The former NSW Premier and National Australia Bank executive turned CEO has been appointed as the new Chair of the Federal Government fund after Treasurer Josh Frydenberg announced that the inaugural Chair, former Tasmanian Premier Will Hodgman, would be stepping down from the role.
Founded in October, the BGF brings together government and private sector investment to offer capital to high-potential SMEs and startups.
The Government and the four major banks – ANZ, Commonwealth Bank, National Australia Bank and Westpac – have each committed $100 million to seed the fund.
HSBC and Macquarie have also invested $20 million each, with funds to allow established SMEs with annual revenue from $2 million to $100 million to apply for long-term equity investment of between $5 million and $15 million.
Former NAB executive Anthony Healy has also appointed as chief executive and says he expects the fund will make its first investments in the first quarter of 2021.
