ANU media release

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New partnership to turn ACT ideas into jobs

A new $30 million venture capital fund will help capture some of the best ideas from Canberra-based researchers and develop them into new businesses and jobs, providing a major boost for the ACT economy.

The ANU / MTAA Super Venture Capital Partnership (the Partnership) is in an innovative joint venture between The Australian National University (ANU) the Motor Trades Association of Australia Superannuation Fund (MTAA Super) and the ACT Government. MTAA Super will invest $20 million in the Partnership, as part of its alternative asset portfolio, and the ACT Government will provide a repayable grant of $10 million.

The Minister for Economic Development and Business, Ted Quinlan, said the Partnership will provide the first dedicated ACT-based commercialisation fund for pre-seed and seed capital investment, and represents an outstanding investment for the people of Canberra.

“The major reason for investing in the Partnership is to increase the commercialisation skill level in Canberra, as well as the level of funding available for early-stage investment. This new Partnership uses the government’s new venture capital legislation and continues our delivery on the Economic White Paper priority of fostering innovation in the ACT,” Mr Quinlan said.

ANU Vice-Chancellor Professor Ian Chubb said the Partnership would be a model for future venture capital partnerships around Australia, and provides a unique opportunity to turn world-class research into world-class businesses.

“This Partnership is great news both for researchers and the ACT community, creating jobs, enhancing Canberra’s reputation as Australia’s entrepreneurial capital, and strengthening the future of both research and business in Australia,” Professor Chubb said.

Mr Michael Delaney, Principal Executive Officer and Fund Secretary of MTAA Super, said that the joint venture will rival, if not exceed, the success of similar ventures in the USA and UK where intellectual property and life-changing discoveries are more commonly commercialised through ground-breaking funding arrangements involving the private sector. MTAA Super is proud to take an active role in cultivating and investing in uniquely Australian R&D.

“As a leading superannuation fund we tend to take a mid to long-term view of the investment horizon,” Mr Delaney said.  “We believe that the Partnership announced today reflects the quality and character of this particular venture which is well suited to our investment strategy of aiming to provide consistently good investment returns on our members’ retirement savings.”

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