FUNDRAISING NEWS | November 18, 2024
Melbourne-based Boman Group announced the launch of its first fund backing Australian start-ups with the possibility of expanding into China, and is seeking to raise $1B in the effort.
This launch comes after the firm secured its Qualified Foreign Limited Partner license, which enables foreign funds to invest in private equity and venture capital in China. In tandem with the new fund launch, Boman plans to open an office in Tianjin, and could add additional locations in Shanghai and elsewhere in southern China.
The fund will be rolled out in three phases. The initial phase, comprising roughly 30% of the total, is slated for early next year. Boman is set to unveil further details, including the fund's backers, which are expected to be institutional investors, later this week.
In a statement to Australian Financial Review, Boman CEO Eric Gao said the fund will benefit from opportunities brought by improving diplomatic relations between Australia and China. He said that Boman will deploy the fund in three tranches, focusing on opportunities on hardware and healthcare technology.
