Bridgewest Ventures lands in Australia

Kiwi venture capital firm Bridgewest Ventures has scored an AFSL to expand in Australia, hoping to win over family offices, wealth advisers and institutional investors with a new fund.

Founded in 2020, Bridgewest Venture invests in the sectors of life sciences, medical technology, artificial intelligence (AI), advanced materials and clean technology that operate across New Zealand and Australia.

John van der Wielen was hired to be a senior adviser to Bridgewest Venture, as well as lead the Australian distribution strategy.

The Bridgewest Venture Fund I LP is aiming to raise $82 million (NZ$100m) by June. It has already achieved a first close of $49.4 million (NZ$60.2m). Ideal target companies tend to be at an earlier stage than what many international investors can access directly.

The fund is structured as an eligible investment under New Zealand's Active Investor Plus (AIP) visa program.

Companies in Bridgewest Ventures' portfolio include battery technology maker Entropeak, home-compostable bioplastics Compostify and non-invasive skin cancer screening tool Luminoma.

"New Zealand and Australia are producing globally relevant intellectual property in sectors such as life sciences, medical technology, advanced materials, artificial intelligence, and clean technology - yet the market remains significantly undercapitalised relative to the quality of innovation being developed. We believe this creates a compelling asymmetry for sophisticated investors," Bridgewest Venture chief executive Saum Vahdat said.

The firm is also actively raising funds from US institutional and high-net-worth investors.

Bridgewest Venture is part of the Bridgewest Group, which has portfolio of global companies worth $4.2 billion (US$3bn).

Bridgewest Venture Fund I general partner Paul Brownsey said: "We believe New Zealand and Australia represent one of the more overlooked innovation markets globally. Through our local operating presence, proprietary sourcing network, and active management model, we aim to help companies scale internationally while giving our limited partners exposure to growth opportunities that are often unavailable in larger, more efficient venture markets."