Boson Newton · Fund II · ESVCLP

Australia builds Nobel-prize science. We invest in the companies that carry it to market.

An AUD $30M early-stage ESVCLP backing Australian deep tech at its highest leverage point — from pre-seed to Series A — with an Asian corridor no other Australian fund has.

3.27×Fund I TVPI (Q1 2026)Top 10% of 2021 vintage globally.
23.6%Fund I DPI (Q2 2025)85% of 2021 vintage peers remain at zero.
0%Capital Gains TaxESVCLP — plus a 10% non-refundable tax offset.
Our edge

Science. Scale. Symbiosis.

Three structural advantages that compound into a fund Australia hasn't had before.

01 · Science

Specialists, not generalists

Sector-deep due diligence from a team that includes an FDA-approved drug inventor and operators who have built and sold real businesses across healthcare, advanced manufacturing, clean energy and AI.

02 · Scale

Australian invention → Asian scale

A direct corridor into Greater China, Singapore and Japan — manufacturing, customers, strategic capital. The path our founders can't get from Australia-only investors.

03 · Symbiosis

Aligned with founders

Long-term capital, active board partnership and a GP team that has been on the founder side of the table. Every partner has personally invested in Fund II.

Market thesis

Why Australia, why now

Australia generates Nobel-prize-level science. The capital infrastructure to commercialise it is still being built. Right now is the entry advantage.

15Nobel LaureatesGlobal recognition for Australian scientific output.
+40%Spinout growthYear-on-year increase in research spinouts.
A$15BNational Reconstruction FundFederal capital committed to industrial deep tech.
<12Deep-tech funds activeStructural undersupply of risk capital.
Pre-2020
Capital gap

Strong research output, weak commercialisation infrastructure. Most Australian deep tech that scaled, scaled offshore.

You are here
2020 — 2027
Inflection point

Government funders (NRF, MRFF, ARC) direct capital to early-stage deep tech. Valuations sit 3–4× below Silicon Valley. The window is open and narrowing.

2027+
Normalisation

First major Australian deep-tech exits materialise. Valuations begin moving toward global benchmarks. Entry advantage compresses.

Why Boson

Four structural moats

01 · Direct sourcing

Inside the research pipeline

  • 15+ direct research-institution relationships across Australia
  • 800+ projects reviewed annually — acceptance rate under 1%
  • Kite Magnetics sourced from Monash pre-IP-assignment
02 · Due diligence

Inventor-grade evaluation

  • Partner team includes the inventor of one of only two FDA-approved small-molecule drugs originating from Australia
  • Expert network drawn from Tokyo Tech, Tsinghua and other tier-1 institutions
  • Independent technical validation on every investment
03 · China corridor

Two-way Asian capital network

  • Long-running relationships with Chinese capital including Lilly Asia Ventures
  • Manufacturing and customer access via partners in SIP, NICE and Greater Bay Area
  • Exit pathways into HKEX and SSE that Australia-only investors cannot offer
04 · Post-investment

Active value creation

  • Active board participation and strategic coaching
  • Industry partnerships brokered for every portfolio company
  • AI-assisted portfolio monitoring and tiered risk response
Predecessor fund · Track record

Boson Eoarchean Fund I — a top-decile 2021 vintage.

Newton Fund II carries forward Eoarchean's team, thesis, and operating model. Eoarchean (2021 vintage) is now five years in with 92% of value unrealised under IPEV standards — substantial remaining upside, and the basis for our conviction in Newton II.

3.27×

Fund I TVPI · as of Q1 2026

Top 10% of 2021 vintage venture funds globally — a cohort defined by market turbulence and rising rates. Fund I peer median is 0.99×. 85% of 2021 vintage peers remain at zero DPI. We have already delivered liquidity events including a 2× MOIC ASX IPO in eleven months on Clarity Pharma.

CompanySectorMOICStatus
Hello CleverFintech · AI payments9.5×Active
FiableB2B SaaS · Construction7.0×Active
Kite MagneticsAdvanced materials · Cleantech5.0×Active
Osara HealthDigital healthcare3.5×Active
AINCAI for manufacturing3.5×Active
CatalyserB2B SaaS · CSR1.0×Active
StoripressSaaS · Media techWound down
Loop+SaaS · WorkplaceWound down
How we invest

Pre-Seed to Series A — before growth investors price the risk out

We don't spread thin. We concentrate in sectors where Australia leads and our diligence team has genuine edge.

Investment sectors

A focused allocation across the verticals Australia leads globally — with sector specialists who can underwrite real technical risk.

Biotech & Medtech~50%
Advanced materials & manufacturing~40%
Emerging opportunistic~10%

Sweet spot & reserves

~20 initial positions of $500K–$1.5M each across Pre-Seed and Seed, then ~41% reserve capital (industry average 30%) for follow-on into the eight strongest names through Series A.

Initial cheque$500K–$700K Pre-Seed/Seed
Follow-on cheque$1M–$1.5M Series A
Entry valuation$5M–$20M
Fund terms

A tax-efficient ESVCLP, GP-aligned

A registered Australian ESVCLP (ILP2400024). 10% non-refundable tax offset and CGT exemption on eligible investments — plus flow-through taxation and an SMSF pathway.

Fund sizeAUD $30MESVCLP · ILP2400024
Investments20 initial · 8 follow-on59% initial / 41% reserve allocation
Cheque size$500K — $1.5MPre-Seed through Series A
Investment period5 years from Dec 20253 years initial · 2 years follow-on
Fund lifeTo November 2032Distributions typically begin years 4–6
Tax treatment10% offset · 0% CGTOn eligible investments · flow-through
Minimum commitmentA$1M institutionalA$100K individual
Economics2% / 20% / 8%Management fee / carry / hurdle
Invest with us

Request the Information Memorandum

Qualifying investors can request the full Boson Newton Fund II Information Memorandum, including detailed Fund I performance, portfolio breakdowns, and fund terms.

Boson Newton Fund II is a registered Early Stage Venture Capital Limited Partnership (ESVCLP) authorised under the Venture Capital Act 2002 (Cth). Issued by Boson Health Tech VC Pty Ltd ACN 662 619 383 (CAR 74472211) of Sagestone Asset Management Pty Ltd ACN 621 697 621 (AFSL 700034). For wholesale investors only. Read the full disclaimer at /disclaimer.