NTT DoCoMo and KT Freetel today announced that in November they will set up a venture fund in Korea to invest in promising mobile and IT firms. The fund will be managed by KTBnetwork

DoCoMo and KT Freetel will each invest 13.5 billion won (1.7 billion yen), in the fund, named as KTF-NTT DoCoMo Mobile Investment Limited Partnership, each taking a 45 percent stake. KTBnetwork will invest 3 billion won (378 million yen) for the remaining 10 percent stake.

Through the fund, NTT DoCoMo and KTF expect to identify promising companies for tie-ups in technology and other opportunities in the mobile and IT sectors.

Joint investment undertakings are one of the goals of the business and capital partnership agreement concluded between DoCoMo and KTF on December 15, 2005.

The fund will operate for six years, with an option for a two-year extension.