Australia’s biggest venture capital firm has written to investors to say the value of one of its earliest funds has fallen, with performance resting on the success of two space technology companies despite a looming deadline to return capital.
Ten years ago Blackbird raised about $200 million from investors including retirement savings giant Hostplus to invest in nascent technology companies through what became its second fund. The firm had already invested in Australia’s biggest private technology giant, design software darling Canva, and was looking to find other promising start-ups.
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