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This former NAB banker is investing $540m in SMEs

The Australian Business Growth Fund, led by Anthony Healy, is hitting its stride and building a diverse portfolio of stakes in SMEs.

Andrew Cornell
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Anthony Healy, ABGF chief executive, says its business plan is "pretty much on track". Credit: ABGF.

The obvious question about the Australian Business Growth Fund, a half billion dollar public-private partnership with a focus on small to medium sized businesses, is… why?

Some in traditional banking circles argue the fund isn’t offering anything that’s not already available through banks or other existing finance alternatives.

The fund’s founding chief executive, ex-National Australia Bank and ANZ business banker Anthony Healy, has an answer: many of these businesses are in need of “patient capital”.

“I’ve been involved in the past in a couple of efforts to bring growth capital to smaller businesses,” he says. “But bringing this onto the balance sheet of banks, it’s not easy and it can be in conflict with other parts of the bank.