Early Stage Venture Capital Limited Partnerships (ESVCLP)

Applicants must be a new venture capital fund that is a limited partnership or incorporated limited partnership, established in Australia or in a country that has a double tax agreement with Australia. The partnership must have a general partner who is resident in Australia or in a country with a double tax agreement with Australia, and generally have between $10 million and $200 million in committed capital, although conditional registration may be available where this threshold is not yet met. The partnership agreement must ensure the partnership remains in existence for between 5 and 15 years, requires partners to contribute capital when required, restricts adding new partners and increasing committed capital except as provided in the agreement, and gives the general partner the right to require committed capital contributions. The agreement must include an investment plan focused on eligible venture capital investments in early stage venture capital businesses, and the partnership must have access to the skills and resources needed to implement that plan. Investor concentration rules also apply, including a 30% cap on committed capital contributions for most investors unless Committee approval is obtained.