New investment management business Commencer Capital has acquired IEC Funds Management, the fund manager of the Investec Emerging Companies Australia Fund 1 (IEC Fund), from Investec Australia Limited, and renamed the IEC fund the 'Commencer Capital Emerging Companies Fund'.
Commencer Capital is majority owned by David Phillips, the founder of the IEC Fund.
"In 2018 we started the Emerging Companies fund to work with and invest alongside new and exciting early-stage Australian businesses. Since that time, the fund has supported eight companies with an average investment of greater than $4 million in each," Phillips said.
"With the strong support of our shareholders we are now able to continue the good work and legacy under the Commencer Capital banner."