By GEOFF SENESCALL
The public are being targeted by promoters of a new $A84 million Australasian venture capital technology fund.
Launched in New Zealand by brokers Ord Minnett under the name BluePeak, the aim is to give retail investors in New Zealand and Australia the opportunity to get into technology assets at
the ground level.
According to Ord Minnett's Arthur Lim, retail investors usually get the chance to invest in these companies only when they are sufficiently developed to list.
"They therefore never get the chance to make the early, superlative gains," he said.
"Normally venture capital has been the domain of high net worth individuals and institutions. Now the little guy can get in on the same terms and conditions."
The BluePeak fund will form part of a total pool of new capital of $A175 million to be actively managed by the Australia venture capital specialists Allen & Buckeridge. Under a separate issue, Allen & Buckeridge is raising around $A90 million from institutions.
These funds will be invested over the next two years in 15 to 20 technology businesses, principally in Australia and New Zealand.
Ord Minnett's Sam Yates, who is over from Australia this week to promote the issue, said the shakeout in the technology sector had created many opportunities.
"Effectively it has halved the entry price," he said.
Mr Yates said the fund would not be listed. Investors would therefore have to wait until the assets were liquidated.
A timetable would be put in place to either list or sell the assets. Returns should flow to investors after the third year.
