CVC, the Australian venture capital firm, is seeking to obtain a stock market listing for its CVC Sustainable Investments fund. CVC investment manager Saxon Hill told the Australian Financial Review, it was hoped that the listing would be accomplished by the end of June 2005 and raise between $12 million and $18 million.
CVC Sustainable Investments was launched in mid-2002, having raised just under $5 million, mainly from retail sources. “We have invested all of the funds that we raised two years ago and we have a number of very attractive investment opportunities in front of us,” said Hill.
According to the CVC website, Sustainable Investments commits a minimum of $1 million in development or expansion capital in “well-managed, mostly unlisted, Australian companies that in some way address environmental problems or whose operations cause little or no environmental damage”.
The fund, which was launched in collaboration with the Centre for Australian Ethical Research, aims to deliver annualised returns on invested capital of at least 20 percent per annum after fees.
CVC was formed in 1985 and typically invests $1 million to $5 million in venture capital investments and buyouts. As well as the Sustainable Investments fund, CVC invests through CVC Private Equity, which targets small private equity deals, and CVC REEF Fund (Renewable Energy Equity Fund), which targets renewable energy and enabling technologies.