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This article reports that in its short history, the year-old Indirect Investment Asset Management Business Act in South Korea continued to evolve. On October 14, 2004, the Ministry of Finance and Economy announced that the Act's implementing presidential decree will be revised to introduce a new type of investment vehicle, called the private investment specialized company. According to the Ministry, both individuals and corporations may invest in a private equity fund (PEF), but the number of members in a PEF may not exceed 50 and investors in a PEF cannot be solicited through advertisements in newspapers, on TV, or in magazines. |
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