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What is the level of carry for current funds established under the IIF Program?



A. Current funds take 20 per cent carry from the 90 per cent profit allocated to private

    investors. As with previous rounds, this will be negotiable between the fund manager and

    private investors for the current round of the program.

Can a parallel fund be set up to invest along side a fund established under the IIF

    Program Round Three?



A. Yes. Applicants should ensure that parallel funds have adequate resources to ensure

    operational requirements are met.  As well, appropriate conflict of interest provisions would

    need to be put in place between the funds. 

Funds established under the IIF Program will be managed by private sector fund managers.

    Each fund manager will be licensed by the Australian Government and will be subject to

    conditions regarding investment activities and fund operations specified in licence agreements

    and associated investor documents. Fund managers will be responsible for making

    investment decisions and will invest in companies throughout Australia.

We’re expecting two new licences every year for five consecutive years to maintain the impetus in developing companies by addressing capital and management constraints, with the first two to be announced in 2007," Mr Macfarlane said.

delivered through nine private sector venture capital funds

one very successful exit from the internet search company, LookSmart.