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Wilshire Associates to launch fund of funds for Australia

Wilshire Associates is to launch a fund of funds for the Australian market, in the latest move by an international firm to take advantage of legislation intended to entice foreign capital into the country's private equity industry.

Legislation passed in 2002 in Australia has allowed for the creation of limited partnerships and fund of funds. It also allows pension funds, which enjoy tax-free status in their own countries, to invest tax-free in Australia too, according to the Financial Times.

Wilshire's decision comes after the launch of Burrill & Co's $200m Australian biotech fund in June this year. Speaking at the time, Steven Burrill, CEO of Burrill & Co, said that ‘recent reforms to venture capital limited partnerships there had made it attractive to have an Australian fund'.

Wilshire Associates has 15 years of experience in the private equity fund of funds industry and currently manages over $1.5bn in discretionary portfolios.

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