Australia's M.H. Carnegie, Vivant Ventures launch accelerator

The vehicle has already received a commitment of A$40 million through the Innovation Investment Fund (IFF) scheme, whereby the government contribution has to be matched by private sector LPs. M.H. Carnegie's first venture capital fund, which launched in 2010, was awarded A$20 million by the IIF.

Carnegie told The Australian that Vivant "understood a particular vertical that we don't understand," and the partnership would address one of the biggest problems facing VC in Australia - the lack of a clustering effect that facilitates entrepreneur collaboration and the development of innovation hubs.

"We think the biggest mistake people make in Australian venture is to try and hog their deals, ideas and IP and not co-operate and collaborate," he said. "We've been trying to be as co-operative as we can."

There are the makings of a mini-revival in Australia's start-up space, with a number of new GPs seeking to raise capital. Blackbird Ventures earlier this year reached a first close of A$20 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. Adventure Capital and Kaz Capital are also in the market.

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 - M.H. Carnegie's Carnegie Private Opportunities Fund - which is expected to make a mixture of growth and venture investments.

However, GBS Venture Partners and Innovation Capital also received funding from the IIF this year and the government has said it will provide a further A$350 million for the scheme as part of a wider initiative that will see A$1 billion committed to spur job creation. It also pledged to recycle any money returned by the sponsored funds back into the scheme.

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