OneVentures

Founding Partner and Managing Partner Dr Michelle Deaker chairs the investment committees for the growth equity and credit practices. Founding Partner Dr Paul Kelly chairs the healthcare-focused committees. Each pillar — Growth Equity, Growth Credit, and Healthcare — operates its own dedicated investment committee advised by venture partners with domain expertise.

The firm draws on a physician-scientist network in healthcare and an operator network in technology built over 25 years. Michelle Deaker's history as an angel investor and entrepreneur-in-residence, combined with Paul Kelly's academic and clinical relationships, gives the healthcare team access to university and research-hospital spinouts before broad auction processes begin.

OneVentures is an asset manager — originally shaped by a family-office advisory mandate — that now runs institutional commingled venture funds. It does not manage a single-family balance sheet. The firm raises discrete fund vehicles, including a dedicated Victorian Growth Fund for state-based deployment and funds backed by the Australian Government's Biomedical Translation Fund.

The firm makes direct equity investments, provides venture debt, and at times co-invests alongside other institutional investors. Its credit practice, launched in 2019, gives portfolio companies an alternative to equity rounds, and the firm has not publicly positioned itself as a fund-of-funds investor.

Growth Equity targets scale-up technology businesses, often post-revenue, that need capital for international expansion or restructuring. Healthcare spans early to mid-stage biotech and medical devices. Growth Credit lends to revenue-generating technology companies that want to avoid equity dilution, placing the firm across expansion and late-stage venture in the same portfolio.

OneVentures was a recipient of a mandate under the Biomedical Translation Fund, a federal program that co-invests in commercial-stage life sciences companies. This public-private structure gave the firm dedicated follow-on capital for healthcare portfolio companies such as Vaxxas and BiVACOR and shaped the hybrid healthcare vehicle.

OneVentures has co-invested alongside major life sciences investors — the BiVACOR syndicate, for instance, involved multiple international venture backers — but the firm typically leads or co-leads Australian rounds in its core sectors rather than acting as a passive minority co-investor alongside a lead GP.