South African financial services company Investec has secured $45 million in funding for its new Australian fund from high net worth investors.
The new Australian fund will focus on backing pre-profit emerging companies.
Investec will hit up investors for more capital later this year, with an intention of closing the fund at $50 million to $70 million.
Investec will make four to six investments a year from its new fund, with the average investment value between $3 million and $5 million and take a 10 percent to 40 percent stake in the businesses that it backs.