ANZ's first dedicated fund of VC fund secondaries
We buy interests in VC funds from investors and fund managers seeking liquidity. In doing so, we access ANZ's premier VC assets at a discount, targeting superior risk-adjusted returns in faster timeframes.
Flexible fund liquidity
We offer liquidity to VC investors and invest alongside managers, tailoring each transaction to ensure we deliver value to all parties
Differentiated
We are a specialist secondaries investor. We primarily acquire LP stakes and portfolios, and make selective commitments to new funds, creating exposure to best-in-class VC assets
Trusted
We value our reputation and put relationships first. Sellers and fund managers view us as a preferred partner and trusted counterparty that engages fairly, efficiently, and confidentially
Rigorous
We conduct a thorough, bottom-up assessment of each opportunity. Our expertise and relationships are our edge, helping us source, assess, and execute transactions effectively
Invest in ANZ's best
We buy into leading VC firms across multiple vintages
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Creating exposure to ANZ's best technology companies
Venture with confidence
Unlock a curated portfolio of premier VC assets with a single investment
Better returns
Access premier VC assets in closed funds, investing with the benefit of hindsight to pick-and-choose assets at fundamental prices while avoiding or discounting out weaker performers
Lower risk
Diversify across funds and vintages to skip early uncertainty and acquire VC assets that are already doing well, reducing the risk inherent to one stage, sector, technology, or time in the cycle
Faster liquidity
Receive faster and more predictable cash returns than in a direct fund, as secondaries portfolios stream distributions as older fund vintages progressively exit their portfolio companies
Forward thinking
We uncovered a lack of liquidity in ANZ's VC market and set out to solve it
Max is a VC investor, advisor, startup operator, and community builder. He’s been investing in VC since 2020, both at Tidal Ventures where he helped deploy over $20M, and as an angel. He is also a co-founder of the J Combinator tech community. He’s previously worked in a VC backed startup and in advisory roles at Bain & Company and Vesparum Capital.
Andrew’s 4-decade career in technology provides unique insight into growth stage investments and exit markets. He’s been a company founder, CEO, and senior leader with more than 10 exits over 3 decades in the US. Now back in Melbourne, he is the Founder and CEO of Austral Impact, and an advisor to startups, software investment firms, and the University of Melbourne.
Lisa brings over a decade of multi-faceted local VC investing experience, spanning corporate venture, venture debt, and impact investment. She is currently Head of Impact Investing at Save the Children Global Ventures. Previously an equity researcher, she brings sound investment judgment and a passion for mission-driven innovation.
Alon’s extensive experience and deep networks as a VC investor and fund manager contribute to the fund’s governance, operations, investments, and fundraise. He was previously the Managing Partner of Mind Ventures and a General Partner at Jelix VC, and is a former corporate lawyer with experience in both Australia and Israel.
Unique thesis, real advantage
Broad diversification. Quality concentration. Discounted access. Faster liquidity.
Diversify across companies
Most startups fail. The top 20% deliver ~5-10x, and only the top 2% outliers deliver 100x or more. VC funds follow a similar pattern; most underperform unless they can access these rare breakout winners.
We diversify across VC portfolios to capture the outsized returns driven by top companies and lower risk from inevitable failures.
Diversify over time
VC markets are volatile. About 80% of returns come in just 20% of vintage years. Performance is impacted by economic conditions and ‘hype cycles’ for some technologies and sectors.
We invest across fund vintages to make sure investors don’t miss out on where value is ultimately created, creating cyclical resilience.
Shorten fund duration
VC returns take 10-15 years or more and follow a ‘J-curve’. Losers are found first, winners later, and the extent of the winners last. The last 20% of a fund’s life produces almost 50% of the return.
We skip some early risk, buying into funds that are already doing well in their best returning years and cutting the time to realise cash returns.
Concentrate into winners
Traditionally, diversifying into more assets dilutes portfolio quality. In secondaries, investors can buy the same assets repeatedly, and top companies form an outsized share of the portfolio as funds mature.
We naturally concentrate into top performers as they grow, and double down on winners we already know across multiple funds.
Buy on sale
As VC funds age, investors and managers may seek liquidity in order to cash out, rebalance portfolios, or deal with changes in circumstances. Selling at a discount is the trade-off for this flexibility.
We acquire these secondary interests at discounted prices in return for providing liquidity, accessing top assets at fundamental prices.
Invest with edge
Fund secondaries are an inefficient market with many sellers and few buyers who can value portfolios. Fund valuations can be stale and fund managers may restrict the buyer pool to avoid negative optics.
We specialise in these deals, creating an access and information advantage via our network and insight, in order to pick and choose assets with high leverage.
Questions, answered
Find out more about what sets us apart. If you’re seeking liquidity or want to invest with Advance VC, reach out below.
Get in touchAdvance VC is an independent investment firm based in Melbourne, Australia, pioneering ANZ's first VC fund-of-funds with a focus on Secondaries.
Advance VC was founded in the belief that a lack of liquidity for VC investors presents an opportunity for a specialist firm, and that everyone should have access and allocation to ANZ's startup success story.
We are long-term, relationship-oriented, and positive-sum investors, driven to advance ANZ's VC ecosystem.
Advance VC’s debut fund has closed oversubscribed. Expressions of interest for future vehicles can be submitted via the 'get in touch' form.
Our investors include wealth advisory firms, sophisticated family offices and high net worth investors, and founders and senior executives from some of ANZ's top companies.
The fund is a closed-end vehicle structured as a Managed Investment Trust, enabling investors to benefit from capital gains tax exemptions via the pass-through treatment of interests in underlying ESVCLP funds.
We’ve acquired secondaries in a range of scenarios. We look at LP stakes, GP stakes, and LP portfolios of companies or funds, acquiring the future benefits of the fund and inheriting remaining capital call obligations.
We are focused on assets that are connected to Australia or New Zealand, and consider interests as small as $100K and as large as $3M.
We aim to reach an investment decision within 6-8 weeks of our initial discussion, though timelines vary. Our ability to transact will generally be subject to access to information, and consent from the fund manager.
