Government superannuation fund Westscheme has invested up to $16.9 million in early-stage commercial technology.
The investments were made through three private equity funds. The fund committed $15.6 million to the Medical Research Commercialisation Fund, $800,000 to Xerocoat co-investment and US$500,000 ($580,000) to Fultec co-investment.
"Westscheme has been investing in early-stage research since 2001. We have a number of commercial arrangements with universities to develop their technologies. These investments will support the next phase of their technology and research development," Westscheme chief executive Howard Rosario said.
Westscheme has joint ventures with Murdoch University and Uniseed. Uniseed is a joint venture between Queensland and Melbourne universities to help source deals.
The $2.8 billion fund has about $156 million committed to early-stage research. The fund has also made changes to its collateralised debt obligation (CDO) portfolio.
Westscheme invested US$6.56 million ($7.59 million) in Tourmaline CDO III and redeemed its investment in the Greenwich Street Capital V collateralised debt obligation.
