How family office Group CEO Judy Anderson-Firth selects venture capital funds

Who is Judy Anderson-Firth, and what is Euphemia?

Judy Anderson-Firth is Group CEO of Euphemia, the family office of entrepreneur Dom Pym. Her interview was published in June 2025, when Tall Order was still called Skalata Ventures. Euphemia is an investor in our funds, so read her comments about us with that in mind.1

Pym co-founded Ferocia, the fintech behind the digital bank Up. Bendigo and Adelaide Bank agreed in 2021 to buy Ferocia for up to $116 million.4

Why does a family office put most of its venture money through funds?

For access to deals a family office can't get on its own. Euphemia does invest directly in startups, but Anderson-Firth sends the majority of its venture capital through funds.1

“Venture capital funds can make deals that we can't as individual investors. They have the ability to invest in companies beyond our reach, with networks, knowledge, and expertise in different verticals and regions that expand our exposure.”

How a venture fund works covers what a client pays a manager for.

How many funds does Euphemia spread across?

More than 20, in Australia and overseas, at different stages, and she accepts some overlap between them.1

“We're invested in over 20 different funds, both locally and abroad, across different stages. Sometimes, we even have indirect exposure through multiple funds, which can be beneficial. But it's worth it because it gives us exposure to almost every deal in the ecosystem.”

The logic is the power law: a few companies produce most of venture's returns, and nobody knows in advance which. A client with less to commit gets some of the same effect from a single fund that backs many companies; How much to allocate covers the trade-off.

Why does she think family offices suit venture?

Because a family office can wait.1

“Venture capital investments for Euphemia is a no-brainer. It's high risk, high reward, and that's the nature of the asset class.”

Companies can take seven to ten years to mature, and a family office has no outside investors pushing for an exit date.1

“As a family office, we understand that these investments take time to grow. We're not bound by a set time horizon like traditional funds. We have the flexibility to wait for long-term returns.”

For a client, money committed to a venture fund is usually locked up for ten years or more (see fund term), so it has to be money they won't need in that time.

Should market conditions change a venture allocation?

Ideally not, in her view. She argues for steady commitments over picking the right year.1

“In an ideal world, macroeconomic conditions shouldn't really affect allocation to VC. When you invest in such early-stage companies, there's just not enough data or information to predict the next big success like Atlassian. It's all about staying consistent.”

She also sees downturns as a decent time to invest.

“Market downturns can actually be great opportunities. Companies become more capital efficient and learn how to navigate challenges. The ones that come out on the other side become lean fighting machines and can skyrocket unexpectedly.”

Committing a similar amount across several vintage years is a common way to spread timing risk.

What does she look for in a fund manager?

The people first, then how they treat their companies.1

“We focus on the people behind the venture capital funds. Their track record, decision-making, and values are crucial factors for us. We want to invest in funds led by great individuals who align with our expectations.”

“We value funds that take care of every company in their portfolio and work closely with founders throughout their journey.”

She also spoke about us.

“I love the Skalata team! They're practical, diligent, and true to their word, which is something we highly value. They strike a good balance between considering what's best for investors and what's best for the company.”

That is one investor's view of a manager she backs. How to vet a venture fund turns her questions into a checklist an adviser can work through.

She also explained why Euphemia keeps investing.

“We have a long-term perspective and aim to reinvest back into the next generation of Australian startups. We believe in the potential of the Australian startup ecosystem and want to contribute to its growth and success.”

What has changed since 2025?

The tax on gains. From 1 July 2027 the 50% CGT discount ends for individuals, trusts and partnerships, replaced by an inflation adjustment and a 30% minimum tax; growth before that date keeps the discount.2,5

Gains on eligible investments held 12 months or more inside an ESVCLP stay exempt, and investors still get a tax offset of up to 10% on eligible contributions.3 Discretionary trusts, a common family office structure, face a separate proposed 30% minimum tax from 1 July 2028.6 Which entity should invest? goes through the options. The trust tax is not yet law, so confirm with a tax adviser.

What advisers can take from this

• Funds give access most individuals can't get on their own.
• Money a client might need in the next decade is a poor fit for venture.
• Spreading across many companies, and often across several years of commitments, is how investors deal with the power law.
• Her questions about people, decisions and support for founders are a sensible start on manager selection.
• After the 2027 CGT change, how a venture investment is held affects the after-tax result more than before.

Frequently asked questions

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.

Contact Justine Fund III