Innovation Australia aims to promote the development, and improve the efficiency and international competitiveness of Australian industry by encouraging




НазваниеInnovation Australia aims to promote the development, and improve the efficiency and international competitiveness of Australian industry by encouraging
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Table 2.6 IIF investments made in 2009-10 (Australian Government contribution)

Fund manager

Investment

($m)

Number of investee companies

Allen & Buckeridge Investment Management Pty Ltda

0.00

0

AMWIN Management Pty Ltda

0.00

0

Brandon Bioscience Fund No. 1 Management Partnership LP

1.68

4

Cleantech Australia Fund Management Partnership, LP

1.33

2

Coates Myer and Company Pty Ltd

0.00

0

Momentum Funds Management Pty Ltda

0.00

0

GBS Venture Partners Limiteda

0.00

0

Start-Up Australia Ventures Pty Ltd

0.00

0

Four Hats Capital Pty Ltd (formerly Kestrel Capital)

0.59

2

One Ventures Pty Ltd

0.00

0

Neo Technology Ventures Pty Ltd

0.29

1

Yuuwa Management LP

0.05

1

Stone Ridge Ventures Pty Ltd (formerly Foundation)

0.00

0

Total

3.94

10

a Funds fully drawn, no further capital availablePROGRAM PERFORMANCE

Innovation Australia (the Board) oversees the operation of the IIF fund managers through its Venture Capital Committee. The licensed fund managers report six monthly to the Board on their operations, including the current valuation of investments. Fund managers reported varying performances during 2009-10.


As at 30 June 2010, the number of investee companies (not including co-investments) for all IIF fund managers increased to 91, and the amount invested since the inception of the program was $287.54 million, of which the Australian Government provided $176.02 million. In 2009 10, $8.38 million was drawn down for investment into 10 companies, of which $3.94 million was drawn down from the Australian Government. Three of the 10 companies were new investments in 2009-10.


In 2009-10, the Australian Government received collective returns of $2.59 million from fund managers Coates Myer and Company Pty Ltd, Stone Ridge Ventures Pty Ltd (formerly Foundation Management Pty Ltd), Four Hats Capital Pty Ltd (formerly Kestrel Capital), Allen & Buckeridge Pty Ltd, AMWIN Management Pty Ltd, Start-Up Australia Ventures Pty Ltd, GBS Venture Partners Limited and Neo Technology Ventures Pty Ltd. As at 30 June 2010, this brings total returns to $420.43 million, of which the Australian Government has received $132.78 million. Of this, $99.93 million has been added to the revolving fund in line with program objectives of which $64.41 million has been allocated to the Innovation Investment Follow-on Fund program.


OUTCOMES

The IIF program has contributed to the commercialisation of Australian R&D, with several investee companies having brought new products to market.


Six of the 13 IIF fund managers have raised subsequent funds, contributing to the development of the venture capital industry. Most of these funds invest in a broader range of investments than their predecessor IIF funds.


During 2009-10, five investee companies were fully divested and 10 were partially divested.


As at 30 June 2010, the portfolio of investments (comprising the value of unrealised investments and returns since the inception of the funds) was valued at $537.51 million. After deducting the drawn down capital of $374.83 million, which includes management fees, the potential net gain for the portfolio is $162.68 million. It is important to note that valuations of early stage companies are highly volatile and that the different ages of investments will impact on fund performance and returns.


Since inception:


  • private capital of $223.30 million has been raised

  • 91 individual companies have been invested in the program

  • 95 professionals have been developed through the 13 fund managers.

SUPPORT TO CUSTOMERS

Companies eligible for investment by IIF fund managers must, amongst other things:


  • be commercialising research and development activities

  • have a majority of its employees (by number) and assets (by value) inside Australia at the time the licensed fund first invests in the company

  • have an annual revenue over the past two years of income that does not exceed $5 million per year.


Investee companies supported must also be at the seed, start-up or early expansion stage of their development.


GOVERNANCE

As previously reported, in order to facilitate the role as an investor of venture capital in the first two rounds of funds licensed under the IIF, PSF and REEF programs, the Australian Government established five wholly-owned companies:


  • IIF Investments Pty Ltd

  • IIF (CM) Investments Pty Ltd

  • IIF BioVentures Pty Ltd

  • IIF Foundation Pty Ltd

  • IIF Neo Pty Ltd


These companies are collectively known as the IIF Companies.


Each IIF company is wholly owned by the Australian Government and operates under the legislative framework set by the Corporations Act 2001 and the Commonwealth Authorities and Companies Act 1997 (CAC Act).


The responsibilities for all the IIF companies are outlined in their respective constitutions or articles of association. These documents set out the legal framework within which the companies operate. The IIF Companies directors' roles and responsibilities are outlined in the IIF Companies’ Boards of Directors' Charter as derived from legislative requirements under the Corporations Act 2001 and CAC Act 1997. Under current arrangements, the Directors of the IIF Companies are drawn from members of the VCC.


