EVP, Microequities launch $15.4m Australian VC fund

About half of the targeted corpus has been raised to date although LP commitments have not been specified. Microequities disclosed that it has invested A$2.8 million in the fund.

"I'd be surprised if we don't close it within a month," EVP founder Les Szekely told StartupSmart. "But if people start throwing money at us we won't take it, we will close the fund. We will cap it to allocate sufficient time and resources to each company. We want to manage it to a size where we believe we can create the most value among the portfolio."

The vehicle, known as Microequities Venture Capital Fund, is expected to concentrate largely on software-as-a-service (SaaS) providers and disruptive early-stage businesses with potential for exponential revenue growth. Investments will range from A$100,000 to A$3 million for stakes up to 50% to be held over 5-10 year horizons. It is targeting return rates of at least 25% per annum.

Founded in 2014, EVP focuses on corporate advice, CFO services and venture investment from the seed to Series A stages. Microequities was established in 2005 and claims more than A$250 million of under management. Both firms are based in Sydney.

The launch extends a recent string of Australian venture fundraisings including a A$50 million investment by Westpac Banking in Reinventnure's second fund and a commitment by the federal government to seed $250 million into a biomedical technology-focused vehicle.

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• Topics
• Australasia
• Technology
• Venture
• Early-stage
• Fundraising
• Australia
• Growth capital
• TMT