LB Investment

What LB Investment does

LB Investment (엘비인베스트먼트, KOSDAQ: 309960) is a Seoul-headquartered venture capital firm founded in 1996 as LG Startup Investment, spun off from the LG Group in 2008, and re-launched under its current brand. The firm manages a multi-fund platform — including the LB Innovation Growth Fund I & II, LB Next Unicorn Fund, and LB Next Future Fund — with assets under management exceeding 1.5 trillion KRW (~$1.1 billion) as of August 2025. Over its 27-year history, LB Investment has deployed approximately 1.7 trillion KRW of cumulative capital across more than 540 portfolio companies spanning Korea, China, Japan, Southeast Asia, and India. Beyond its Seoul headquarters, the firm operates regional offices in Shanghai, China and Jakarta, Indonesia, and maintains a strategic co-investment partnership with Singapore-based BEENEXT for deal sourcing across Southeast Asia and India. The firm's portfolio is concentrated in four verticals: deep-tech/AI, platform/services, bio/healthcare, and contents, with notable holdings including SEMIFIVE, Nota AI, S2W, Musinsa, ABLY, LivsMed, HYBE, Pearl Abyss, and Kakao Games.

LB Investment operates a dual revenue model. The recurring base is management fees charged on AUM — for example, 150 billion KRW in management fees was generated from the 2,803 billion KRW LB Innovation Growth Fund II. The transactional upside is performance carried interest earned on successful fund exits, which reached 50 billion KRW in 2026 (a 2.3x year-over-year increase) on the back of 8 portfolio company KOSDAQ IPOs completed in 2025. Reported 2023 operating revenue was 276 billion KRW with operating profit of 86 billion KRW; 2025 H1 saw 12% YoY revenue growth, 33% operating profit growth, and 29 billion KRW in net profit. Major historical exits delivered 10x+ returns on Wanna Who, Pearl Abyss, and Kakao Games, and the firm reports 17% IRR across major funds with 11 consecutive years of performance fee generation. The "selection and concentration" thesis is anchored on identifying early-stage Korean technology winners and supporting them through follow-on rounds into IPO.

The firm serves two distinct customer groups. On the LP side, capital is sourced from institutional investors including Industrial Bank of Korea, Korea Development Bank, Korea Post, Mirae Asset, and multiple government mutual aid and pension associations. On the portfolio side, LB Investment provides growth capital and strategic support to early-stage and pre-IPO technology startups. Geographic markets served include South Korea (primary), China, Indonesia, India, and Japan. The leadership team is anchored by CEO Park Kiho (ex-KB Investment, Hyundai Electronics, STIC) and Executive Vice Chairman Koo Bonchun (Cornell PhD, ex-McKinsey, ex-KDI), with investment professionals drawn from Samsung Electronics, BCG, PwC, and EY.

Name

LB Investment

Legal name

LB인베스트먼트

Website

http://lbinvestment.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

11–50 employees

Short description

LB Investment is a Seoul-headquartered Korean venture capital firm founded in 1996, managing over 1.5 trillion KRW in AUM across multiple funds. It invests in AI, deep-tech, biotech, and platform startups across Korea, China, Japan, India, and Southeast Asia.

Ownership category

akta.pro rank

Product category

Venture Capital and Private Equity

NAICS

Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Other Financial Vehicles (52599)

SIC

Investment Advice (6282), Investors, Nec (6799)

akta.pro primary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

akta.pro secondary industry

Multi-Sector / Generalist Growth Equity (FSANACAO)

Keywords

• Venture capital investing
• Startup equity funding
• Growth capital
• Technology investment
• Fund management services

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Management Fees: LB Investment earns management fees based on assets under management (AUM). The firm generated 150 billion KRW in management fees from the 2,800 billion KRW LB Innovation Growth Fund II alone, with overall AUM of approximately 1.5 trillion KRW as of 2025.
2. Performance Carried Interest (성과보수): The firm earns performance-based carried interest from successful fund exits. In 2026, performance fees reached 50 billion KRW, a 2.3x increase from the previous year (22 billion KRW). Funds have generated 3x returns on invested capital, with top performers achieving 17% IRR and 30% returns on the Future Creation Fund.
3. Fund Investment Returns: Returns from successful portfolio company exits including IPOs and M&A. From 2017-2021, approximately 6,300 billion KRW was recovered. Major exits include Pearl Abyss, Kakao Games, and Wanna Who (10x+ returns). Recent successful exits include Nota AI, S2W, and LivsMed through KOSDAQ listings.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

LB Investment is a Korean venture capital firm that manages investment funds providing equity capital and strategic support to early-stage and growth-stage technology startups. The firm invests across deep-tech/AI, platform/service, bio/healthcare, and contents sectors, and raises capital from institutional limited partners including pension funds, government funds, and corporate investors.

