Sydney Angels Sidecar Fund has attracted the interest of MH Carnegie & Co as an investor and partner targeting larger co-investments.
The fund is managed by Proto Investment Partners and has raised $10 million. It will remain open to investment for another three months before closing with a maximum of $15 million capital, according to Proto and Sydney Angels.
“The participation of MH Carnegie & Co as an investor in the fund is a validation of the Sydney Angels ability to attract, mentor and invest in the highest quality Australian early stage ventures,” said Proto director Jeremy Colless. “The fund will commit around 50 per cent of its capital to second round investments in early stage ventures. The added draw of larger co-investments by MH Carnegie & Co, in addition to the fund’s investments, will provide a compelling alternative for Australian early stage ventures that currently are forced to head offshore for later capital rounds.”
Proto stated that the fund expected to invest in 25 to 30 early-stage companies over the next five years, with investments of between $100,000 and $500,000.