Funds invested in:
- Compliance will consist of a three-part test: proof that applicant monies are taken upfront in a specified vehicle; proof that the applicant has entered into a commitment with a VCPE fund(s) within 6 months from the grant of the provisional visa; and proof that investments in a VCPE fund(s) have commenced within eligable years* from the grant of the provisional visa.
- Mandatory investment of at least A$1,000,000 at time of investment in an AusIndustry registered fund(s) (either ESVCLP or VCLP).
- An investment in a managed investment fund or venture capital fund may be:
- Made through a fund of fund (“FoF”) or an investor directed portfolio service (“IDPS”), if the investment is otherwise in
accordance with the requirements of this Part; and
- Held in cash in the FoF or IDPS:
- For a period of up to 30 days after the time the funds are first made available for investments; and
- During any switching period mentioned in the Regulations.
- Proceeds from the realisation of investments by the VCPE fund(s) before the provisional visa ends are to be reinvested in complying
funds, namely, Balancing Investment, Emerging Companies or Venture Capital and Growth Private Equity.
*Note applicant must maintain investment in complying investment during the whole provisional visa period
Investments into VCPE funds may be for investment terms that are greater than the provisional visa period.