To date the implementation of the Department’s plan to close the five IIF Companies has resulted in three of the five IIF Companies being voluntarily deregistered by the Australian Securities and Investments Commission (ASIC). The deregistration of three of the five IIF Companies occurred on 23 June 2010. These three deregistered IIF companies are:


  • IIF (CM) Investments Pty Ltd

  • IIF Neo Pty Ltd

  • IIF BioVentures Pty Ltd.


The Department is continuing to work towards the voluntary deregistration of the remaining two IIF companies (ie IIF Investments Pty Ltd and IIF Foundation Pty Ltd) and is hopeful of achieving this objective prior to 30 June 2011 unless significant issues preclude this from happening.


Round 3 of the IIF program was restructured to avoid using the IIF Companies to better achieve compliance with the Uhrig Review principles. As a result the Australian Government has invested directly into the licensed funds. This direct investment approach was also adopted for the Innovation Investment Follow-on Fund program.


The activities of the IIF Companies are described in a separate annual report, the IIF Investments Pty Ltd and IIF Foundation Pty Ltd Annual Reports.


The role of the VCC is outlined in Section 3 – Corporate Governance.

INNOVATION INVESTMENT FOLLOW-ON FUND PROGRAM


ESTABLISHMENT

On 18 March 2009, the Australian Government announced the Innovation Investment Follow on Fund (IIFF) program to provide funding to early stage start-up companies. The IIFF program is a temporary and targeted program in response to the impact of the global financial crisis on the availability of venture capital funding to early stage companies commercialising research. The fund enables selected companies with high potential to continue to develop and to commercialise research.


The program provides follow-on support to selected existing investments made under Rounds 1 and 2 of the Innovation Investment Fund (IIF) program, the Pre-Seed Fund (PSF) program, the Renewable Energy Equity Fund (REEF) program and the ICT Incubators Program (ICTIP).


The IIFF program will ensure that the most promising investee companies commercialise new technologies and that services are not abandoned due to the financial constraints during the global financial crisis. The program will run for a maximum of five years to 2015-16 with the last two years of the program allowing for orderly divestments of company shareholdings.


Funding for the new IIFF program is sourced from the revolving fund established under the IIF program in 2000. The IIF revolving fund is comprised of capital returned from successful exits from IIF investee companies. Through the IIFF program the Australian Government has helped sustain investee companies and will receive all returns from IIFF investee company exits.


Applications for the IIFF program opened on 5 June 2009 and closed on 19 June 2009. Twenty-two fund managers were eligible for the program, with 20 applying for funding. Assessment of applications involved a competitive process using merit criteria and was conducted by the IIFF Committee of Innovation Australia.


On 7 July 2009, the IIFF Committee considered applications seeking follow-on funding for 79 investee companies (including three co-investments). The Committee assessed all applications against the merit criteria. The Committee recommended that 11 fund managers with a portfolio of 36 investee companies (one co investment) be supported totalling $64.41 million, including $0.72 million of recoverable expenses. All successful applicants have entered into funding agreements with the Australian Government.


OBJECTIVES

The objectives of the IIFF program are to:


respond to the constraint in accessing capital in the global financial crisis

  • support selected fund managers through the provision of additional follow-on investment capital

  • ensure that the early stage venture capital industry in Australia continues to develop

  • achieve value by targeting investee companies which have the highest potential to utilise the IIFF program funding to continue to develop

  • continue to provide the management and entrepreneurial expertise of fund managers to investee companies

  • provide funding to investee companies in an expeditious manner

  • replenish the IIF revolving fund with returns from the IIFF program.


PROGRAM PERFORMANCE

During the 2009-10 financial year:


  • all 11 fund managers executed governing documents with the Australian Government by 2 December 2009

  • program expenditure of $40.93 million (including $0.07 million recoverable expenses) was made to invest in 25 companies (one co-investment).


Table 2.7 IIFF 2009-10 Expenditure (Australian Government contribution)

Fund Manager

Total Approved Funding

($m)

Total Expenditure

($m)

Investees Supported to 30 June 2010

Allen & Buckeridge Asset Management Ltd

7.10

6.51

3

AMWIN Management Pty Ltd

5.44

5.36

1

Coates Myer and Company Pty Ltd

1.91

1.91

1

Divergent Capital Pty Ltd

2.75

2.75

2

GBS Venture Partners Pty Ltd

10.05

3.50

2

In-tellinc Pty Ltd

2.30

0.42

2

iQ Fund 3 Pty Ltd (trading as InQbator)

3.95

2.21

4

NEO Technology Ventures Pty Ltd

5.10

3.68

1

Playford Capital Pty Ltd

7.45

0.84

3

Starfish Ventures Pty Ltd

9.85

5.90

4

Start-Up Australia Ventures Pty Ltd

8.51

7.85

2
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