$30m venture capital fund
Macquarie Technology Funds Management and Acer Capital Australia have launched a $30 million venture capital fund.
The Acer Technology Partners Fund, launched by the Victorian Multimedia Minister Alan Stockdale, will invest in innovative high technology companies that have international potential.
Acer will provide $15 million seed funding and the balance of the capital will be raised from local and international investors before the end of the year.
Macquarie will act as fund manager and will identify suitable applicants for the fund. It will have assessment teams based in Melbourne and Sydney, with more than 50 per cent of applicants expected to come from Victoria.
Macquarie Bank executive director Daniel Phillips says it expects to see about 700 investment opportunities a year and these will be thinned down to between six to 10 after screening and in-depth due diligence.
"We are looking for investments that will return between 30 and 35 per cent a year from these companies," he says.
Acer has created similar venture capital funds overseas and now has more than $US150 million under management. It has a two funds in Taiwan investing in software and communications companies; a global fund investing in all areas of computer technology and a $US40 million fund based in Silicon Valley, investing in ventures that could be strategically important to Acer.
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