Venture capital eyes finance and property
Venture capital and later stage private equity (VC&LSPE) investment vehicles have increased their investments in the finance and property industry from 2007 to 2008 by up to 25 per cent of their total investments, according to information released by the Australian Bureau of Statistics.
VC&LSPE investment vehicles’ net assets increased to $10.3 billion at the end of the June 2008, up from $9.5 billion a year earlier and $6.9 billion in June 2006.
The largest source of funds in terms of drawdown for VC&LSPE vehicles was provided by domestic pension funds. Domestic pension funds accounted for 53 per cent of total drawdowns in June 2008, a slight drop from 54 per cent in June 2007.
VC&LSPE investors are mostly sophisticated individual investors or pension funds.
Recommended for you
Outflows have doubled in the property and infrastructure space to $1.3 billion with advisers instead favouring private markets as Morningstar data finds active property funds are struggling to outperform.
Fund manager HMC Capital is seeking to expand fundraising for its private equity vehicle into wholesale platforms now that it has achieved a three-year track record, while scrapping plans for a second fund.
Former Platinum co-founder James Simpson will take up a non-executive role at Income Asset Management as two directors retire.
Bell Financial Group has announced a 44 per cent decline in half-year net profit after tax but record funds under advice as it transitions into a diverse wealth management business.
