Square Peg touts billion-dollar returns as it hits up market for $843m

One of Australia’s biggest venture capital firms, Square Peg, has revealed its returns to shareholders have topped $1 billion since it began 12 years ago, as it said it will go to market for its sixth fund in the second half of 2024, trying to raise $US550 million ($843 million.)

The firm will be looking to raise its new fund in a very different market to when it last raised the same amount in 2022, after a couple of years in which valuations for loss-making start-ups have tumbled. Pressure has also mounted on super funds who back VCs, to be more transparent about the fortunes of the private companies they are exposed to.