Product overview

LB Investment is a South Korean venture capital firm that manages investment funds and invests in transformative technologies. The firm operates multiple funds including LB Innovation Growth Fund, LB Next Unicorn Fund, and LB Next Future Fund, providing capital investment and strategic support to portfolio companies across deep-tech/AI, platform/service, bio/healthcare, and contents sectors. The firm has offices in Seoul, Shanghai, and Jakarta, and has invested in over 540 domestic and international companies with cumulative investment规模 of approximately 1.7 trillion won.

Differentiator

Problem solved

Functional benefit

Products and services

• LB Innovation Growth Fund II Venture capital fund focused on Korean growth-stage and innovation-stage technology companies; targets startups in deep-tech, AI, bio/healthcare, platform/service, and contents sectors.
• LB Next Future Fund AI-focused venture capital fund targeting the AI value chain including AI infrastructure, AI model developers, and AI application services companies.
• LB Next Unicorn Fund Venture capital fund focused on Korean pre-IPO and high-growth companies approaching or holding unicorn status.

Quantifiable outcome

• 17% IRR across major funds
• +4 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Nota AIcoreTechnology or IntegrationLB Investment portfolio company and key AI partner. Nota AI developed NetsPresso platform for on-device AI optimization, partnered with NVIDIA, Qualcomm, Samsung, Arm, Sony, and Renesas. LB Investment invested 107 billion KRW cumulatively across Series A, B, and C.
• Singapore VC BEENEXTcoreStrategic or Co-development PartnerLB Investment made capital commitment to BEENEXT fund, gaining access to deal sourcing in Southeast Asia, India, and Japan early-stage companies.

Scale indicators6 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• GS Ventures: Corporate venture arm of GS Group that co-invests with LB in deals like RXC. Comparable in deal-size and stage focus but with strategic corporate overlay from GS Group.
• IMM Investment: One of Korea's largest private equity and venture capital managers. Frequently co-invests with LB (XCENA Series B co-lead) and competes head-to-head for Korean growth-stage technology deals.
• Altos Ventures: Korea-headquartered early-stage venture capital firm focused on consumer internet and software. Competes directly with LB for Korean early-stage platform and SaaS deals.
• Korea Investment Partners: Long-established Korean VC arm of Korea Investment Holdings with comparable AUM scale and broad sector coverage including AI, biotech, and platform investments — direct competitor for both Korean LPs and portfolio deals.
• KB Investment: Korean VC arm of KB Financial Group with comparable scale and stage focus. Notable because LB's CEO Park Kiho previously worked at KB Investment, indicating a historically adjacent investment style.
• Atinum Investment: Major Korean venture capital and growth equity firm that co-leads deep-tech rounds alongside LB Investment (e.g., XCENA Series B). Comparable AUM scale, similar sector focus on technology and biotech, and directly competitive for Korean startup deals.
• Mirae Asset Venture Investment: Korean VC affiliate of Mirae Asset Financial Group with overlapping LP relationships (Mirae Asset is also an LP in LB funds). Competes in growth-stage Korean technology investing.

Broad incumbents

• SoftBank Ventures Asia: Asia-focused venture capital arm of SoftBank Group with significantly larger AUM and broader geographic mandate. Competes in the same portfolio companies (Kakao Games, etc.) and for cross-border deal flow.
• Korea Development Bank (KDB): Korean state policy bank that acts as both a major LP in Korean VC funds and a direct co-investor (e.g., ProtoPie Series B co-led with LB). Indirect competitor and the dominant policy-bank capital allocator in the Korean VC ecosystem.
• Kakao Ventures: Corporate venture arm of Kakao Group, one of Korea's largest internet companies. Competes for early-stage Korean consumer and platform deals but with strategic-corporate overlay rather than purely financial mandate.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/lb-investment

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments180 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LB Investment