Blue Sky fund on track
Blue Sky Venture Capital this week declared first close for its venture capital fund (VC2014) with more than $15 million in committed capital.
Commenting on the close, Blue Sky Venture Capital investment director Dr Elaine Stead said there was strong momentum towards the fund's $30 million target and that the fund had attracted significant interest from foreign high net worth investors as it is eligible as part of the new Significant Investor Visa (SIV) rules that require a minimum investment of $500,000 in eligible Australian venture capital or growth private equity funds.
The fund is also a registered Early Stage Venture Capital Limited Partnership (ESVCLP), meaning returns to investors will be tax exempt.
The fund's first investment will be Australia's largest independent online retail delivery network, ParcelPoint, and it is currently in due diligence on a second investment.
AUTHOR
Mike Taylor
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