The Victorian Government has made a $60m cornerstone investment in the Victorian Startup Capital Fund (VSCF).
The VSCF is a Fund of Funds designed to grow Victoria’s early stage VC sector and to inject more capital into the early-stage venture capital landscape.
A further $60m will be raised by the VSCF’s Fund Manager from investors including superfunds, family offices and High Net Worth individuals.
The total fund size of the VSCF is expected to be $120m.
The VSCF will then invest in Victorian based early-stage VC Funds Limited Partnerships and Victorian-based angel sidecar funds who will need to match the funding made by the VSCF – resulting in a $240m increase to early-stage investments being made in Victoria.
The VSCF will be independent from Government, with all investing decisions being purely commercially driven by an independent Fund Manager supported by an expert Investment Committee.
LaunchVic Ltd will manage the Government’s $60m cornerstone investment in the VSCF and act as a limited partner investor into the VSCF.