SYDNEY: The Australian Investment Council has announced the winners of its
2021 Investing for Growth Awards, at a gala cocktail event at the
Four Seasons Sydney.
After delays in the event in 2021 due to the ongoing challenges of the
pandemic, tickets to the awards were sold-out with more than 200 private
equity, venture capital and private credit fund managers and advisers to
the industry in attendance. Robyn Denholm, chair of Tesla and an operating
partner at Blackbird Ventures was guest presenter at the event.
The Investing for Growth Awards are presented to firms within the
private capital industry who have made an outstanding contribution to the
industry through investments that have demonstrated the real value of
private capital investment and who have promoted diversity and inclusion,
grown businesses and driven innovation.
Jonathan Kelly, Interim CEO of the Australian Council said: “In a year of
unprecedented challenges, we have seen some strong results for private
capital investors and the positive contribution their investments have made
to jobs and the economy across all industry sectors.
“These awards recognise the significant role that Australia’s $37 billion
private capital industry plays in creating jobs and new businesses and
building a more innovative economy for our country’s future growth.
“The Council received a large number of high calibre award nominations and
we thank all the firms that took the time to nominate for the 2021 awards,”
Mr Kelly said.
Investing for Growth Award Winners for 2021 are set out below.
Category
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Firm
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Deal
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Venture Capital Investment
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Brandon Capital
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Longas Technologies
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Corporate Venture Capital (Inaugural award)
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Reinventure Group
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Coinbase
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Small-Cap Investment Under $100MN
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Quadrant Private Equity
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Adore Beauty
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Mid-Cap Investment $100-$250MN
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Allegro Funds
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Best & Less
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Upper Mid-Cap Investment $250- $500MN
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NEXT Capital
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Lynch Group
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Leadership in Diversity & Inclusion
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OneVentures
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Michael Hirshorn Award
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Brandon Capital
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Longas Technologies
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Firm of the Year
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Allegro Funds
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More about the Investing for Growth Awards
Venture Capital Investment Award
Brandon Capital worked closely with the founders of Longas Technologies
prior to formation of the business, and then developed significant
operational synergies to create a company that has become one of the
fastest growing tech start-ups in their industry. Longas has developed
Morphoseq, a disruptive technology designed to dramatically improve the
performance of industry-standard next generation DNA sequencing (NGS)
platforms, by increasing effective DNA sequence read lengths, with benefits
in accuracy and cost efficiency. Morphoseq effectively converts the current
short read DNA sequencers found in most laboratories around the world into
virtual ‘long read’ DNA sequencers without the need for additional hardware
and at a reduced cost.
Corporate Venture Capital Award
Through the investment in Coinbase, Reinventure Group demonstrated clear
strategic value and significant financial returns to the CVC and LP
investors, negotiated deals with major end-users or other industry players
and increased sales or output levels during the investment period. Coinbase
Global, Inc., known as Coinbase, is an American company that operates a
cryptocurrency exchange platform. Coinbase was founded in June 2012 by
Brian Armstrong, a former Airbnb engineer. Armstrong enrolled in the Y
Combinator startup incubator program and received a $150,000 investment.
Fred Ehrsam, a former Goldman Sachs trader, later joined as a co-founder.
Small Cap Investment under $100 million
Quadrant Private Equity grew product formats, lines and customer segments
and led a broad push to drive innovation with new products targeting
different customer needs. Adore Beauty was founded in 2000 by Kate Morris
and has grown to become the largest pureplay online beauty retailer in
Australia. Kate Morris started the business as Australia’s first beauty
ecommerce site from a garage and began by partnering with local Australian
brands and eventually signed Adore’s first international brand, Clarins, in
2006. In 2014, Adore was one of the first pureplay online retailers
globally to sign a distribution contract with Estee Lauder Brands
Mid Cap Investment between $100 and $250 million
During the acquisition of Best & Less, Allegro Funds appointed a new
management team and undertook a comprehensive overhaul of the business’s
market approach, supply chain, and product portfolio. Best & Less is an
Australian retailer of clothing and household linens. As of 2020, Best
& Less has 246 stores as well as an online platform across two brands;
Best & Less in Australia and Postie in New Zealand.
Upper-Mid Cap Investment between $250 and $500 million
NEXT Capital partnered with Lynch Group’s management to significantly
expand the businesses offerings. Lynch Group is a vertically integrated
value-added wholesaler and grower of fresh flowers and potted plants in
both Australia and China. The business has strong positions in both
markets; being the largest wholesaler of floral and potted products to
Australian supermarkets and a leading grower of premium flowers with a
rapidly growing wholesale platform in China.
Leadership in Diversity and Inclusion
The OneVentures team is comprised of 50% gender balance, with the
investment team comprising of 70% women. At a portfolio level, diversity is
a matter that is always considered during the due diligence process and is
discussed at all stages of the company’s lifecycle.
Michael Hirshorn Award
This award is presented in memory of Michael Hirshorn, a private
capital investment industry pioneer who was a co-founder of Cochlear and
served as its CEO for many years. The Michael Hirshorn Award honours a
private capital backed company whose products or services have been
instrumental in delivering direct positive community impact. This year’s
award went to Brandon Capital for their investment in Longas. This
investment demonstrated patient partnership with university researchers,
resilient commitment over five years to build the business and put a game
changing technology in the hands of an operator who can continue the
journey to make a profound impact on healthcare at a global level.
Firm of the Year
Allegro Funds has actively contributed to the advancement of the industry,
from generating market leading returns, to launching new funds and engaging
with SME businesses, government and industry peers in a wide range of
different settings. The firm has also over many years demonstrated their
commitment to building a successful long-term private capital investment
profession taking a lead role in many of the Australian Investment
Council’s education programs and government policy and advocacy
initiatives, alongside an important and enduring contribution to a range of
philanthropic causes.
For an interview with Jonathan Kelly, Interim CEO of the Australian Investment Council, please contact:
Robyn Tolhurst
Public Affairs Manager
E: [email protected] | M: +61 436 388 919
About the Australian Investment Council:
The Australian Investment Council is the voice of private capital in Australia. Private capital investment has played a central role in the growth and expansion of thousands of businesses, which together represent a multi-billion-dollar contribution to the Australian economy. Our members are the standard-bearers of the professional investment community in Australia and include: private equity, venture capital, corporate venture capital, private credit funds, family offices, institutional investors such as superannuation and sovereign wealth funds, as well as leading financial, legal and commercial advisers.