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Australian Government Commits $104 Million to Venture Capital Funds

The Australian government’s Innovation Investment Fund has pledged at least 100 million Australian dollars (US$104 million) to local venture capital funds, Minister for Climate Change, Industry and Innovation Greg Combet said Wednesday.

The government funding will be matched dollar-for-dollar by private sector investors such as superannuation funds and high net worth individuals. It will see M.H. Carnegie & Co.’s Carnegie Venture Capital receive a combined A$80 million, while GBS Venture Partners and Innovation Capital Associates will each receive A$60 million.

By Gillian Tan

Full Story: http://blogs.wsj.com/dealjournalaustralia/2013/03/27/australian-government-commits-104-million-to-venture-capital-funds/

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