Institutions Get Behind Cm's Latest Fund

Sydney Morning Herald

Tuesday July 11, 2006

Rebecca Urban

VENTURE capital group CM Capital Investments has raised $120 million for its third venture capital fund, reporting solid interest from superannuation funds.

The early-stage life science, information technology and telco investor yesterday announced that, although it would remain open for another six months so it could reach its target of $150 million, the fund would now begin making investments.

While Australian superannuation funds have typically been reluctant to invest in venture capital, CM Capital Investments managing partner Michael Begun said the raising had been well supported by institutions, including several funds run by ING and Industry Funds Management.

CM Capital is conducting due diligence on four potential investments, and is believed to be close to announcing its next biotech investment.

Previous successes include Pharmaxis, now a publicly listed company with an asthma diagnostic approved for sale in Australia, and CathRx, also publicly listed.

© 2006 Sydney Morning Herald

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