PARAGON PRIVATE EQUITY FUND 1

In reply to Dr McFETRIDGE (Morphett) (26 June 2008).

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations): I have been provided the following information:

The state government has committed to invest up to $7.7 million in the Paragon Private Equity Fund 1. Other investors have committed to invest up to $26.2 million, making the state government's commitment 22.9 per cent of the total funds committed to invest into Paragon Private Equity Fund 1. Technically, the state government has not invested in Nukorc, Levett Engineering or Cowell Electric. Paragon Private Equity Fund 1 has made these investments.

Private equity fund managers do not often divulge the magnitude of their investments into the public domain, however in the case of Nukorc and Levett Engineering, Paragon Private Equity reported these two investments as $3.5 million and $1.5 million respectively. No information for the magnitude of the Cowell Electric investment was released into the public domain. The Nukorc investment occurred prior to the state government committing the $7.7 million to the Paragon Private Equity Fund 1.