Venture capital heads to Melbourne
A Federal MP is hoping to start a regional pooled development fund (PDF) that will invest in specific industries operating in the western suburbs of Melbourne.
A Federal MP is hoping to start a regional pooled development fund (PDF) that will invest in specific industries operating in the western suburbs of Melbourne.
Nicola Roxon, the member for Gellibrand which covers the inner Melbourne western suburbs, wants the fund to help small-to-medium sized enterprises in industries such as logistics and distribution. The western suburbs have become the distribution hub of Victoria in recent years.
“I am proposing the establishment of a PDF for the western region (of Melbourne),” she says. “I think it will need to be industry-focussed on logistics and distribution as they are recognised as a key strength of the region.”
Roxon’s initial approach has been to write to all people attending a recent economic summit in the west. This has produced about 20 responses from people saying they are interested in helping set up the PDF.
A briefing on PDFs for this group has been arranged with the Department of Industry, Science and Resources (DISR) in a few weeks time.
“As the local member, I am acting as the facilitator, but I accept we will need to bring in outside expertise to make it attractive to investors and small business,” she says.
Roxon hopes eventually to attract investment from superannuation funds, both corporate funds from firms operating in the west, and individual investors.
“After the DISR briefing we want to talk to fund managers and institutions about creating the PDF,” she says.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
