Australia’s Starfish Ventures scales back team

The moves came after Starfish decided to rebalance its team as two of its three main funds are beginning to wind down. However, the GP still plans to return to market with a new fund in the next 12 months, following a similar life sciences and technology investment mandate.

The Starfish team is now nine-strong and continues to be led by John Dyson and Michael Panaccio, the firm's co-founders and investment principals. Anthony Glenning is staying on as the sole investment director.

The Starfish Pre-Seed Fund, which closed at A$24 million ($22 million) in 2002, is currently in divestment mode. The Starfish Technology Fund I, another 2002 vintage vehicle, which reached a final close of A$138.8 million in 2004, is also nearing the end of its 10-year life. Its successor, Starfish Technology Fund II, raised A$185 million in 2008 and remains active.

Australia venture capital fundraising has struggled ever since the global financial crisis. According to AVCJ Research, VC investors attracted $137 million in 2012, the highest level in six years, but the majority of this capital went into one fund - Carnegie Private Opportunities Fund - which is expected to make a mixture of growth and venture investments.

However, there have been some encouraging signs this year. In February, the Australian government announced it would provide A$350 million in new funding for the Innovation Investment Fund (IIF) to support small- and medium-sized enterprises (SMEs). M.H. Carnegie & Co, GBS Venture Partners and Innovation Capital are all launching funds under this program.

In March, start-up GP Blackbird Ventures reached a first close of A$20 million on its A$30 million internet-focused venture capital fund, leveraging a network comprising Silicon Valley- and Australia-based super angels.

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