Listed investment manager CVC is currently raising capital for a new venture capital fund.
The CVC Add+Venture Fund is an early and expansion-stage VC vehicle, targeted to exceed 25% internal rate of return. It's designed with a shorter-term investment horizon than the majority of VC funds and is significant investor visa-compliant.
CVC invesmtent principal David Gasan explained: "The ecosystem for venture capital in Australia has come a long way these last two to three years: a growing number of top quality opportunities for investment now well supported with funding possibilities; it truly makes this asset class a much more compelling proposition today than in the past."
"We recognise the importance of liquidity and recycling cash and our track record over the last five years indicates an average three-year hold for our portfolio in this asset class - a key point of differentiation to other VCs where a lock up of seven to eight years is the average," Gasan added.
"Furthermore, as we realise an exit, cash is immediately returned to our investors - we don't hold cash."
CVC currently has about $240 million in assets under management.