Corporate venturing unit Telstra Ventures has transferred its assets into a partnership with HarbourVest reportedly sized at $500m.
Telstra Ventures, the corporate venturing arm of Australia-based telecommunications company Telstra, channelled its activities into a partnership with private equity firm HarbourVest today.
The size of the vehicle will be A$675m (approximately $500m), according to the Australian Financial Review (AFR), which reported that HarbourVest will pay for $62.5m for a 25% stake in the vehicle.
The entities have each invested a further $92m in the fund, and Telstra is expected to come out with a 62.5% stake and HarbourVest 32.5%, according to AFR.
Founded in 2011, Telstra Ventures runs offices in Australia, the US and China and targets deals in sectors such as mobile internet, media, cloud computing, machine learning and cybersecurity.
The fund will take over management of Telstra Ventures’ portfolio, but the companies have not confirmed whether it will retain the existing Telstra Ventures name, offices or management.
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