Three GPs chosen to manage Australia biomedical fund
OneVentures, Brandon Capital and BioScience Managers have been selected to manage the Australian government’s A$500 million ($375 million) Biomedical Translation Fund (BTF).
The firms will be tasked with helping nurture biomedical discoveries and creating market-ready healthcare products that are internationally competitive. This effort will aim to stimulate the local research sector by leveraging the managers' combined expertise in biomedical fields and attracting additional private investment.
"Each of these fund managers were chosen for their experience and capability to negotiate the challenges, expense and time commitments involved with commercializing groundbreaking medical research, which reflects the depth of talent and expertise we have in Australia," Yasser El-Ansary, CEO of the Australian Private Equity & Venture Capital Association (AVCAL), said in a statement.
BTF was set up earlier this year as part of Australia's A$1.1 billion innovation agenda. The fund received A$250 million of seed funding form the government in August, which is set to be matched by at least another A$250 million in private backing.
The fund will be administered by a specially formed committee under Innovation Australia, an independent, government-established body with a mandate that includes supporting start-ups and venture capital. Last year, Bill Ferris, co-founder of CHAMP Private Equity was appointed chairman of the body.
Brandon focuses on domestic life science companies at the seed and early-stage levels. Last year, it closed its third Medical Research Commercialization Fund at A$200 million. It subsequently expanded the vehicle's mandate to include New Zealand.
OneVentures supports emerging technologies across cleantech, IT and life sciences. Its recent activity in the medical sector includes an A$8 million commitment to Melbourne's Murdoch Childrens Research Institute.
BioScience Managers invests in areas including pharmaceuticals, medical devices, diagnostics and digital health technologies. It claims to have made more than 170 investments from four funds since 2003.
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