This year alone, three

This year alone, three of our portfolios will be IPOed (one passes preliminary screening, the other passes ratings, and the other goes public because of its good performance)

South Korea's Kospi continued to fall to 2134 after hitting 3316 in June 2021, before plunging 35.6% by 2134 in September 2022.
Since then, it has fluctuated, but it seems to be recovering as it rose 35.7% by 2896 in July 2024.
However, it fell 18.5% from December 2024 to 2360.

The KOSDAQ reached 1062 in August 2021 on the back of liquidity, up 153% from 419 in March 2020 when COVID-19 occurred.
Since then, it has fallen by 38.8% to 650 again in October 2022, up 47% to 956 by July 2023.
However, this is only for a short time... it fell 34.4% to 627 on December 9, 2024.
Fortunately, although it rose 16% to 728 in 2025, the public offering market is still not good.

Nasdaq, on the other hand, fell to 6860 in March 2020 in the aftermath of COVID-19, followed by a 135% skyrocket until 16121 in November 2021, and then to 10213 in December 2022 before rising again by 97.8% by 2020 thanks to slogans such as Make America Great Again, such as the high rise of big techs and Trump's return.

Comparing the KOSDAQ vs. Nasdaq index from 2022 lows to today, the KOSDAQ is up just 12% and Nasdaq is up 95.3%.

Not many of the recently listed companies maintain public offering prices.
Businesses need not be swayed by short-handed ants or institutional investors who throw away their lockups because they have to compete on earnings. They should just think of it as a initiation ceremony.
Nevertheless, the company must communicate well with the market with accurate information and company strengths to disclose its vision and business to get past this declaration ceremony.

And global investors should appeal to companies' global abilities to be attractive (because you can't invest in companies that don't even know what you're doing).

Most small and medium-sized domestic companies have few global investment networks or do not even know how to connect them.
There are even many places where the CFO or IR director does not speak English.
Therefore, in reality, even if there are good technologies and products, there are many places where global investors are not even interested.

It is important for our portfolio companies to appeal this part well because a large portion of their sales come from overseas while everyone is active in global business.
Fortunately, more than 300 FCRC juniors I have produced over the past 25 years as a Founding member work for Global Investment Bank/PEF/Asset Management Firm/Hedge Fund, so I would like to use these networks to inform the value of Korean companies and show that Korean tech companies can propose unique value proposition to the global market, showing that Korean companies position themselves significantly not only in business but also in the financial market.