Melbourne-headquartered asset management firm Boman Group is launching a new $1 billion venture fund as part of its plan to facilitate both investment and business expansion opportunities across China and Australia, according to a company release on Monday.
The venture fund is currently amid its first close, Boman’s CEO Eric Gao, whose firm known for managing assets tied to Chinese wealth, told local news outlet The Australian Financial Review in an interview on Monday. The fund targets to invest in companies based in China and Australia focused on healthcare, technology and renewable energy, per the release.
DealStreetAsia has reached out to Boman Group for more details of the new fund.
The new fund launch comes shortly after the firm secured its Qualified Foreign Limited Partner (QFLP) License in China. The QFLP license enables licensed international funds to invest in the country’s PE-VC scene.
As the firm sets Tianjin city as its China headquarters, the fund manager plans to assist in the placement of Australian institutional investor capital into some of the fast-growing Chinese industries, providing advice to Chinese firms to tap into Australia’s market including the local bourse for capital growth, among others, per the release.
“Australia is rich in natural resources, boasts high-quality food and agricultural products, and leads in healthcare and technology innovation. However, Australian innovations often face challenges due to limited early-stage funding, commercialisation expertise, and a relatively small domestic market, which has been a constant frustration for me,” Gao said.
“In contrast, China has a vast market, deep industry knowledge in commercialisation, a strong appetite for risk capital in innovation and technology, and is becoming the world’s largest exporter,” he said. “Our mission is to connect the expertise of both countries, bridging capital and innovation to accelerate Australian innovation and commercialisation.”
Founded in 2011, Boman Group, previously known as BMYG Financial Group, provides high-net-worth investors with a wide range of investment opportunities and structures including fixed income, private equity, and IPOs, with $600 million worth of assets under management.
