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New fund managers shortlisted for Innovation Investment Fund.

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28 March 2007 CMR07-164


Four new venture capital managers have been shortlisted for appointment as fund managers under the third round of the Australian Government’s Innovation Investment Fund (IIF3).

"The venture capital sector plays a crucial role in the commercialisation of research and development, and the $200 million IIF3 program will be an important part of stimulating investment,” Australian Minister for Industry, Tourism & Resources, Ian Macfarlane, said.

The IIF3 provides venture capital to businesses at the seed, start-up or early-expansion stage through fund managers. It also aims to develop new fund managers in early stage venture capital investment.

The Government will license two new fund managers every year for the next five years to sustain the development of the venture capital sector.

The two successful fund managers will be licensed to establish funds with $20 million each of Australian Government funds. This will be matched by a minimum dollar-for-dollar investment by the private sector.

Mr Macfarlane announced that Accede Capital Venture Partners, Brandon Capital Management, Jagen Pty Ltd, and Cleantech Ventures Pty Ltd will move to the second stage in the assessment process from a strong field of 21 applications.

Each shortlisted fund has proposed a specific focus:

• The Accede Capital IIF will specialise in investing in Australian early-stage internet and communications opportunities; • Brandon Biosciences Fund No 1 will focus on life sciences companies; • Prescient Ventures will invest in a range of companies including Information

Communications Technology (ICT) and clean energy technology companies; and • Cleantech Australia Fund will target investments in companies commercialising clean technologies such as renewables and waste water treatment.

“I expect to announce the two successful fund managers in May,” Mr Macfarlane said.

Further details on the shortlisted companies and on the Innovation Investment Fund can be found at CMR07-164