Australian Venture Capital Fund of Funds (AFOF)

The Australian Venture Capital Fund of Funds (AFOF) program encourages investment in a portfolio of early stage venture capital limited partnerships (ESVCLPs) and venture capital limited partnerships (VCLPs). It offers tax incentives and provides diversification and flexibility for the fund and its investors.

Application detail:

You can apply at any time.

What do you get?

Partnership registration to get tax incentives and other benefits for both fund managers and investors for investment in a portfolio of registered venture capital partnerships.

Who is this for?

Fund managers of a new partnership seeking to invest in a portfolio of ESVCLPs and VCLPs.


The AFOF program provides a structure that encourages investment in a portfolio of registered ESVCLPs and VCLPs.

An AFOF can also invest in eligible direct investments of those funds.

Fund managers can apply to Innovation and Science Australia to register a partnership as an AFOF.

The Department of Industry, Science, Energy and Resources and the Australian Taxation Office (ATO) jointly administer the program on behalf of the Australian Government.

How it works

An AFOF must be a new partnership rather than a restructured existing partnership.

Applicants must apply to Innovation and Science Australia for registration under the Venture Capital Act 2002. Innovation and Science Australia has delegated its decision-making powers for AFOFs to authorised delegates.

A delegate will register a partnership as an AFOF if it meets certain eligibility criteria.

Investments must be made in accordance with the VCA and ITAA 1997 [Subdivision 118-F]. The only debt interests an AFOF may hold are permitted loans.

An AFOF must meet ongoing registration and reporting requirements under the VCA to maintain its registration.

Registration may be revoked if a partnership contravenes the legislation.


What are the eligibility criteria?

You can apply to register if:

  • you are a limited partnership or incorporated limited partnership established in Australia
  • each general partner is an Australian resident

You can't establish an AFOF by restructuring an existing partnership. This program is for new partnerships only.

In addition, you must have a partnership agreement that:

  • requires the partnership to remain in existence for between 5 and 20 years
  • requires partners to contribute their capital as and when required under the agreement
  • prohibits the addition of new partners except as provided for in the agreement
  • prohibits increases in committed capital except as provided for in the agreement
  • confers on the general partner the right to require partners to contribute their committed capital to the partnership
  • includes a plan outlining its intended investment activities

There is no minimum capital requirement for full registration as an AFOF. However, the general partner must advise that the fund has sufficient capital to begin its investment program.

All information should be read in conjunction with the relevant legislation:


How do you apply?

If you would like to apply for registration as an AFOF, submit a complete application to Innovation and Science Australia.

You’ll need to include the following documents.

  • A completed AFOF application form.
  • A certificate of registration as a limited partnership or an incorporated limited partnership. This is issued by the relevant state or territory government authority.
  • A certificate of registration if the general partner is a venture capital management partnership.
  • An investment plan that is included in the signed partnership deed.
  • A signed limited partnership deed (including the investment plan) that satisfies the requirements set out under eligibility criteria.
  • The partnership's information memorandum or any public offer documents.
  • Signed individual subscription deeds.
  • CVs and time commitments of the key people active in the partnership.

To request a copy of the application form, email

For assistance with the application form contact us.

Need help?

  • Let us answer your question via phone, email or webchat. And if we can't help, we'll put you in touch with someone who can.

  • Monday – Friday, 8am – 8pm across Australia

Further information about venture capital

Looking to invest in Australia's venture capital market

Find out more about seeking venture capital investment

Find a list of limited partnerships registered and conditionally registered as AFOFs

Guides, information papers and statement

Information Paper – Approved forms

Information Paper – A partnership's committed capital

Information Paper – Extension of application timeframe

Information Paper – Registered partnership’s failure to report

Expectation and compliance statement