TLDR:
Key Points:
- Australia’s Aware Super invested in tech unicorn Canva through venture capital.
- Aware Super’s CIO Damian Graham sees value in the investment but acknowledges challenges in the asset class.
Australia’s A$175 billion Aware Super made a venture capital investment in tech unicorn Canva, which has proven to be good value for money according to CIO Damian Graham. The investment, facilitated through investment manager Blackbird, has seen the tech company grow to a valuation of $26 billion with plans for an NYSE IPO. While Graham highlighted the success of the investment, he also pointed out the challenges faced by Australian pension investors in venturing into venture capital, mainly due to the limited size of the asset class in Australia. Despite the success of Canva, Graham mentioned that the fund has become too large to consider smaller opportunities, focusing more on listed equities for greater returns and risk management. Aware Super’s ‘Venture direct’ program aims to identify early-stage investment opportunities, but Graham emphasized the need for balance in managing the portfolio to ensure long-term sustainable returns. The pension fund’s move to open an overseas office in London reflects its commitment to attracting investment talents and expanding its global presence.
