Southern Cross to run Australian state-backed VC fund
VC firm Southern Cross Venture Partners has secured the mandate to run the Australian government’s first renewable energy venture fund, the REVCF.
Part of the Commonwealth's clean energy strategy, the A$200 million ($198 million) fund received a A$100 million commitment from the government and A$100 million from private investors.
The Australian venture capital association, AVCAL, has welcomed the quick action taken by the state in establishing the vehicle.
"Venture capital fund managers - usually former successful entrepreneurs, scientists, doctors and engineers - are ideally placed to help commercialise Australian innovation by applying a business mindset and working hands‐on with the company founders and management to generate returns for investors," said AVCAL CEO Katherine Woodthorpe.
The REVCF mandate comes after the government recently announced its plans to provide venture capital funds with up to A$100 million of capital via its Innovation Investment Fund program. The amount was higher than the anticipated figure of A$60 million, although it must be matched by private investors.
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