| Launch: | In September 2009, Grannus was engaged to manage the Trans Tasman Commercialisation Fund (“TTCF”). |
| Collaboration Partners: | The TTCF was an early stage Australasian based fund launched in April 2008 as a collaboration between Westscheme Superannuation, South Australian and Victorian State, and New Zealand governments and five (5) member universities: Monash University, Flinders University, University of South Australia, University of Adelaide and University of Auckland. |
| Economics: | Invest up to A$30 million in deep technology companies from the universities over a five (5) year investment period. Fund management fees were paid by all fund partners. |
| Mandate: | Seed new deep technology ventures whereby follow on investment would come from Westscheme directly or expansion capital venture funds (in some cases, these funds would have Westscheme as a Limited Partner investor). |
| Outcome: |
Fund delivered five (5) exits and returned over 25% IRR to Limited Partner during investment period that Grannus was managing the Fund. After the merger of Westscheme with AustralianSuper in July 2011, AustralianSuper reviewed its capital allocation to the venture asset class deciding to aggregate commercialisation fund holdings under a single manager. TTCF end its investment period in April 2013. After April 2013, Grannus’ Managing Director, Dr. O’Brien retained a role as AustralianSuper’s nominee Director on investee company Board’s until the next stage of corporate development or exit. |
TTCF Investment Performance
TTCF was a joint seed investor with Arup in HaloIPT LLC in 2010, an asset derived from the University of Auckland focused on innovative Induction Power Technology for wirelessly charging new generation electric vehicles. The company was acquired by Qualcomm (Nasdaq: QCOM) in November 2011.
TTCF was the initial seed investor in 2009, being followed in by a mid-tier pharmaceutical company (OSI Pharmaceuticals) in RUGA Corporation. Based on technology derived from University of Auckland and Stanford University, the Company was a first mover in the field of endoplasmic reticulum stress/ metabolism induced cancer. At TTCF’s request, the convertible note was repaid in 2012.
TTCF, with AshHill Ventures, were the seed investors in 2013. Focused on re-launching Perhixiline (an existing drug) for the orphan indication of cardiac myopathy, the Company was based on research emanating from University of Adelaide and University of Aberdeen. Heart Metabolics Limited was exited by the Fund in December 2013 when the business was sold to a private equity consortium.
TTCF was the first venture investor in NexVet in 2012 to seed the Company. NexVet is focused on the development of monoclonal antibody based drugs for the companion animal health market. The Company had a research relationship with Monash University.
The Company successfully secured Series A and Series B funding, and on February 5, 2015 successfully executed a NASDAQ IPO raising US$40 million. NexVet was acquired on market by Zoetis on April 13, 2017.
TTCF was the first investor in SNAP Network Surveillance in 2009. Based on technology derived from the Australian Centre for Visual Technologies at the University of Adelaide, the Company has launched a product CCTV network integration platform allowing for ‘real-time’ management of incidents and network tracking.
The Company has successfully secured Series A funding in 2014, at which Dr. O’Brien resigned from the Board with AustralianSuper now managing the asset.