DEEP RESEARCH · ASSET ALLOCATION
Super-IB IMA Accounts and Possible Capital Inflows into Small and Mid Caps
A note on how IMA reform could redirect capital toward venture capital, Pre-IPO, and small/mid-cap equities
0. Bottom line first
Starting this year, some money may finally flow into small and mid caps. If super-sized investment banks must allocate part of IMA and promissory-note funding to risk capital, money that previously chased real estate or short-term returns may move toward SMEs, venture capital, Pre-IPO deals, and high-yield products.
Official fact: The original post links to the Korea Economic Daily Market Insight article Super IBs diversify investment and provide a KRW 10 trillion funding channel to SMEs and ventures. The core issue is investment diversification by super IBs and possible funding for SMEs and venture companies.
1. IMA eligibility: super-IB requirements
| Requirement | Content | Original note |
|---|---|---|
| Equity capital | At least KRW 4 trillion | Mirae Asset Securities, NH Investment & Securities, KB Securities, Korea Investment & Securities, and Samsung Securities are already designated super IBs. |
| Short-term financing license | Promissory-note business approval required | Mirae Asset, Korea Investment, NH, and KB have it. Samsung Securities does not yet have the approval and cannot operate IMA. |
| Financial soundness | BIS ratio, leverage ratio, credit rating | Because IMA is principal-protected, strict criteria such as credit rating of A0 or higher are needed. |
2. What IMA is and why it appeared
Official fact: The note describes IMA as a securities-firm version of a deposit or savings product, where clients entrust money to a super IB that provides principal protection plus a promised return.
Interpretation: Until now, super-IB money often went to real estate and short-term investments through promissory-note funding. The government appears to want more capital-at-risk flowing into growth industries, so it is permitting IMA while requiring risk-capital investment.
3. New rules and the definition of risk capital
- At least 25% of IMA and promissory-note funding must be invested in risk capital.
- The ratio rises gradually from 10% in 2025 to 25% in 2028.
- The real-estate investment limit falls from 30% to 10%.
- Risk capital includes financing for SMEs and mid-sized companies excluding large conglomerates, A-rated-or-below corporate bonds, high-yield funds, VC investment, new-technology finance, and Pre-IPO deals.
10% obligation
The initial phase starts with a 10% risk-capital allocation.
25% obligation
Eventually, at least 25% of IMA and promissory-note funding should flow into risk capital.
30% → 10%
The lower real-estate cap restricts the old short-term and property-heavy allocation pattern.
4. Impact on SMEs, VC, and IPOs
Interpretation: SMEs and venture companies that previously relied on bank loans or government policy funding may gain a new financing channel from super IBs. VC firms, technology investment partnerships, and new-technology finance companies could be direct beneficiaries.
- More than KRW 10 trillion of inflows is expected in a recently weak venture-investment market.
- Capital flow could increase across Series A-C and Pre-IPO stages.
- More risk capital may help startups raise pre-listing funds and support KOSDAQ and technology-special listing activity after listing.
Sources
- Original Naver Blog post: https://m.blog.naver.com/PostView.naver?blogId=star_of_self&logNo=223833182388
- Korea Economic Daily Market Insight article: https://marketinsight.hankyung.com/article/202504090603r