New co-investment business loan launches
A new business investment opportunity is being announced today.
The Northern Territory Government, through the Local Jobs Fund, and Paspalis Corporation have partnered to launch a brand-new investment opportunity for domestic and international businesses looking to establish a presence in the Territory.
$20 million in funding will be available with both parties co-investing $10 million respectively.
The Paspalis Co-Investment Fund will be available to companies that have a distinct presence in the Territory and are looking to grow, expand and create new jobs.
It will offer up to $5 million in funding in an aim to boost jobs, diversify the Territory economy, and strengthen local skillsets.
The fund will focus on enhancing industries such as advanced manufacturing, logistics and defence, technology, mining and exploration, space and primary industries.
The Northern Territory’s Investment Commissioner, Kelly Ralston, will join the Paspalis Investment Committee to represent the NT Government’s stake in the partnership.
Paspalis CEO Harley Paroulakis said, 'Our company has committed $10 million in venture capital alongside an additional $10 million matched funding from the Northern Territory Government. These funds will be invested on a dollar-for-dollar basis into high growth companies that meet both our company and the Government’s investment criteria, and that create positive economic outcomes for the Northern Territory.
'We have great confidence in the North and are prepared to put our reputation and capital back into it. The Northern Territory has been an important part of our history, and we want to remain an important part of its future.
'Paspalis is open for business, and we welcome any funding enquiries from exciting companies with strong leadership looking to do business in the Northern Territory.'
This new alliance builds on Paspalis establishing the Northern Territory’s first venture capital fund in 2018.
Since then, Paspalis has established an additional 5 funds and invested in a portfolio of high quality investee companies, including SPEE3D, Amphibian Aerospace Industries, and a Singapore-based space-tech company which is working to enable small satellites to fly closer to earth.
For more information and to apply to the Paspalis Co-Investment Fund, please visit the Paspalis website.