Australian VC fund PAC Private 1 investing in Web3, gaming

By

Supports technological shift to Web3.

PAC Capital’s VC fund PAC Private 1 (PP1) is designed to support the technological shift to Web3, according to managing director and chief investment officer Clayton Larcombe.

Larcombe told Digital Nation Australia that the $50 million fund is seeking to “find the next new age technology” that’s going to change the way things are done.


Beginning with a fund-to-funds approach, Larcombe is relying on his connections with heavy hitters in the global Web3 investment space, in order to successfully launch the fund in Australia.

“I have access to a number of really key managers around the world that have started some really unique funds,” he said.

Larcombe names global investment platform for gaming and Web3, BITKRAFT, as key to the project.

“They've seen what I want to do. I said, ‘Why don't we bring what BITKRAFT stands for and how they're trying to find these metaverse, crypto, esports, next generation topics, why don't we bring it to Australia?’ Because there's nothing like that here. So they support me,” he said.

BITKRAFT gave Larcombe access to their US$250 million fund and Larcombe said they plan to co-invest together.

"At the moment we've got four funds that are part of the portfolio and there are also five private companies that are in the fund as well.”

PP1 has been investing for six months, and is up 11 percent he said.

“I feel it's not a bad time either given the volatility around the world in global markets, in listed markets, it's not a bad time to take some money off the table out of direct equities, into some more opportunistic companies that are not valued every day, but have the chance to look at it for the next five years, we'll grow and hopefully take a multiple of your money out. That’s the aim,” said Larcombe.

Got a news tip for our journalists? Share it with us anonymously here.
© Digital Nation
Tags:

Most Read Articles

Powercor to tap into agentic AI across the organisation

Powercor to tap into agentic AI across the organisation

Optus' first AI chief Samantha Lawson exits

Optus' first AI chief Samantha Lawson exits

Elon Musk completes $44 billion acquisition of Twitter

Elon Musk completes $44 billion acquisition of Twitter

Transurban explores bringing agentic AI to its chatbot

Transurban explores bringing agentic AI to its chatbot

Log In

  |  Forgot your password?