국내 사모펀드 법제의 개선에 관한 연구 - 창조 경제와 부동산 위기의 완화를 위한 사모펀드 -

This paper examines Korea’s intricate laws system governing private funds, and then proposes possible improvements so that they can function well productively to spur economic growth. Private funds are unique from other financial vehicles or institutions in that they are non- regulated funds that use alternative investment strategies based on unrestrained creativity. Since the new administration was inaugurated in early 2013, the term “creative economy” has become a buzzword. However, it is more than a simple political slogan and presents a clear future direction for the Korean economy that needs new economic driving forces. Private funds are the most creative and innovative of all existing investment entities in the financial markets, and they can play a pivotal role in building up creative finance for the creative economy. With their financing capabilities, they can support new industries as well as facilitate creative destruction. Currently, Korea’s real estate recession imposes the biggest threat to the economy. The lack of activity and liquidity in the real estate market is so problematic, and also, it is impossible to securitize all mortgages held by financial institutions. Private funds can weather Korea’s real estate crisis because they supply liquidity to the real estate market and related debt markets. In this paper, we examine Korea’s laws related to various types of private funds, which are intricate, overlapping, incomplete so not orderly at all. Private funds are critically necessary for the Korean economy to grow and prosper. We present desirable legal improvements to nurture the industry and discuss major issues for the efficient functioning of private funds markets.