LaunchVic has issued a Request for Proposal for a Fund Manager to run the Victorian Startup Capital Fund (VSCF).
The VSCF is a $120 million Fund of Funds designed to grow Victoria’s early-stage VC sector and to inject more capital into the early-stage venture capital landscape.
The Fund Manager is responsible for raising at least $60 million from investors including superfunds, family offices and High Net Worth individuals, on top of a confirmed $60 million contribution from the Victorian Government.
Working closely with LaunchVic to support the development of the early-stage VC sector in Victoria the key responsibilities of the Fund Manager include:
- Possess, or have the ability to obtain, an Australian Financial Services License (AFSL);
- Capital raise;
- Implement the agreed Investment Strategy;
- Administer the VSCF;
- Manage follow-on funding into VC funds or any investee startups in which co-investments are made;
- Implement a risk management governance framework; and
- Conduct periodic strategic reviews of the fund’s portfolio, market conditions and future opportunities.
Applications are open to both established funds management firms and experienced individuals, and while local and international candidates are encouraged to apply, the Fund Manager must be based in Victoria if successful.
LaunchVic Chair Leigh Jasper leads a big name selection panel for the Fund Manager comprising:
- Aneetha de Silva, Board Director, LaunchVic
- Elana Rubin, Chair, Afterpay
- Melissa Widner, CEO, Lighter Capital
- Ovidio Iglesias, Co-Founder and Managing Partner, Continuity Capital Partners
About the Victorian Startup Capital Fund
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.
The total fund size of the VSCF is expected to be $120 million.
The VSCF will then invest in Victorian based early-stage VC Funds Limited Partnerships (LPs) (equivalent to ESVCLPs registered under the Venture Capital Act 2002, Cth) 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.
To apply, please review the RFP document below.