Australia: ROC Partners backs $118m government SME fund

REUTERS/Jason Reed

Sydney-based private equity firm ROC Partners has joined hands with the New South Wales (NSW) government, and pension fund First State Super in the creation of an $118 million (A$150 million) equity fund for small and medium-sized enterprises (SMEs).

Dubbed ‘GO NSW Equity Fund’, the new vehicle will invest in companies with potential to create new jobs in NSW.

“First State Super will allocate an initial A$100 million and the NSW Government’s Jobs for NSW initiative will add a further A$50 million to the fund,” NSW said in its statement.

“The capital funding invested into the companies could create up to 2,500 new jobs, support growth in regional communities and deliver other positive social impacts,” NSW noted. “A further 2,400 jobs could be created by 2025 through recycled funds.”

John Barilaro, minister for Regional NSW, Small Business and Skills, said instead of launching a loan or grant program, the government was thinking outside the box.

“Any returns or profits generated by our equity stake will go back into the fund to help more businesses,” Barilaro said.

NSW touts itself as Australia’s oldest, largest and most cosmopolitan state with a diverse population of 7.7 million people, and with an economy larger than Hong Kong, Malaysia and Singapore.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.