Sema Investment

The firm is 100% funded by the Science and Technology Personnel Mutual Aid Association (과학기술인공제회), one of South Korea's major pension funds for science and technology professionals. The association established Sema as a dedicated venture capital vehicle to make direct investments in Korean startups. All capital deployed by Sema originates from the association's balance sheet, not from third-party limited partners.

Sema operates two parallel fund structures per its own disclosures: venture funds focused on early-stage startups with strong technology capabilities, and private equity funds (PEFs) that target later-stage companies with high growth potential. The venture side covers seed, start-up, and general venture stages, while the PEFs are structured for buyout and growth investments. Both fund categories are entirely domestic in geographic scope.

Sema's disclosed mandate is entirely direct: it makes direct equity investments into Korean technology companies through the venture and private equity funds it manages on behalf of its parent mutual aid association. There is no public indication that Sema allocates capital to external GPs as a fund-of-funds or participates in club deals alongside other VCs. Its structure keeps allocation decisions fully internal.

Sema's plain-language mandate targets domestic startups and growth-stage companies with strong technology capabilities, without limiting the portfolio to a single vertical. The firm's venture funds focus on early-stage Korean tech startups broadly, while its PEFs invest in companies with demonstrable high growth potential. Specific subsectors like AI, biotech, or deep tech are not explicitly isolated in public-facing disclosures.

Sema is structured as a separate legal entity, a wholly-owned venture capital corporation, rather than an internal investment division. This allows the firm to hold portfolio investments and operate fund management functions at arm's length from the mutual aid association's core pension administration. However, the investment committee composition, independence protocols, and delegation of authority levels are not publicly disclosed.