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Hamilton Locke Advises Parc Capital on establishment of Parc Utiliti Venture Fund LP

Hamilton Locke acted for Parc Capital on the establishment and conditional registration of the Parc Utiliti Venture Fund LP (Fund), an early stage venture capital limited partnership. The Fund was established to provide investors with an opportunity to invest in a range of early stage and emerging businesses that leverage the accelerated adoption of technology.

Parc Capital has completed the Fund’s first closing, receiving commitments in excess of the targeted AUD$10 million, and support towards the Fund's AUD$15 million maximum size.  Investors include some of Australia's prominent business people, global leaders in technology, as well as experienced wholesale investors. Hamilton Locke will finalise the Fund’s ESVCLP registration, unlocking attractive tax incentives for its investors.   

Parc Capital is currently evaluating a strong pipeline of prospective opportunities, and has identified the first two high quality investments, including Mosh, a tele-health company, and Hutly, a smart contracts company focused on the residential property leasing market.  

Grant McCorquodale, Executive Chair of Parc Capital believes “this is an ideal time to invest in emerging growth stage, technology-enabled businesses. These companies are challenging the traditional model in their respective sectors with a more efficient way of doing business.”

Commenting on the transaction, Brent Delaney said: “We are delighted to assist Parc Capital on the establishment of their latest technology focused investment vehicle, and their first ESVCLP.  Parc Capital’s fundraising efforts in the midst of a pandemic were a testament to the investment team’s experience and vision. It is great to see an experienced team like Parc Capital continue to support exciting Australian technology businesses as they look to innovate and add scale”.

The team at Hamilton Locke was led by partners Brent Delaney and Justin Gross who were assisted by graduate Nick Huett.