Australian venture capital firm OneVentures is set to start writing loans to local scale-ups after hitting first close on its maiden credit fund.
Street Talk understands OneVentures has raised $45 million for its new 1V Venture Credit Fund, and reckons it’ll be looking to invest $100 million for the credit strategy in the coming five years.
The firm has also hired Nick Gainsley – a former executive at European venture credit investment firm Kreos Capital – to lead the new credit fund as principal. The fund is part of a partnership with Israel’s largest technology investment group, Viola Group.
The first close comes after OneVentures spent the past few months pitching its new credit strategy to potential investors. Its the first mainstream Australian venture capital firms to raise a credit-only fund, and follows moves by similar managers offshore.
The fund is expected to write loans to local scale-ups with at least $3 million annual recurring revenue and target the technology and health sectors, in line with OneVentures’ three equity funds.
It also comes as OneVentures has made a few internal changes. Former Bank of America Merrill Lynch head of M&A for Australia, Grant Chamberlain has been promoted to be a partner at the firm, while OneVentures has also hired ex-Hermes Investment Management dealmaker David Grose as principal of operations and finance.