Allens advises QIC on the establishment of the Queensland Venture Capital Development Fund

Startups Technology, Media & Telecommunications

Allens has advised longstanding client, QIC, on the establishment of the Queensland Venture Capital Development Fund (QVCDF), its initial investments in five venture capital funds and initial funding arrangements with five accelerators.

QIC has established the QVCDF with $130 million of commitments from the Queensland Government, to invest in select venture capital funds and to provide operational funding for accelerators and development programs to build a pipeline of investments. The QVCDF was originally established as a $75 million fund, but the Queensland Government subsequently agreed to provide an additional $55 million of funding given the number and strength of applications for investment.

The QVCDF has, to date, invested in VC funds managed by Antler, Five V, Main Sequence Ventures, Mandalay Venture Partners and Salus Ventures; and the initial accelerators are EnergyLab, Farmers2Founders, Lumina X, UQ Ventures and 77 Venture Challenge.

'Queensland has and continues to produce some of Australia's biggest and most successful high-growth companies and it has been great to work with the QIC team on something that will significantly strengthen and develop the venture capital and start-up ecosystem in Queensland. In addition to investing in venture capital funds whose sponsors have a presence and investments and/or are committed to grow in Queensland, by investing in and providing operational advice and mentorship to accelerators, the QVCDF will support the development of a pipeline of start-ups ready for VC investment. We look forward to continuing to assist QIC with the deployment of the remaining capital,' said lead Partner James Kanabar.

The multi-office Allens team involved investment funds, start-up and tax specialists.

Allens legal team


James Kanabar (Partner), Geoff Sanders (Partner), Rebecca Sheehy (Managing Associate), Amina Karcic (Senior Associate), Wayne Kwok (Associate), George Cramer (Lawyer)

Technology, Media & Telecommunications

Elyse Adams (Partner), Madeleine Hunt (Senior Associate), Harry Chapman (Lawyer)


Craig Milner (Partner), Jon Wenham (Senior Associate)