Austock and Advent Management Group (AMG) have launched a new $30 million venture capital fund, Advent III.
The limited life, closed-ended fund will invest in unlisted, high growth-potential Australian companies, and is due to close on April 15.
The investment strategy is to build a diversified portfolio of high-growth companies in a range of industries, says Austock director Michael Daddo. Investments will range from $1 million to $5 million and equity holdings from 20 to 49 per cent.
The fund will have a life of 10 years and returns are expected by the end of the fourth year. The minimum investment is 2000 $1 shares, 40 cents on application and the remaining 60 cents in two equal instalments by 2001.
Management fees will average 2.3 per cent on funds drawn down, of which advisers receive 0.3 per cent. A performance fee of 20 per cent will apply on realised profits above compound CPI growth, with advisers receiving 4 per cent.
