MRCF has kickstarted a fifth fund to make early-stage investments in medical technologies from its network of member research institutions in Australia and New Zealand.

Medical Research Commercialisation Fund (MRCF), an Australian government-backed initiative investing in technologies from more than 50 Australia and New Zealand-based research institutions and hospitals, has raised an initial A$210m ($148m) for its fifth fund.
The initial close was backed by all of MRCF’s existing investors – biotechnology producer CSL and pension funds Australian Super, Hesta, Statewide and Hostplus, as well as the Australian government.
Like its predecessors, MRCF5 will be managed by venture capital firm Brandon Capital Partners, which is now courting select institutional investors for a targeted final close of up to $176m.
MRCF5 will back early-stage medical research associated with its network of Australia and New Zealand-based members. It will adopt the same focus as the $152m MRCF3, which is fully committed after accruing 16 portfolio companies over four years.
The fund has identified its first investments, though none were named in the press release.
MRCF’s fourth vehicle – the $166m Biomedical Translation Fund (BTF) focused on clinical-stage businesses–  launched in 2016 after the government provided matchfunding for $83m supplied by CSL, AustralianSuper, Hesta, Statewide and HostPlus. BTF is still actively investing.
The same investors, minus the government, had backed the $152m MRCF3 in 2016, the launch of which followed $9.8m and $40.8m funds established in 2007 and 2011 respectively with capital from AustralianSuper, StatewideSuper and the government’s Innovation Investment Fund.
Peter Beattie, the incoming chairman of MRCF, said: “Our research institutes boast some of the world’s best biomedical researchers, but historically there has been a lack of capital available for early-stage biotechnology companies and a limited amount of commercialisation expertise within the academic sector.”