A prominent Melbourne fund manager, Boman Group, has made waves in the global investment landscape by participating in OpenAI’s unprecedented US$6.6 billion (A$9.5 billion) fundraising round, valuing the artificial intelligence giant at US$157 billion (A$230 billion). The landmark deal places Boman among a cohort of top-tier global investors and further cements its growing reputation in the international venture capital scene.
Boman Group: A Rising Star Among Melbourne Fund Managers
Founded in 2011 by Eric Gao and Julius Wei as BMY Group, and rebranded in 2024, Boman Group has emerged as a leading Melbourne fund manager with a sharp focus on private equity, fixed income, and IPO opportunities for high-net-worth investors—particularly those from Asia. The firm now manages approximately $600 million in assets, positioning itself at the forefront of Australia’s private capital sector.
This latest investment in OpenAI underscores Boman’s evolving “Unicorn Strategy,” which targets high-growth, late-stage technology companies approaching significant liquidity or capital events.
Melbourne Fund Manager Secures Spot in World’s Top AI Company
By committing A$10 million to OpenAI’s raise, the Melbourne fund manager joined the ranks of elite backers such as Thrive Capital, Nvidia, Microsoft, Khosla Ventures, SoftBank, and MGX (Abu Dhabi). Boman’s Executive Director Eva Zhuang led the investment, negotiating the deal in under a month—no small feat given the deal’s competitive nature, valuation complexity, and time zone challenges.
“This was a hard deal to get over the line considering the speed in which it was conducted combined with the interest, valuation and the timezones involved,” Zhuang said. “But we are thrilled to have secured a placement in the world’s fastest growing technology company.”
An AI-Forward Vision from a Melbourne Fund Manager
Since 2021, the Melbourne fund manager has made deliberate moves in the AI space, backing firms with scalable, disruptive potential. Zhuang noted that the falling costs of training and deploying AI—combined with skyrocketing productivity gains—are creating a new wave of opportunity.
She cited Klarna, one of Boman’s portfolio companies and an early enterprise user of OpenAI’s technology, as a prime example. Klarna’s AI assistant has now handled 2.3 million customer chats, saving the company the equivalent of 700 full-time agents and boosting profitability by US$40 million.
“AI is transforming every level of business,” Zhuang said. “Whether it’s the core layers of compute, algorithms, and data, or traditional industries harnessing AI for operational efficiency, we see incredible upside.”
Why This Melbourne Fund Manager Backed OpenAI
Boman CEO Eric Gao emphasized that OpenAI’s growth trajectory justifies its valuation. He pointed out that ChatGPT reached 100 million users globally in just two months—faster than any platform in tech history. OpenAI now counts over 92% of Fortune 500 companies as clients, a clear signal of its dominant market position.
“Through smart partnerships and an open-access strategy, OpenAI has raced ahead of its competitors,” Gao said. “It’s a perfect fit for our portfolio and reflects the bold approach that defines us as a Melbourne fund manager willing to invest on the global stage.”
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