Australian Business Growth Fund chief Anthony Healy wants to inject more capital into sectors such as technology, cybersecurity, manufacturing and defence.
Fast-growing small and medium businesses requiring more capital to grow should consider partnering with a $540 million private equity-style fund backed by banks and the federal government, its chief executive says.
“Business often estimates its growth potential from how much money banks will lend them,” he said. “Banks can only lend so much.” “Some of the valuations are going up, some are staying the same and some are struggling a bit because of the external environment,” he said.and Mr Healy said there was an opportunity to work with the government’s new $15 billion National Reconstruction Fund.A valuation gap has opened up between founders and investors, but more deals are on the horizon because there is more certainty around the interest rate outlook, he said.
The fund, inspired by the UK’s £2.5 billion Business Growth Fund, was set up with $100 million from each of the big four banks, $100 million from the federal government and $20 million each from HSBC and Macquarie.
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