Chapter 320: The 100-Billion Race (16)
So ti later.
A piece of news that the entire nation of Korea had been holding its breath for finally broke.
Ha Si-heon’s anchor investor was revealed at last.
The anchor investor was the Republic of Korea.
It was the mont the people’s long-held wish beca reality.
However, not a single person cheered. Everyone simply stared in shock, checking the number on the screen over and over again.
Fifty billion? Even after rubbing their glasses and looking again, it still said fifty billion—was this real? Since the unit was dollars, that ant 65 trillion won in Korean currency............
―This has to be a typo;
-Is the reporter drunk? Looks like they added an extra zero by mistake...?
The amount Korea committed was a staggering $50 billion. It was a sum so overwhelmingly large that it numbed any sense of reality.
―With that kind of money, we could turn the entire Han River into hot springs and give the whole population a bubble bath...
—We could build Disneyland on Dokdo and still have enough left to open a kimchi stew franchise in the Arctic
—With 65 trillion won, we could clone each BTS mber and give every household their own personal idol, and still have money left over
—If we spent it on fried chicken, that’s 3.25 billion chickens ............... enough to give one to every three humans on Earth
Moreover, this amount far exceeded what Ha Si-heon had originally requested as the minimum investnt. Originally, Ha had proposed $20 billion to Pyo Inhwan, the CIO of the National Pension Service.
So then, how did a sum more than double that amount co to be approved?
Here was the background.
“I hereby declare this motion passed unanimously.”
The Investnt Managent Committee, which usually resembled a battlefield. At the mont when history’s first unanimous vote was declared there, Pyo Inhwan sensed it instinctively.
This is the mont.
In Korea, a massive state-backed investnt was sothing close to impossible. This was due to complex political dynamics and endless turf wars between governnt ministries.
But now?
Under the miracle created by the na “Ha Si-heon,” the governnt and the opposition, conservatives and progressives, were all speaking with one voice.
Pyo Inhwan did not let this perfect opportunity slip away.
From the Blue House to Yeouido, from Yeouido to Euljiro. He personally made the rounds of policy finance institutions and private asset managers.
His objective was clear.
―We will form a public-private joint policy fund and participate in the form of a consortium.
By regulation, the National Pension Service could not invest more than $20 billion into a single fund. But with this consortium structure? He could rally them all—Korea Developnt Bank, Export-Import Bank of Korea, Korea Investnt Corporation, Korea Venture Investnt Corporation, as well as private financial institutions and asset managers.
He knocked on the doors of each institution, extolling Ha Si-heon’s vision and the future of the biotech industry. And in the end, he always finished the persuasion in the sa way.
-Of course, you’re free to decline. As long as you’re willing to accept the risk that your institution will go down in history as the one that refused to participate in Ha Si-heon’s historic challenge..................
A proposal bordering on intimidation!
And yet, surprisingly, institutions rushed to declare their intention to participate. Of course, it wasn’t rely because of Pyo’s pressure. They had clear reasons of their own.
First, Ha Si-heon was already recognized on Wall Street for his overwhelming performance. In other words, he was a proven card.
Second, the Cure Fund’s healthcare the perfectly aligned with what the governnt had already designated as the next national growth engine.
Coincidentally, Korea was in the midst of a biotech boom. The KOSDAQ biotech index was hitting record highs day after day, and dostic companies were racing to list in the United States—true golden tis.
In such a climate, the Cure Fund was not just an investnt vehicle—it could be the high-speed expressway that would propel the entire Korean biotech industry onto the global stage.
And this was the result.
$20 billion from the National Pension Service, $10 billion from state-owned banks and policy funds, $8 billion from other pension funds, and $12 billion from the private financial sector...
Bringing the total to $50 billion.
But then.
Because the scale was so unimaginably large, even the public who had fervently supported Ha Si-heon began to waver.
-No matter how great Ha Si-heon is, is it really right to put 65 trillion won into one basket...............
—National Pension ripping up the textbook on diversification and going full YOLO........
—If this goes bust, retirent age 150 incoming............ zombies will have to enter the labor market now
—If this blows up, every senior center in the country will turn into an employnt agency
—We’re entering an era where people won’t prepare for their 70th birthday party, but their 70th job interview
This wasn’t distrust in Ha Si-heon. If anything, it was an instinctive fear triggered by what was essentially an “all-in” investnt.
“Don’t put all your eggs in one basket.”
By openly violating the first principle of investing, the decision had the entire nation trembling between hope and fear.
However. That anxiety did not last long. Because of the official statent Ha Si-heon released himself.
[The Republic of Korea is not rely a capital provider (LP), but a strategic partner (SP). Accordingly, we will secure co-investnt rights and pursue comprehensive collaboration including technology transfer, joint venture establishnt, and global network integration.]
