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Legislative Council - Fifty-Third Parliament, Second Session (53-2)
2017-04-11 Daily Xml
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Question Time

Venture Capital Fund

The Hon. D.W. RIDGWAY (Leader of the Opposition) (14:24): I seek leave to make a brief explanation before asking the Minister for Manufacturing and Innovation some questions.

Leave granted.

The Hon. D.W. RIDGWAY: During last year's state budget the government announced that it would establish a venture capital fund, yet the fund is still not up and running. My questions to the minister are:

1. Can the minister guarantee the venture capital fund will be fully operational before the 2017-18 budget is handed down in June?

2. How many people were shortlisted for the position of fund manager for the venture capital fund?

The Hon. K.J. MAHER (Minister for Employment, Minister for Aboriginal Affairs and Reconciliation, Minister for Manufacturing and Innovation, Minister for Automotive Transformation, Minister for Science and Information Economy) (14:25): I thank the honourable member for his important and sensible questions today. At our last budget we made the single biggest investment we have ever made in innovation in South Australia—$80 million of new money that included a whole range of things: $7.5 million towards the Future Industries Institute at the University of South Australia; $10 million towards an Early Commercialisation Fund that is up and running; and the centrepiece, a $50 million venture capital fund, a state government backed venture capital fund that will invest with private equity to support venture capital and innovation in South Australia.

We have a team that has shortlisted the people and the companies who have applied to be fund manager. I believe the shortlisting has occurred. Of course, I take advice on probity and do not involve myself as the process is happening. My understanding is that we are down to negotiations with a preferred bidder. I will double-check but I think it is a matter of weeks before that will be finalised. If that is not the case I will come back and provide a more accurate response but my understanding is that we are a matter of weeks away from that preferred person or company being the fund manager.

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