JP Morgan to launch Korean green fund

J.P. Morgan will embark on investing in Korea’s solar power, wind power, Light Emitting Diode (LED), carbon credit market, green car and bio fuel through a US$1 billion Korean Green Fund beginning in the latter half of this year. Korea’s Minister of Knowledge Economy Lee Yoon-ho and JP Morgan Chase Vice Chairman William Daley signed the Letter of Intent. Under the LOI, J.P. Morgan is to launch a $1 billion fund, 30 to 40% to be financed by foreign investors and 60 to 70% by Korean investors. J.P. Morgan plans to begin its investment in the latter half of the year by selecting green-related fields in Korea. The fund will be managed for a mid- to long-term period as a series fund. (June 17, 2009)