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Aboriginal private equity firm secures $20m impact investment
Biripi Capital, a 100 per cent Aboriginal-owned private equity outfit, has been advised by global law firm K&L Gates on the establishment and creation of a for-purpose company, The Dreaming Food Group, and charitable vehicle The Dreaming Foundation, together with a multimillion-dollar investment.
Jerome Doraisamy
Firm: K&L Gates (Biripi Capital).
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Deal: K&L Gates has advised Aboriginal private equity firm Biripi Capital and its founders, David Liddiard OAM and Michael Manikas, on the establishment and creation of a for-purpose company, The Dreaming Food Group, and charitable vehicle The Dreaming Foundation, including the securing of a $20 million impact investment.
The advice has been offered pro bono.
Area: Tax, corporate.
Value: $20 million.
Key players: The K&L Gates team was led by tax partner Betsy-Ann Howe with senior associate Julia Khomenko and lawyer Jennifer Cui. They were also supported by corporate partner Clive Cachia and his team.
Deal significance: Speaking about the investment and transaction, Biripi chairman Michael Manikas said: “Working closely with K&L Gates on the establishment of our operating model, first investment company, and creation of our charitable foundation has been nothing short of amazing.
“K&L Gates has been supportive of our vision from day one, and key practice groups across the firm mobilised to support our ambitious establishment goals and timeframes.”
Ms Howe added: “We have been delighted to work with David and Michael to support their vision of a for-purpose Aboriginal business to deliver significant outcomes for the Closing the Gap initiatives. K&L Gates is strongly committed to its pro bono program and our Innovate Reconciliation Action Plan.
“The partnership between K&L Gates and Biripi Capital to deliver the structure for the Dreaming Foundation and The Dreaming Food Group is a perfect fit with these important programs and utilises the strong tax and corporate skills that K&L Gates is able to provide.”
And Mr Cachia noted: “To play a role in a significant impact investment into an Aboriginal, for-purpose business is not lost on our team.
“The Aboriginal business has huge opportunity in Australia, and we believe that through this transaction, The Dreaming Food Group will go on to achieve its objectives, and provide sustainable funding via The Dreaming Foundation to Closing the Gap initiatives.”
