10/10/2007 - First closing for new $50 million Cleantech Australia Fund
Cleantech Ventures has completed the first close of its new Cleantech Australia Fund.
The fund's first closing of $50 million is made up of $20 million provided through the Australian government's Innovation Investment Fund (IIF) program and $30 million from VicSuper, a superannuation fund committed to sustainability.
Recent interest from both industry and private equity fund managers suggests the fund has the potential to raise significantly more.
The Cleantech Australia Fund's main focus will be investments in expansion stage companies that are commercialising clean technologies; those which generate superior commercial benefits to customers whilst simultaneously addressing significant environmental concerns such as climate change, water scarcity, water quality and resource constraints.
The fund is expected to make its first investment in the next few months.
Cleantech Ventures has classified 12 specific cleantech sub-sectors into which investments will be made based on an in-depth understanding of technology and market trends. Some of the larger sub-sectors have been the subject of rigorous review.
International investment in the cleantech sector has grown significantly in recent years and the Cleantech Australia Fund will leverage Australia's strong innovation and R&D skill base to build companies with high potential clean technologies that target both Australian and international markets
Cleantech Ventures is co-authoring a benchmark report representing the first-ever comprehensive analysis of cleantech venture capital, merger and acquisition and IPO activity in Australia. The report will be released at the end of October and will provide the venture capital and private equity industry with much needed information on Cleantech investing in Australia as well as comparisons to North America and Europe. The report will be made available for download from Cleantech Ventures' website.
- Note: The media release is a printable PDF file which can be viewed using Adobe Acrobat Reader. If you do not have Adobe Acrobat Reader installed on your computer, click here to download your free copy: download Adobe Acrobat Reader