Australia's BlueChilli targets $10m for angel fund

According to Business Review Weekly, the vehicle - which has raised $2.2 million to date - will be launched to the public later this week. Investors can put up a minimum of $100,000, paid in at an annual rate of $20,000 over five years.

The fund has already been approved as an early stage venture capital limited partnership by AusIndustry, giving it an exemption from capital gains tax.

"It provides a way for non-typical angels to get involved in technical start-ups," said BlueChilli chief executive Sebastien Eckersley-Maslin. "There are only 400 to 500 active angels in Australia and so what we're trying to do is tap into the 100,000 Australian households that have net worth of more than $5 million and disposable income or investable income of around $2 million."

Eckersley-Maslin added that the goal is to deliver an annualised return of more than 20% over the seven to 10-year term of the fund. BlueChilli charges 2% per in management fees and 20% in carried interest and has engaged Artesian Venture Partners to manage the fund.

Several Australian VC funds have been launched recently with a view to tapping angel investors.

Start-up GP Blackbird Ventures reached a first close of A$20 million ($22 million) on its A$30 million internet-focused venture capital fund, with most of the capital coming from a cluster of Silicon Valley- and Australia-based super angels.

Meanwhile, Adventure Capital is targeting $100 million for its debut fund while Kaz Capital is seeking to raise at least A$10 million. Adventure Capital in particular is looking to leverage Silicon Valley connections.

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• Topics
• Australasia
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• Venture
• Early-stage
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• Australia
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