Australian Business Growth Fund doubles first cheque size to $30 million
The expanded investment mandate will see the Australian Business Growth Fund back more growing SMEs, says its CEO.
The Australian Business Growth Fund (ABGF) has lifted the limit on how much it can invest in individual businesses, doubling its maximum initial investment in SMEs from $15 million to $30 million.
The government-backed fund has also increased the overall amount it can invest in a business to $50 million, including follow-on investments, and expanded its investment mandate to allow it to take a majority stake in a business if its founder wants to reduce their shareholding.
The changes represent a significant new chapter for the fund, which was established in 2020 with an initial commitment of $540 million from the federal government and the nation’s largest banks.
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