The technology and healthcare-focused firm has achieved first close of its 1V Venture Credit Fund, which it launched to investors at the end of 2018.
According to OneVentures, the fund is poised to invest approximately $100 million over the next five years.
The company has expanded its team with the appointing of lending and operations managers to support operations and portfolio and management of the fund.
Nick Gainsley has been appointed as principal for the 1V Venture Credit Fund, joining from his previous role as principal at Kreos Capital.
He will be responsible for screening, structuring, investment decision-making and portfolio company reviews.
OneVentures also recently made Grant Chamberlain partner of the firm, along with David Grouse, who is taking the role of principal, Operations and Finance.
Mr Chamberlain joined the company in 2017 and was previously Australian head of mergers & acquisitions and financial sponsors for Bank of America Merrill Lynch.
Mr Grouse joined the firm earlier this year as head of finance and operations, coming from his prior role as finance director of the private markets business under Hermes Investment Manager.
The new fund is focused on expansion stage companies looking to accelerate their business for companies looking to incorporate venture credit within their capital raising round.
Venture credit is a new product in Australia, OneVentures said, but is an established part of the funding mix for fast growing technology companies in major technology hubs including the US, Europe and Israel.
“We have been delighted with the positive response we have received from investors, which include many of Australia’s largest family offices and high-net-worth investors,” Dr Michelle Deaker, managing partner at OneVentures said.
“The fund is an attractive way for investors to get exposure to Australia’s most exciting and fastest growing technology companies at lower risk, with a strong and stable income yield.”
Sarah Simpkins
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
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