In simple terms, it ant that Korea would gain the right to directly secure equity stakes in the top-tier deals discovered by Ha Si-heon.
Opportunities that, under normal circumstances, would have been monopolized by the fund, would now be shared without fees—allowing Korea to leverage its equity positions to form technology alliances with overseas pharmaceutical giants or to attract dostic manufacturing facilities, creating a cascade of synergies.
But what truly silenced the public's fear was not this complex investnt structure. It was the words that followed.
[We have always chosen our partners with great care. We looked not at their financial power, but whether they possessed the potential to take risks that would change the era.]
[You can see this from my previous partners. Ichan, who rewrote the laws of finance. Stark, who redefined the concept of transportation itself. And Next AI, which ushered in the age of artificial intelligence................ All of them were ga-changers who overturned their respective fields.]
Ha Si-heon’s partners were all globally recognized icons of innovation.
And now.
[And today, in the new field of healthcare, our next partner is the Republic of Korea.]
This ti, Korea itself had been selected as that partner.
It was a statent that made every Korean heart pound. With that declaration, Korea had been elevated to stand alongside Ichan, Stark, and Next AI.
It was the greatest marketing victory—imprinting the brand of “Innovative Nation: Korea” upon the world.
The internet began to explode.
—Fill in the blank: Emperor of Wall Street, the man going to Mars, future of AI, and
—The new Avengers lineup revealed: Iron Man, Thor, Captain Korea [NEW!]
—Is it normal that I tear up just from looking at the Korean flag?
—Make Korea Great Again! MAKE KOREA GREAT AGAIN! Make Korea Great Again! MAKE KOREA GREAT AGAIN! MAKE! Make Korea Great Again! MAKE KOREA GREAT AGAIN!
Ha Si-heon had elevated the nation of Korea to the status of a leading force in shaping the future of the world.
In the anti, foreign dia outlets churned out analyses day after day that confird and underscored this “elevation.”
[$50 billion! This is the largest single contribution in history. Deals of this ga-scale are only possible from the likes of Saudi Arabia.]
[Exactly. When Saudi invested $38 billion in the rideshare unicorn Ubers, and again $45 billion into the Visionary Fund, Wall Street was buzzing for weeks. But Korea just smashed those records in one fell swoop!]
[This investnt is not re capital injection. Quiet, reserved Korea has just officially declared its presence at the frontlines of the global financial order.]
[Frankly, it was almost strange that Korea's presence hadn't been more visible until now. The National Pension Service ranks third in the world by asset size. It should have been recognized as a big player in the market, but until now it had stayed on the bench. Now that player has finally sprinted onto the field for the first major ga!]
Of course, foreign press had covered Korea plenty before, but mostly around negative issues. Geopolitical instability related to North Korea, political uncertainty, scandals around chaebol conglorates, and most recently, impeachnt.
But this ti the mood was different. For several days Korea was repeatedly highlighted on the global economy pages as a genuine “ga changer.”
[Korea is the world’s fifth-largest economy by exports, has world-class education and human capital, and has even served as a global hub for advanced technology.]
[Samsung already stands shoulder to shoulder with Apple, and in semiconductors Korea effectively splits the global mory market. Its capacity for innovation, speed, and market capture has been proven... It was a miscalculation to assu such a player would keep sitting on the bench.]
Faced with the world’s belated admission—“Sorry, we only realized now”—South Korea soon bubbled over with pride and elation.
—Korea discount? What’s that? Now it’s Korea premium plus VAT, lol.
—Republic of Korea! Clap clap clap!
—Cover every wall with Taegukgi prints.
—I’m buying plane tickets just so people can ask ‘where are you from?’ lol.
—Shouldn’t we gild our passports in gold foil since we’re a premium country now?
—K-POP: conquered the ears / K-drama: conquered the eyes / K-money: starting to conquer global vaults.
—First things first—put up a statue of Ha Si-heon in Gwanghwamun and get started.
—Propose redesigning the 100,000-won bill: Ha Si-heon on the front, a QR code on the back to check a live national prestige index, lol.
anwhile, while Korea set off celebratory fireworks, a very different heat spread across Wall Street.
—Are you crazy... $50 billion?
Major investnt banks on Wall Street called ergency etings one after another at the news. That scale of capital could shake markets. In fact, changes were already being felt in the healthcare sector.
—Hold on the BioGenetics acquisition for now.
—You too?
—Sellers are asking to renegotiate prices. There’s a sense to wait until after the Cure Fund launches.
If at least $50 billion pours into a particular sector, the whole field’s corporate valuations surge. Sellers and companies preparing for IPOs all held their breath, waiting for the Cure Fund to start, because that would be the mont to push valuations to the maximum.
