House of Assembly Fifty-First Parliament, Second Session (51-2) 51 2 Parliament of South Australia House of Assembly published Answers to Questions South Australian Private Equity Program SOUTH AUSTRALIAN PRIVATE EQUITY PROGRAM Dr McFETRIDGE House of Assembly Morphett SOUTH AUSTRALIAN PRIVATE EQUITY PROGRAM 84 Dr McFETRIDGE (Morphett) (31 July 2007). Why has funding to the South Australian Private Equity Program been increased by $7.7 million? The Hon. K.O. FOLEY House of Assembly Port Adelaide Deputy Premier Minister for Industry and Trade Minister for Federal/State Relations SOUTH AUSTRALIAN PRIVATE EQUITY PROGRAM The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations): The Department of Trade and Economic Development (DTED) has advised: On 11 August 2005, the Premier announced that Paragon Advisory Pty Ltd would receive up to $10 million from the Government under the South Australian Private Equity (SAPE) Program, on the basis that it raises between $3 and $4 in private capital investment for every $1 that the Government invests. Fund raising for the Paragon Private Equity Fund 1, managed by Paragon Private Equity (formerly Paragon Advisory Pty Ltd) achieved a final close in April 2007. A total of $25.6 million in private capital investment was committed as at final close. The Government's commitment at final close, based on the approved and documented formula of $1 for every $3 of private capital investment up to $15 million of private capital investment and $1 for every $4 of private capital investment over $15 million, is $7.7 million. The $7.7 million funding commitment is the actual final commitment under the approved amount of up to $10 million. It is not an increased commitment. The balance of the $10 million, namely $2.3 million, will not be required under the SAPE Program.