First State Super, Sydney, and Hostplus Super, Melbourne, committed A$110 million ($79 million) and A$35 million, respectively, to funds being raised by Australian venture capital manager Blackbird Ventures for investment in technology startups.
Michael Baldwin, head of corporate affairs for the A$53 billion First State Super, confirmed First State’s commitment across two new funds launched by Blackbird this year.
Umberto Mecchi, executive manager of strategy and marketing with the A$18 billion Hostplus Super, confirmed Hostplus’ commitment to the Blackbird funds.
Rick Baker, a co-founder of Blackbird Ventures, said in an e-mail that First State Super and Hostplus Super’s commitments will fund Blackbird Ventures 2015, the firm’s core fund, with A$75 million in commitments and more due to come in, and Blackbird Ventures 2015 Follow-on Fund Trust, which is closed at A$127.5 million.
Richard Brandweiner, First State Super’s chief investment officer, said in a statement the superannuation fund is “pleased to be the lead investor” for Blackbird funds that will inject A$200 million in the local technology market, while seeking “strong returns for our members.”