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F&F Partners
Wooram Noh leads F&F Partners, the venture arm of Korea's F&F Group, investing a KRW 10B base into consumer-tech startups from Gangnam.
F&F Partners
F&F Partners was incorporated in December 2020 as the wholly owned venture subsidiary of F&F Holdings, the entity atop Korea's largest fashion group. CEO Wooram Noh leads a team of seven from the F&F Building in Seoul's Gangnam district. The firm registered as a new technology business finance company in July 2022, formalizing its mandate under Korean regulatory frameworks. The firm operates a concentrated venture strategy branded as "Consumer-Tech," touching any sector with a consumer-lifestyle interface. Its portfolio crosses content production, digital commerce, education technology, and alternative foods. Named positions include Bamboo Network and RXC, both drama production studios targeting long, mid, and short-form formats; Channel Oct, a performance marketing agency; and Prism, an integrated media-commerce platform. Southeast Asian e-commerce platform Gomi Corporation also sits in the portfolio. The firm executes through limited partnership vehicles — its Discovery Fund 1 was formed in December 2020 and liquidated in October 2022, succeeded by F&F Partners Fund 1 in August 2022. Deployment began with the KRW 10 billion Discovery Fund 1 and has since expanded into follow-on vehicles. The firm serves as a limited partner in external funds, including Primer Sazze Fund II, extending its reach beyond direct startup positions. In August 2022, F&F Partners formed its second fund vehicle, coinciding with its formal regulatory registration a month earlier — a dual signal of institutionalization within F&F Group's alternative investment structure. F&F Partners operates as a corporate venture unit fully reliant on the F&F Group balance sheet, creating a structure where deal evaluation blends strategic alignment with financial return. Unlike independent Korean VCs, it sources through the parent's fashion, beauty, and lifestyle distribution networks, using operator-level consumer trend data to filter early-stage targets — a model that grafts proprietary retail intelligence onto venture underwriting.
General information
Firm type
Private Equity
Year founded
2020
AUM
Undisclosed
Location
Region
Asia
Country
South Korea
City
Seoul
Corporate office
Seoul, South Korea
Principals
Wooram Noh
CEO
Sector focus
Frequently asked questions
Who runs investment decisions at F&F Partners?
CEO Wooram Noh oversees the investment committee and executive decisions. The firm lists a segregated governance structure including a risk management committee and compliance officer, per its corporate disclosures. Noh reports through F&F Holdings, which owns 100% of the entity.
How does F&F Partners source deal flow?
The firm leverages F&F Group's three decades of consumer distribution data across fashion, beauty, and lifestyle channels in Korea. This operator-level intelligence identifies consumer-tech startups in content, commerce, and ICT that align with emerging cultural trends.
Is F&F Partners a single-family office or a corporate venture arm?
It operates as a corporate venture capital subsidiary, wholly owned by publicly listed F&F Holdings. It is not a family office, though the holding structure suggests the founding family's vehicle controls the investment mandate.
Does F&F Partners participate in fund commitments or only direct deals?
Both. The firm makes direct startup investments and commits capital to external venture funds. Its portfolio shows a limited partner position in Primer Sazze Fund II, alongside its own managed fund vehicles.
Which sectors does F&F Partners explicitly avoid?
No explicit negative screening exists publicly. The firm's focus on "Consumer-Tech" — defined as consumer goods, content, and ICT — suggests it avoids deep-tech, B2B enterprise infrastructure, and heavy industrial sectors outside the consumer-lifestyle intersection.
What is F&F Partners' known posture on co-investments alongside external GPs?
The firm has not publicly stated a co-investment policy. Its LP commitment to Primer Sazze suggests willingness to back external GPs, but no direct co-investment cases alongside those fund managers have been disclosed.
How is F&F Partners related to F&F Holdings?
F&F Partners is a 100% subsidiary of F&F Holdings, the listed parent of Korea's largest fashion group. The venture unit was capitalized with KRW 10 billion from the parent and sits inside the F&F Building in Gangnam, physically and financially integrated with the group.
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