A government-backed fund investing in emerging industries, including artificial intelligence (AI), began its second retail offering of 600 billion won ($443 million) Wednesday, with banks selling about 10 percent of their allocations by midmorning. Demand was more subdued compared to the first offering, when some banks exhausted their allocations within two hours. The slower start appears to reflect losses suffered by the first fund and revised subscription rules that exclude previous participants. The Financial Services Commission (FSC), the country’s top financial regulator, said investors can subscribe through banks and securities firms on a first-come, first-served basis until Oct. 15. Designed to give individuals access to the government’s National Growth Fund program, the retail product aims to raise a combined 1.2 trillion won across two offerings. The government will contribute another 240 billion won in subordinated capital, which absorbs losses before retail investors’ capital, creating a total pool of 1.44 trillion won. The National Growth Fund program was launched late