Australia's leading independent law firm, Corrs Chambers Westgarth, has advised Victorian Government entity, LaunchVic, on the establishment of the Victorian Startup Capital Fund (VSCF).
Announced in the Victorian Government's 2019-20 budget, VSCF is to be a newly created fund-of-funds that has been designed to harness budding Victorian entrepreneurs as they look to grow their companies. LaunchVic has committed to a cornerstone investment of A$60 million, to be matched by at least A$60 million from private investors, including superannuation funds, high net worth individuals and others.
V-Ignite was authorised last week by LaunchVic to be the fund manager of VSCF. V-Ignite is responsible for the raising of capital for VSCF and the management of VSCF once it is established.
Led by partner Kon Mellos and special counsel Anton Bobenko, who specialise in private fund establishment and investments, Corrs drew on the combined experience of the Financial Sponsors, Tax, Corporate, Projects and Intellectual Property teams to advise LaunchVic on the design and development of VSCF and the authorisation of V-Ignite to be the fund manager of VSCF.
Commenting on the matter, partner Kon Mellos said: "We are pleased to support LaunchVic on the establishment of VSCF, which is set to provide important funding to early-stage startups in Victoria. At the intersection of the private sector and public sector, working with experts from across Corrs to advise LaunchVic has been crucial."
LaunchVic Chair Leigh Jasper said: "The Victorian Startup Capital Fund will be a massive boost for the Victorian startup sector, providing much needed capital to our best early-stage startups to grow and create jobs."