Australia’s Boman eyes wealth exit as funds biz gain momentum

‘We would love to be just a funds management house in five years time,’ said founder Eric Gao, outlining the 14-year wealth manager’s plan to focus on funds.

Boman Group, a 14-year-old Melbourne wealth manager overseeing nearly $1bn in assets, mostly from Chinese high-net-worth families, is preparing to exit its wealth management business within five years.

Founder and CEO Eric Gao (pictured) aims to reposition the firm as a pure-play fund manager targeting institutional capital focused on Asia’s AI and robotics boom.

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Australia’s Boman eyes wealth exit as funds biz gain momentum

Global Venture Capital and Private Equity fundraising news for November 19, 2024

November 19, 2024

Silver Point Capital raised $8.5 billion at the close of its third specialty credit fund.

Melbourne-based Boman Group is targeting $1 billion for a VC fund to invest in Austalia-based startups looking to grow operations into China, The Financial Review reported.