For financial advisers and accountants
The adviser's guide to venture capital
How venture funds work, what they return, how they're taxed after the 2027 CGT changes, and how to size and vet one for a client.
Start here ifYour client asked about ESVCLPsWhat they are, the 10% offset and 0% CGT, and the 2027 changes that make them stand out.Start here ifYou're new to ventureHow a fund works, from capital calls to carry, then how venture returns behave.Start here ifYou're building an allocationHow much, over how many years, and how to tell a good manager from an average one.
Venture basics
What a venture fund is, how it pays out, and why stage and fund size matter so much to the result.
- 01How a fund worksLPs and GPs, capital calls, the J-curve, and what fees and carry cost your client in dollars.7 min
- 02Venture returnsWhy a few companies return the fund, how many lose money, and why the manager matters most.6 min
- 03Stage and fund sizeWhy entry price, ownership and fund size drive venture returns, and what Australia's seed market looks like.5 min
- 04Venture in a portfolioHow venture compares with shares, property, PE and private credit, and where it fits in a portfolio.8 min
ESVCLPs and the 2027 tax changes
What changes on 1 July 2027, why ESVCLP gains stay tax-free, and which entity should hold the investment.
- 01The 2027 CGT changesThe end of the 50% discount, who pays more, and what to do before 1 July 2027.7 min
- 02ESVCLPsThe 10% offset, 0% CGT, and why the 2027 changes make them stand out.7 min
- 03Venture vs propertyNegative gearing, the end of the 50% discount on property, and how an ESVCLP gain now compares.7 min
- 04Fund structuresHow ESVCLPs, VCLPs, AFOFs and unit trusts differ, and why managers often run two side by side.7 min
- 05Which entity investsHow the ESVCLP offset and exemption land for individuals, companies, trusts and SMSFs after 2027.9 min
- 06Venture in a family trustThe 2027 CGT change, the proposed trust minimum tax and the rollover, for trusts holding venture.8 min
- 07Venture in an SMSFTrust deed, investment strategy, annual valuation, liquidity, the $3m tax and ESVCLP tax inside super.8 min
Building an allocation
Sizing a venture allocation, pacing commitments, choosing a manager and reading what they send you.
- 01How much to allocateWhat the research says a balanced client should hold, when to hold less, and a planner for capital calls.8 min
- 02Vetting a fundTrack record, terms, conflicts and references: what to ask a venture manager before your client commits.7 min
- 03Reading fund reportsDPI, TVPI and IRR, how startups are valued, and what to check in a quarterly report.9 min
Advising your clients
Eligibility, what happens after a client commits, and the advice and compliance points to keep in mind.
- 01Wholesale investor testThe $2.5m and $250k tests, the other routes in, and who can sign the certificate.7 min
- 02After your client commitsSubscription documents, capital calls, claiming the ESVCLP offset at T7, reports, transfers, death and separation.9 min
- 03Advice and complianceGeneral vs personal advice, IMs vs PDSs, best interests, DDO and what a fund can send your client.6 min
Tools
Calculators and checkers for working through a client's numbers. All tools on one page →
ESVCLP tax calculatorWhat a client keeps from a gain through an ESVCLP versus shares, before and after July 2027.Fees and carry calculatorGross fund return in, net to the client out, after fees and carried interest.Diversification simulatorRun 1,000 portfolios to see how the number of companies changes the odds.Commitment plannerHow much cash capital calls need, year by year, across several funds.2026-27 reforms timelineEvery change in the tax reforms, by the date it starts.Portfolio mix simulatorBalance shares, bonds, property, private equity, private credit and venture; see risk, return and liquidity.
Investor perspectives
How a family office, a university and a founder decided to invest in early-stage venture.
Investor perspectives5 minA family officeWhy Euphemia's CEO sends most of its venture money through 20+ funds, and how she picks managers.Investor perspectives5 minA universityLa Trobe's COO on why a cautious, committee-led investor backed an early-stage fund.Investor perspectives5 minA founderAdrian Di Marco on using funds for sectors he doesn't know and direct deals for the one he does.
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Talk to us about Fund III
Tall Order is a Melbourne seed fund. Fund III is a registered ESVCLP for wholesale investors. Justine Lum, our Head of IR, works with advisers and their clients.