With the economy still hobbling along, bogged down by sluggish domestic demand that threatens to dampen the effect of the country's roaring exports, South Korea's government is betting on private equity funds (PEFs) as new engines to revitalise the nation's financial markets and ultimately jump start a fully-fledged recovery. Led by the reform-minded deputy prime minister, Lee Hun-jai, South Korea's ministry of finance and economy recently drafted a revision for asset management laws that designates PEFs as limited partnerships in which small groups of professional investors pool long-term capital to invest in equities and companies.
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