Southern Cross Venture Partners has secured the mandate to run the Commonwealth Government’s first Renewable Energy Venture Capital Fund (REVCF). The Government has moved quickly to establish the $200 million fund ($100m provided by Government and $100m by private investors) since announcing its creation earlier this year as part of the Commonwealth’s clean energy strategy.
The Australian Private Equity and Venture Capital Association (AVCAL) congratulates Southern Cross Venture Partners on securing the mandate to run the Commonwealth Government’s first Renewable Energy Venture Capital Fund (REVCF).
AVCAL applauds the Government for moving quickly to establish the $200 million fund ($100m provided by Government and $100m by private investors) since announcing its creation earlier this year as part of the Commonwealth’s clean energy strategy.
AVCAL CEO Dr Katherine Woodthorpe said the REVCF mandate recognises the unique role venture capital fund managers play in commercialising Australian innovation, and the expertise that they bring including their ability to attract private investment capital.
“The Government recognises that it must play an important part in funding and coordinating investment in innovation if Australia is to help lead the commercialisation of renewable energy technologies,” she said.
“Venture capital fund managers – usually former successful entrepreneurs, scientists, doctors and engineers – are ideally placed to help commercialise Australian innovation by applying a business mindset and working hands-on with the company founders and management to generate returns for investors.”
Dr Woodthorpe commended the Government for supporting the development of Australian companies that are commercialising new technologies and for recognising the unique expertise of venture capital (VC) fund managers in facilitating that process.
The REVCF mandate follows the Government’s recent announcement (http://www.avcal.com.au/news/details/industry-news/avcal-welcomes-venture-capital-funding-calls-for-more/1941) of its final round of funding under the long-standing the Innovation Industry Fund to commercialise Australian innovation and research.
• Current VC industry highlights: see AVCAL’s newly released VC fact sheet (http://www.avcal.com.au/sites/default/files/AVCAL_VCFactSheet_Dec2011_0.pdf).
• Commentary background: VC vital to our nation’s hi-tech survival(http://www.avcal.com.au/news/details/industry-news/venture-capital-vital-to-our-nation’s-hi-tech-survival/1936).
• REVCF webpage (http://www.ret.gov.au/energy/clean/acre/vcf/Pages/default.aspx) and Minister for Resources and Energy Martin Ferguson’s media release (http://minister.ret.gov.au/MediaCentre/MediaReleases/Pages/200mRenewableEnergyVentureCapitalFundLaunched.aspx)