Both retail and wholesale investors can invest in the fund. Retail investors can start with a minimum of $2,000, while wholesale investors have a minimum of $10,000. Institutional investors can contact the fund for custom arrangements.

VC Fund of Funds

Why venture capital

Significant value creation often occurs prior to public markets

VC has consistently outperformed listed equities, demonstrating superior long-term returns while providing investors with diversification benefits and lower correlation to traditional asset classes.

Australian VC industry average net IRRs after fees over 5 years *

~

0

1

3

2

5

6

1

2

9

0

1

2

3

4

5

6

9

8

0 %

*AIC - Cambridge Associates Australia PEVC Index Quarterly Performance Update (Q2 2025). It is not indicative of the Fund or future performance.

Low correlation to Australian listed equities *

0

1

2

3

4

5

6

0

8

9 .

0

1

2

4

5

6

9

8

0

1

2

3

4

5

6

0

8

9

*Mandala Report, “Private capital: Australia’s untapped opportunity” (November 2025)

The problem

Access to VC is Restricted

High Minimums

Minimums that shut most people out

Large commitments per fund and vintage make direct VC impractical for most investors.

Limited Access to Top Managers

Top managers often invitation-only

Leading established and emerging VC managers are often invitation-only, with capacity reserved for existing institutional LPs.

Concentration & Complexity

Building a VC portfolio is complex

Building a diversified VC portfolio across managers, stages, sectors and vintages requires institutional scale and relationships.

Retail Investors Locked Out

Retail investor restrictions

Retail investors are almost entirely excluded from VC due to structural and regulatory settings.

VC is attractive but

Access, scale and complexity are significant barriers.

Investment Objective

Introducing Australia's First Venture Capital Fund of Funds giving every investor access to venture capital as an asset class

Long-term capital growth through diversified VC exposure.
The Fund aims to deliver returns by investing in a curated portfolio of established and emerging venture capital managers, enhanced by co-investment and venture-debt opportunities.

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Why

Fund of Funds removes many barriers to venture capital

Building a diversified VC portfolio usually requires large minimums, strong networks, and multiple commitments across time. The Fund of Funds model is designed to make that easier by pooling capital and allocating across managers and vintages.

Access

We've eliminated the high minimums that kept venture capital exclusive to institutions and open venture capital as an asset class.

Diversification

Single entry point to a multi-manager, multi-stage, multi-sector, multi-geography VC portfolio.

Global Reach

We partner with top-performing and emerging managers across Australia, Asia-Pacific, and global markets.

Oversight

Disciplined manager selection, Investment Committee oversight and institutional compliance infrastructure.

How it works

Three steps to venture capital exposure

We've simplified venture capital investing into a straightforward process. Make one investment, gain exposure to dozens of VC funds backing hundreds of startups across the innovation economy.

You invest

Start with as little as $2,000 and gain instant access to a diversified VC portfolio. No need for multiple commitments or large cheque sizes.

We allocate

Your capital flows into our curated selection of established and emerging venture managers. We handle the due diligence, selection, and ongoing oversight.

You participate

As the underlying VC funds back startups and those companies grow, you share in the long-term upside through one diversified portfolio.

Access

Designed to enable every investor to allocate into a diversified VC portfolio

We've removed the barriers that kept venture capital exclusive. Whether you're starting with $2,000 as a retail investor or committing $10,000 as a wholesale investor, venture capital is now accessible to everyone

Invest

Request Information Pack

$2K

Retail investors

Retail minimum investment

$10K

Wholesale investors

Wholesale minimum investment

VC Managers

Invest

Invest Today

Choose an entry point that aligns with your circumstances and objectives.

$2K

Minimum commitment

Retail

For individual investors

Start small and build real VC exposure.

Invest

$10K

Minimum commitment

Wholesale

For qualified investors

Get access to diversified portoflio of VC funds.

Invest

Institutional

Custom

Minimum commitment

For institutional investors

Portfolio Design

Building a balanced VC portfolio for Australian investors

The Fund is structured to make venture capital a mainstream asset class by diversifying across established and emerging managers in both Australia and globally.

Stage

We allocate across pre-seed, seed, Series A, B, C and growth-stage funds.

Sector

Exposure spans technology, healthcare, fintech, climate, deep tech and other sectors.

Geography

Predominantly Australia & New Zealand, with additional exposure to North America and Europe, and selective exposure to emerging markets.

Co-Investments

Direct co-investments alongside managers and select secondaries where entry terms or portfolio benefits are attractive.

Manager selection

How we choose the best managers

People and track record

We assess team capability, experience, execution ability, and alignment with investor interests.

INVESTMENT THESIS

We evaluate strategy clarity, differentiation, repeatability, and fit with the manager's resources and market position.

Operational structure

We review governance, compliance, institutional-grade operations, reporting quality, and scalable infrastructure.

Team

Built by operators passionate about innovation.

Richard Mulligan

Co-Founder

Anna Nedbaylova

Co-Founder

Katie Troutman

Head of Investor Relations

Learn more

Common questions

Frequently asked questions

What is a Fund of Funds?

A Fund of Funds pools capital into multiple venture capital funds rather than individual startups. It offers instant diversification, professional oversight, and access to top-tier and emerging VC managers. A fund of funds is sometimes compared to an index fund in the sense that it provides diversified exposure through a single investment.

Who can invest?

Retail investors can invest, starting from $2,000 via the FB Ventures Fund VC Fund of Fund Class R (ARSN 680 942 670) (APIR BCL7511AU). Before investing please read the product disclosure statement and target market determination to ensure that this product is right for you.

Wholesale and institutional investors can invest, starting from $10,000 via the FB Ventures Wholesale VC Fund of Funds (APIR BCL6863AU)

How is this different from direct startup investing?

Investing directly in startups requires time, access, and deep expertise. The Fund of Funds simplifies this by investing in multiple VC funds, each backing dozens of startups. You benefit from professional fund selection and diversified exposure rather than depending on one company's success.

What are the main benefits?

You get diversification across managers, sectors, stages, and regions. You gain access to sought-after VC funds often closed to individuals. Professional management and governance handle the complexity for you.

What risks should I understand?

All investments carry risks. Please see the Risks outlined in the Product Disclosure Statement for the Retail Rund and Information Memorandum for the Wholesale Fund
These risks may materially affect the financial performance of the Fund.

Past performance is no guarantee of future performance.

Who is the Fund designed for?

Investors who want long-term exposure to venture capital and can tolerate higher risk and illiquidity.

Retail investors should read the Target Market Determination for the FB Ventures Fund VC Fund of Fund Class R (ARSN 680 942 670) to determine if the product is suitable for them.

Who is Qualified Investor?

A Qualified (Wholesale) Investor is generally someone who meets the Australian “wholesale investor” tests under the Corporations Act - typically by providing an accountant’s certificate confirming $2.5m+ net assets or $250k+ gross income in each of the past two financial years, or by making a $500k+ investment in a financial product.

Everyone else is classified as a Retail Investor and must read the PDS and TMD before investing.

Can I withdraw my money on demand?

You should not expect to be able to withdraw your investment on demand.

This product is not suitable for investors requiring regular or predictable Liquidity. The Fund should be regarded as an illiquid investment, particularly during the initial years of operation. Liquidity is expected to be very limited at the outset given the long-
term nature of the underlying venture capital investments. Please read more about the Fund's liquidity in the Product Disclosure Statement (PDS).

Ready to invest in innovation?

START YOUR INVESTMENT journey

Take the first step into venture capital with FB Ventures today.