Former industry super leader Elana Rubin will succeed Mike Baird in becoming chairwoman of the Australian Business Growth Fund, with a mandate to expand the public-private partnership beyond its bank-funded model and bring in more institutional support.
The ABGF is a public-private partnership that is targeting returns in the high teens for its investors, with $100 million in invested capital from each of the big four banks and the government, and $20 million each from HSBC and Macquarie. The model also helps its investors – the banks – by creating the right structures to allow businesses to grow and take on more traditional forms of bank debt financing, meaning they are enthusiastic about investing in the first place.AGBF chief executive Anthony Healy said: “Certainly, all of the banks and the government, in fact, came to the table, recognising that a gap existed.”
“My hope is that by proving that this platform works, building a sustainable, public-private partnership addressing a market failure, that you’ll see more capital coming into not just this space, but address other market failures in a way that’s sustainable,” he said.
France Dernières Nouvelles, France Actualités
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