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Surging valuations across tech firms Canva, PsiQuantum and Lorikeet have helped lift the overall value of Blackbird Venture’s start-up investments to nearly $10 billion, marking a recovery from a sharp fall in the value of its venture capital assets after the COVID-19 pandemic.
Annual performance data released by Australia’s biggest venture capital firm showed its net internal rate of return was 36 per cent for the 12 months to June 30, and its portfolio grew to $9.9 billion. Net IRR is a metric used by VC firms to benchmark fund performance by measuring the annualised return to investors based on the estimated value growth of portfolio companies and any cash distributed, all after fees are deducted.
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