first venture capital fund

THE Territory’s first venture capital fund has started.

The Paspalis Innovation Investment Fund has already raised $20 million with another $30 million of investment capital committed from private investors across the Asia Pacific region.

The fund is run by the Paspalis Group of Companies and is managed by Paspalis Asset Management and its trustee, One Funds Management Limited.

It has been accepted as a member of the Australian Venture Capital Association.

Paspalis chief executive officer and fund investment manager Harley Paroulakis said the fund stood to provide some meaningful economic stimulus to the local NT economy.

“It is a balanced fund that has an 80 per cent allocation to Territory Bonds and 20 per cent allocation to NT venture capital projects,” Mr Paroulakis said.

“That’s a new source of capital for housing, transport, health and education services and a precious source of venture capital for industry, research and innovation in the NT.

“Companies may originate from any part of the world, however, to be considered for investment they must be competitive businesses that create an economic advantage for the Northern Territory.

“Our investment range is between $50,000 for early stage start-ups and $2,500,000 for larger projects all of which can demonstrate potential growth of at least 15 per cent per annum.

“The fund will look to invest in Northern Territory companies seeking growth in the Asia Pacific region and Asia Pacific companies looking to do business in the Northern Territory.

“The common thread is that every deal has to benefit the Northern Territory.”

The chief executive officer of the Australian Venture Capital Association, Yasser El-Ansary, said the fund was a first for the NT.

“The Paspalis Innovation Investment Fund is a historical first in the Northern Territory and for the Australian Venture Capital and Private Equity Industry and only reinforces the growing importance and need for this important asset class in regional Australia,” he said.

Mr Paroulakis said key offshore markets of interest included China, Singapore, Israel, Germany and the United States where Austrade has established landing pads for Australian growth companies.

 

Written by Ashley Manicaros

Article appeared in NT News, 17th July 2018

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