First AI fund launched by Nextgen
Australia’s first artificial intelligence (AI) fund has been launched by Nextgen Funds Management to invest in companies delivering AI technology.
It would focus on those which addressed environmental, social and industrial challenges globally by investing in a mix of debt and equity in areas such as health and wellbeing, infrastructure, transport and cybersecurity. By 2028, AI was forecast to be worth $315 billion to the Australian economy.
Samuel Mullavey, head of distribution at Nextgen, said: “We believe AI will be the defining technology of our time. It is set for accelerated growth and demand and, as such, we have positioned the fund to take advantage of the exciting investment opportunities unavailable to public markets.
“As a result, there are unprecedented levels of global activity and investment in AI. In recent times we have seen a total of $86 billion dedicated to AI programs and activities from 14 of the world’s most advanced economies. Locally the Australian technology industry will require up to 161,000 new expert AI professionals by 2030,” he said.
“In many cases, the technology is already available, but the challenge many smaller AI firms face is commercialising ideas into a viable product or service. This as a major opportunity to leverage our strong partnerships, experience, and networks, and provide the expert support required to navigate this tricky stage of development.”
AUTHOR
Laura Dew
Recommended for you
Amid a growing appetite for alternatives, investment executives have shared questions advisers should consider when selecting a private markets product compared to their listed counterparts.
Chief executive Maria Lykouras is set to exit JBWere as the bank confirms it is “evolving” its operations for high-net-worth clients.
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.
Responsible investment performance concerns have lessened as the market hits $1.6 trillion in AUM, according to RIAA’s annual report, but greenwashing fears among asset managers are on the rise.
