BMYG launches $100m fund of funds, rebrands as Boman Group
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The news: Wealth management firm BMYG has launched a new fund of funds and announced a new investment board as it rebrands as 'Boman Group'.
The numbers: The $100 million fund of funds will see the rebranded Boman Group invest in local and overseas funders focusing on AI, data, enterprise SaaS, life science, and the energy transition.
The Melbourne-based group, which manages assets valued at $600 million tied to Chinese high-net-wealth individuals, said it is seeking expressions of interest from both the Australian and global venture capital community.
The context: Boman said the launch builds on the group’s two earlier funds, which have previously backed venture funds such as Square Peg Capital and Main Sequence.
Boman has also appointed a new advisory board, comprising former CEO of MLC Australia and Perpetual Geoff Lloyd, Knight Frank Australia director Naseema Sparks, non-executive director of Treasury Corporation of Victoria Peter McGregor, and Jamieson Coote Bonds director Paul Chin.
What they said: Boman founder and CEO Eric Gao said: "The launch of this fund is in response to untapped opportunity in the venture market for investment, especially in what has been a tough capital rising market for funds.
"A high-interest rate environment has led to an aversion for risk from the traditional parties that form a venture funds portfolio of limited partners.
"We have a greater appetite for that risk and due to our earlier direct investments in startup companies, a greater understanding of technology businesses.
"It’s our belief that given the current pace of innovation, the venture market is well positioned to capitalise on a number of converging trends that will change society for the better."
The source: Boman Group media release
