South Korea’s Daesung’s Group is entering the metaverse with the launch of an $84 million fund for companies operating in the ecosystem.

The fund is the largest metaverse grant in South Korean history and will be managed by Daesung Venture Investment Co. Ltd, a subsidiary of Daesung Group, local news outlet Newsis reported. The private equity firm said the Daesung Metaverse Scale-up Fund would focus on distributed ledger technology (DLT), artificial intelligence (AI) and extended reality (XR).

Korea Venture Investment Corp contributed $46 million to the fund, while the Industrial Bank of Korea (IBK), Shinhan Capital Co. Ltd and other Daesung Group subsidiaries made investments in the metaverse fund. The energy conglomerate appears to be pivoting from oil and gas…