As part of its broader mandate the fund will reportedly serve as a national-level secondary vehicle, acquiring company stakes to provide strategic industries with patient capital.
The AI-powered coding platform raised $400 million in March at a $9 billion valuation, nearly three times its level six months earlier.
The mandate covers LP-led and direct transactions alongside SME acquisitions, with up to three managers eligible for commitments.
The recently registered tender offer fund will invest in venture capital and growth opportunities across LP-led secondaries, direct secondaries, continuation vehicles, and co-investments.
The alternative asset manager, which has begun the process of listing in India, is reportedly targeting $131 million for the strategy.
This will be the first of several planned vehicles aimed at advancing secondary market activity, primarily in the Japanese market.
The Seoul-based financial services firm provides brokerage, trading, investment banking, asset management, and advisory services.
Shinhan Innovation BDC No. 1 will invest at least 60% of its assets in "innovative companies" and LP-led secondary transactions.
RGCM Fund 1, which targets venture-backed company directs, attracted investments from several institutional LPs including Japan Investment Corporation.
The Category II AIF targets pre-IPO and secondary market opportunities in India.
