The Turnbull Government is today launching the $500 million Biomedical Translation Fund, established under the government’s National Innovation and Science Agenda, which will help take Australian biomedical discoveries out of the laboratory and to the patient.

Three experienced venture capital fund managers have been selected to help turn biomedical discoveries into high growth potential companies which will benefit Australian patients.

Minister for Industry, Innovation and Science Greg Hunt and Minister for Health and Aged Care, Sussan Ley, today launched the Fund at CSIRO in Canberra.

The three managers announced today will support Australia’s world class biomedical talent to create new drugs, devices, and therapies and improve patient lives.

The selected fund managers – Brandon Capital Partners, OneVentures Management and BioScience Managers – will manage $250 million in government capital to be matched by more than $250 million from the private sector.

“The Biomedical Translation Fund (BTF) is ultimately about improving the lives of thousands of Australians through better healthcare, creating jobs and growing both new and established businesses,” Minister Hunt said.

“The BTF will stimulate both the health and medical research sector and the broader economy – creating more jobs and better health outcomes.”

Minister Ley said: “This is a ‘smart money’ investment that leverages the talent of our home-grown innovators to deliver real health benefits to everyday Australians.

“The BTF will help upskill early-stage medical research here in Australia and create more jobs.

“Australia’s biomedical talent is world class and this investment capital will help to bring new drugs, devices, and therapies to market where they can improve the lives of patients.”

Australians are capable innovators, but all too often great biomedical ideas and discoveries are lost overseas because of a lack of local funding for the costly process to test and commercialise them.

“The investments made by BTF funds into biomedical start-ups will help the businesses mature into internationally competitive companies solving unmet health needs and create new markets for healthcare,” Minister Hunt said.

Under the BTF, Brandon Capital Partners has been licensed to manage $115 million in Commonwealth capital and $115 million in private capital.

OneVentures is a licensed fund manager with combined Commonwealth and private capital commitments totalling $170 million.

BioScience Managers is a licensed fund manager with combined Commonwealth and private capital of at least $100 million.

Further information on the BTF is available at



Brandon Capital Partners 

Brandon Capital Partners manages the Medical Research Commercialisation Fund (MRCF) Collaboration, providing seed and venture capital investment to support the development and international growth of Australian life science companies.

The firm has been making equity investments in biomedical discoveries since late 2007 and in that time, Brandon has completed 31 (MRCF and non-MRCF) investments into Australian (in origin) companies developing biomedical discoveries.

Aside from the BTF fund, Brandon Capital Partners manages three funds:

  • the $200 million Medical Research Commercialisation Fund (MRCF3)
  • the fully invested $51 million Medical Research Commercialisation Fund (MRCF IIF, LP and MRCF Trust) – Commonwealth contribution: $40.01 million
  • the fully invested $50 million Brandon Biosciences Fund 1 (BBF1 IIF and BBF1 Trust) – now fully invested – Commonwealth contribution: $40.01 million


OneVentures is a Sydney-based venture capital firm that provides human and investment capital into high growth companies with a particular focus on transformative technologies.

The firm is particularly focused on opportunities originating in Australia which are poised to expand into the established and emerging global markets.

OneVentures invests in technology companies that serve or disrupt large high growth global markets. OneVentures’ first fund, the OneVentures Innovation Fund (Fund I) is licensed under the Commonwealth Governments’ IIF program and is on track to deliver at least a 3x return for investors.

The second fund, Innovation and Growth Fund II focuses on growth and expansion stage technology companies.

 BioScience Managers

BioScience Managers (BML) is a Melbourne-based life sciences investment firm that offers a global multi-disciplinary team, bringing an international perspective together with the track record, networks and expertise required to convert that perspective into informed, high return investment decisions.

BML has a strong track record of investing in the biomedical sector and building businesses. Their experience covers 4 funds that have delivered annual IRR’s between 22 and 40% and encompassed pharmaceuticals, medical devices, diagnostics, and digital health technologies.

Three funds have focused on companies in the advanced preclinical/Phase I-II stage of development – International Biotechnology Trust (1994-2000), IB Australia BioScience Fund I (2008-2014) and Asia Pacific Healthcare Fund II (current fund; vintage 2012).