IIF program to invest $102m in Australian venture

The amount, which is higher than the expected $60 million already allocated to the IIF, must be matched by private investors before VC fund managers can invest their portions into early stage companies in the technology space.

IIF's decision has been welcome by the Australian Private Equity and Venture Capital Association (AVCAL), which notes that the initiative has led to commercial success for many businesses as well as generating returns for investors, including the government.

However, AVCAL CEO Katherine Woodthorpe believes that Australia still has a way to go in taking full advantage of innovation and supporting national growth and employment. "The government commendably spends over $8 billion a year on research and development but very little on helping to commercialize that investment," she points out.

Launched in 1998, the IIF program made the government a cornerstone LP in a number of first time managers. Many of those first funds invested into a market that saw the bubble burst in the early 2000s, which some say has hampered the development of the country's venture industry.

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• Topics
• Australasia
• Early-stage
• Fund-of-funds
• Fund-of-funds
• LPs
• Australia
• AVCAL
• Technology
• Growth capital