funds liquidated last year, positioning Smilegate Investment to secure GP status. Last year, Smilegate Investment successfully exited companies such as D&D Pharmatech, Vuno, and Moloco, generating returns of 2 to 3 times the fund's establishment amount across all liquidated funds.

Baek In-soo stated, "While the fundraising environment has improved, competition for matching has become more intense. We plan to leverage our proven track record to drive fund establishment." He added, "Rather than flashy strategies, we will appeal to the market by highlighting our consistent performance and readiness as a GP capable of supporting domestic companies' overseas scaling."

The U.S. subsidiary, serving as a forward base for overseas expansion, is also preparing to establish a 60 billion won fund with support from group companies. Nam Hun-gon (SVP) will oversee the U.S. subsidiary. In addition to venture funds, Baek (CEO) plans to gradually expand into the PE sector. The structure involves supporting portfolio companies identified through venture funds that enter the scaling-up stage with mergers and acquisitions (M&A) or overseas expansion capital via PE project funds. This strategy aims to accelerate the arrival of the 2nd trillion won AUM era.

Baek In-soo is focusing less on chasing current trends and more on identifying "fields that will gain attention in the future." To this end, a new investment strategy team has been established to conduct in-depth market research.

Deep tech sectors such as artificial intelligence (AI), robotics, and semiconductors, which attract large-scale capital from the seed stage, will undergo rigorous verification. Baek In-soo explained, "There are fields like semiconductors where producing a single sample chip can cost over 200 billion won, requiring significant initial capital. However, we must carefully assess whether such companies can open up markets worth 20 to 30 trillion won in the future."

In contrast, the bio and healthcare sectors will maintain a steady 20% share of the overall portfolio regardless of market sentiment. This decision is based on the judgment that these fields are resilient to economic cycles and can achieve long-term upward growth. Baek In-soo remarked, "Fields related to human instincts for immortality and health will continue to grow steadily in the future."

Smilegate Investment also plans to pursue investment recoveries (exits) from more than 10 companies this year. Major exit targets include Neers Lab, which has completed its IPO application; Delish, a Dongdaemun fashion platform; medical device company Ivecs Medical; and fintech firm Affinity, which has entered the Indian market.

The goal is to solidify investor (LP) trust through successful recovery performance, complete a virtuous cycle toward '2 trillion won AUM,' and establish itself as a core partner that fully supports global scaling of early-stage companies.

[Money Today startup media platform Unicorn Factory]