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HESTA makes venture capital allocation
Robert Fowler
Big health industry fund HESTA has moved to direct 1 per cent of its asset allocation to Australian private equity.
The fund announced it would be committing $50 million over the next two years as part of a specific venture capital investment program within a 1 per cent strategic asset allocation to Australian private equity.
HESTA executive manager, investments and governance, Rob Fowler said the fund was looking to support the still fledging Australian venture capital industry, and in particular the life sciences industry.
“Australia punches well above its weight in medical research and we are looking to help support the commercialisation of research in Australia,” he said.
HESTA has appointed Industry Funds Management to look after the investment, and expects an internal rate of return above 20 per cent.
AUTHOR
Mike Taylor
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