FY22: a year in review
Reflections from our CEO
As we close out the financial year at the Australian Business Growth Fund, I am incredibly proud of what we have achieved in our first full year of operation.
This all started with an idea back in 2019 – exploring solutions for small businesses that were on a strong growth trajectory, yet they couldn’t secure the right type of funding to support their growth.
I was in conversation with the Business Growth Fund in the UK about a similar challenge they faced when recovering from the Global Financial Crisis back in 2011. The concept was simple – fill a vital gap between what venture capital and large buy-out funds couldn’t address, back the business strategy and founder by taking a minority stake, and develop a powerful talent network to ensure the business’ success. As many business owners know, coming up with a great idea is often easier than executing it.
We started with a blank sheet of paper – no shareholders, no finances, no board, no staff, no offices, no logo, no website, no processes. Just an idea.
Yet here we are today, as summarised in our FY22 review below: established in October 2020, $540m of capital raised, a team of 24 highly committed and talented people, and five exciting, high-growth portfolio companies we have partnered with in our first year.
We are just getting started! There are thousands of entrepreneurial, growth-oriented privately-owned businesses that need capital, capability and support to realise their growth ambitions. This growth means more jobs, more economic activity and stronger communities. That’s why our shareholders backed this idea in the first place.
Personally, as I reflect on the journey we have been on and where we are now, I couldn’t be prouder of what we have set up, what the team has already achieved, and the purpose that is driving us so hard to back ambitious Australian businesses to thrive.
Anthony Healy
CEO and Managing Director, Australian Business Growth Fund