With every deal temporarily paralyzed, stock prices were slowly but surely rising. Speculative capital rushing in was lifting healthcare shares across the board.
anwhile, hedge funds and private equity were on edge for a different reason.
—This will steal the entire deal flow................
Most private equity uses leveraged buyouts with bank loans when acquiring companies. But Ha Si-heon didn’t need that. He had the firepower to buy companies outright with no debt. Companies would obviously prefer that, which ant the main investnt targets could all be taken by Ha Si-heon.
—He might exert more control than we thought.
—Even before the fund officially launches, it’s already this big.............
Ha Si-heon’s moves were no longer the actions of a lone individual. One decision from him could change the landscape of an industry, even the flow of the market itself.
Lights burned late into the night across Wall Street as strategists assembled counterasures.
But that tension was a dayti affair.
By night, the atmosphere transford completely. Bars in Wall Street filled with associates, traders, and analysts who’d been wrung out by worry all day. There was nothing but manic excitent and intoxication there.
There was only one topic.
“This race—no telling how it’ll end now.”
“Still think Masayoshi will win.”
The “race” ant the contest between Ha Si-heon and Masayoshi Son. Who would be the first to complete raises totaling $100 billion? Because of this duel, Wall Street had turned into one giant gambling table.
“If Ha can recruit one or two more big investors, he’ll catch up in no ti.”
“Not easy. The ga backers are all in the Middle East, and they’re just watching Saudi’s lead.”
“Aren’t there ga players outside the Middle East?”
“Will democratic countries bet hundreds of billions? Considering public opinion, that’s a stretch. Korea is a special case, sure... most others will only put in $1–2 billion, maybe $10–20 billion max—how could they ever catch up?”
Then, breaking news.
Two heavyweights joined Ha Si-heon’s camp. But the nas were surprising.
“Canada? Singapore? ......?”
Both are conservative, stability-first passive investors who rarely leap into aggressive, bold funds like the Cure Fund.
So why did they move?
—Did soone find so weakness?
—Maybe it’s a signal... passive investors who’d been silent are joining en masse?”
—Isn’t it classic FOMO?
—No, this looks like ROBO—‘Relevance Or Beco Obsolete’—a fear that if you aren’t noticed now you’ll be left behind.
No one could say exactly why Canada and Singapore suddenly altered their risk profiles, but one thing was clear.
It had made the race insanely exciting.
The $100 Billion Race.
Visionary Fund: $80 billion.
Cure Fund: $78 billion.
The score was 80 to 78.
A few days earlier it looked like 80 to 0 and an easy win, but now it was a neck-and-neck contest.
—Who will cross the finish line first?
—Isn’t Masayoshi still favored? One call to Riyadh asking for another $20 billion and it’s over.
—Saudi has pride; would they just hand it over if asked? If they do it now, they’ll look like they’re panic-buying because of Sean.
—There’s no extra value gain here—if they put more in, they admit they’re scared.
Would Saudi swallow pride and quickly fill the remaining amount?
Or..................
—What if the passives stage a revolt? Korea started it and Canada and Singapore ignited it; the rest of the big players on the bench might pile in.
Would the passive investors who’d quietly sat on the bench suddenly rush the field?
Nobody knew the answer.
This situation was driven more by human nature and psychological tendencies than by financial logic or return calculations. But that’s what made it more thrilling.
The bar exploded with energy. At that mont, those gathered were no longer sober financial professionals. They were excited gamblers watching history’s largest stakes play out live.
anwhile, at Pareto Innovation.
“Wall Street narrowed it down to two scenarios,” Gonzalez told Ha Si-heon, relaying the mood.
His voice was calm, but his eyes betrayed his excitent.
“Is it Saudi’s pride, or a chain reaction of passive investors... everyone’s wrestling with it.”
People were trapped within that binary fra. Gonzalez knew it. And he knew that neither side was the whole answer.
“Sean wouldn’t pick such an obvious choice.”
His remark was almost a certainty, not a question.
“A predictable victory doesn’t suit your style...............!”
Ha Si-heon t him with a faint smile instead of an answer.
Gonzalez’s analysis was spot on. Who crosses the finish line first—that tidy fra was dull. A photo-finish might be dramatic in the mont, but it would quickly fade from mory.
To secure a victory that permanently etched itself into market mory, sothing more intense was needed.
Drama.
A shocking reversal that flouted everyone’s expectations.
And there was only one possible ultimate reversal in this fight.
Ha Si-heon smiled quietly.
“Our next target is Saudi.”
“......!”
“Let’s bring Saudi to our side.”
Exactly. They had to make Masayoshi’s strongest backer betray him and turn.
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