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Victorian Startup Capital Fund established
A newly created fund of funds geared towards Victorian investments has been established, in a move that will benefit the state’s growing start-up sector.
Lauren Croft
Firm: Gilbert + Tobin (V-Ignite)
Value: N/A
Area: Venture capital
Key players: The G+T team was led by corporate advisory partner Deborah Johns, who was supported by lawyers Judy Hsu and Sam Kaelin.
Deal significance: V-Ignite is a newly created venture capital manager led by Neil Stanford and Brighid Pappin (formerly of the Hostplus private equity and venture capital team) alongside venture capital manager Brandon Capital.
The Victorian government, acting through LaunchVic, will make a cornerstone investment of up to $60 million, which will be matched by an additional commitment of at least $60 million from third-party investors, including super funds, wealth managers and high-net-worth individuals. Investors in the fund will benefit from access to Victoria’s growing start-up sector and a diverse range of other equity funds, as well as a preferential rate on returns.
Commenting on the deal, Ms Johns said: “This deal reflects the government interest in engaging the expertise of leading venture capital fund managers to increase the amount of capital available to local startups”.
Lauren Croft
Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.
