☕ OneVentures arsenal

Good morning.

VC stalwart OneVentures is launching its 7th fund with managing director Michelle Deaker telling Capital Brief’s Brownen Clune the ambition is to have a $200m war chest for investments in later-stage tech firms with a particular focus on those with annual revenues between $5m and $15m.

Deaker, a founding partner, expects plenty of growth gems for Fund VII, particularly as valuations cool from their frothy highs.

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Market movers

In a bloodbath day like yesterday’s, medical equipment maker ResMed emerged as the island of serenity in a sea of chaos. Shares defied the gloom, even if momentarily, rising a very respectable 2.92%, as analysts at Morgans, Macquarie and Citi raised target prices.

The quick sync

• Wall Street plunged on Monday amid fears the US economy is deteriorating rapidly. The panic was contained, with markets paring back losses after US July service sector activity data exceeded expectations. (Capital Brief)

• Ready of not, ASX 200 companies will be hit with Treasury’s mandatory climate reporting in less than 5 months’ time. Boral, Origin and Transurban are among those lacking 'ambition and rigour' on climate reporting. (Capital Brief)

• Tech unicorn SafetyCulture is hunting for a new C-suite exec to take charge of the $2.7b-valued workplace compliance and safety software maker’s AI program, with a multimillion-dollar comp deal on offer. (AFR)

• Universities and colleges will be limited to a maximum of 40% of students from overseas from 2025, with the caps to be in place for two years and the numbers based on 2019 figures. (AFR)

• Kain Lawyers Managing director John Kain explains the appeal of mid-market transactions and the challenges new merger laws present for public companies in competitive bidding. (Capital Brief)

Trading floor

M&A

• TPG Group is reviewing options for selling its fixed network, with discussions with Vocus ongoing but no deal guaranteed. (Capital Brief)

• Jefferies bankers, led by Michael Stock, are advising Abu Dhabi’s AI firm MGX and tech investor Silver Lake. (AFR)

• EnergyX has bid $US150m to acquire Galan Lithium's Argentinian projects, including leases in the lithium-rich Salar del Hombre Muerto region. (AFR)

• Mars is in advanced talks to buy Kellanova, valued at around $46.3bn, in a major food and beverage deal that could face regulatory scrutiny. (Capital Brief)

• Superhero will acquire MYOB’s Slate Super, boosting its superannuation assets to over $1.5bn and member count to 100,000-plus. (AFR)

• Regis Resources is considering a joint venture for its McPhillamys gold project to mitigate risk and ensure shareholder value. (The Australian)

• Woodside Energy will spend $3.7bn on a gas-based ammonia project in Texas, its largest lower-carbon energy investment, raising market concerns about shareholder returns. (AFR)

• Centuria Capital is buying a 50% stake in ResetData for $21m. (Capital Brief)

• Macquarie will pay $816m for a South Korean data center, while planning to sell its AirTrunk stake for $15bn. (AFR)

Capital Markets

• Art Money paused operations due to financial struggles and is now seeking $5m in emergency funding, with backing from family offices and partners. (AFR)

• The Queensland Critical Minerals Fund will invest up to $5m in Velox Energy Materials to support the North Queensland Vanadium Project, boosting global vanadium supply and battery storage. (Capital Brief)

• Rubicon Water is raising $18m through a discounted share placement and share purchase plan, with chairman Gordon Dickinson contributing $5.5m. (AFR)

• Bellevue Gold CEO Darren Stralow defended the $150m capital raise, stating it was not driven by lender pressure but was essential for the Bellevue Gold project. (The Australian)

VC

• Hopstep, a SaaS platform for aged care recruitment, is raising $3m in seed capital. (AFR)

• Graceview, a legal AI startup, raised $1.5m for international expansion, led by Patrick Linton. (Startup Daily)

• Melbourne startup Eyeonic raised $2.6m in an oversubscribed seed round to advance its AI-driven home glaucoma testing technology for laptops and tablets. (Smart Company)

People moves

• Rothschild & Co has hired Alex Cartel, formerly Citi’s head of investment banking for Australia and New Zealand, to lead its global advisory in Australia. (AFR)

• LGT Crestone has appointed Escala founders Steve Collins and Mason Allamby as partners to enhance its services for high-net-worth clients and family offices. (Capital Brief)

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