Blue Sky Venture Capital, one of Australia’s leading venture capital fund managers, has been selected to manage the State Government’s 15 year, $50 million South Australian Venture Capital Fund.
The appointment follows an extensive tender and evaluation process.
The State Government’s SAVCF will support local ventures with high growth potential to secure funding and accelerate growth into national and global markets, stimulating economic growth and job creation in South Australia.
Blue Sky Venture Capital will expand its office in Adelaide, with employees dedicated to the SAVCF, who will work alongside local businesses and organisations to identify high growth potential South Australian companies for investment and help attract additional private sector funding from national and international investors.
Blue Sky Venture Capital provides venture capital to businesses in domestic and international markets, investing in companies across a range of industries, including e-commerce, consumer technology, medical devices and specialty pharmaceuticals. Blue Sky Venture Capital has a strong track record of performance, delivering a 25.4% gross internal rate of return compounding since 2006 and is in the top quartile of Venture Capital Fund Managers globally.
Blue Sky Venture Capital is a subsidiary of ASX-listed Blue Sky Alternative Investments Limited (Blue Sky). Blue Sky has offices across Australia and in New York with strong networks to ‘angel’ investors, high net worth investors, self-managed superannuation funds and institutional investors, including industry superannuation funds. The company has more than $3 billion in assets under management and has invested more than $250 million in South Australian businesses that employ approximately 1000 people.
Dr Elaine Stead, Head of Venture Capital at Blue Sky Venture Capital, will lead the management of the SAVCF. Dr Stead is from South Australia and has more than 10 years’ experience as a venture capitalist, specialising in technology commercialisation.