VC Fund Backed by Zampatti and Forrest Families Targets $50m Raise

A venture capital fund backed by the Zampatti and Forrest families is looking to raise $50 million, according to a report by The Australian Financial Review.

The figure marks the formal target of a new vehicle that pairs two of Australia's most prominent family fortunes. The Zampatti name is tied to the late fashion designer Carla Zampatti, whose business empire spanned more than five decades. The Forrest family's wealth traces to Andrew Forrest's iron ore operations at Fortescue Metals Group.

The AFR report identifies the $50 million figure as the fund's fundraising goal. The publication did not disclose further detail on the vehicle's stage focus, sector mandate or closing timeline in the item carried by its feed.

Who is behind the fund?

The Zampatti family controls the legacy of Carla Zampatti, one of Australia's most recognised fashion brands. Carla Zampatti died in April 2021 after a fall at an opera event in Sydney. Her family continues to manage the brand and its commercial interests.

The Forrest family derives its wealth from Fortescue Metals Group, the iron ore producer Andrew Forrest founded and chaired. The family ranks among Australia's wealthiest, and Andrew Forrest has signed the Giving Pledge alongside major mining-sector peers globally.

A vehicle carrying both names signals a family-office-style entry into venture capital. Family capital has become a growing slice of Australian startup funding as institutional investors pull back from early-stage cheques.

What does a $50m raise signal?

A $50 million target sits in the mid-range of first-time Australian VC funds. Recent local vehicles have closed anywhere from sub-$20 million micro-funds to several hundred million dollars for established managers such as Blackbird and AirTree.

For a family-backed fund, $50 million suggests:

• Sufficient scale to write seed and Series A cheques across a portfolio of 20-30 companies
• A mandate serious enough to attract co-investment from superannuation-linked vehicles
• Room for follow-on reserves, which family offices often structure conservatively

The AFR item did not specify whether the $50 million includes commitments from the two families themselves, or whether they act as anchor limited partners alongside external investors.

Why are family offices moving into VC?

Family capital has filled part of the gap left by institutional investors who slowed deployment through the 2023-2024 venture downturn. Australian startups raised materially less in 2023 and 2024 than at the 2021 peak, and new fund formation contracted in parallel.

Wealthy families offer advantages to early-stage founders:

• Longer investment horizons than fund-cycle-constrained institutional LPs
• Operational networks across retail, mining, logistics and consumer markets
• Tolerance for concentrated positions in sectors they know firsthand

The Zampatti footprint in consumer brands and the Forrest footprint in resources and energy give the vehicle potential sector depth in both consumer and industrial-adjacent startups, though the report did not confirm an investment focus.

What happens next?

The fund will need to confirm its first close before deploying capital. Australian VC funds typically announce a first close once 30-50 percent of the target is committed, then continue raising while investing.

If the vehicle reaches its $50 million goal, it would add to a cohort of family-backed funds now competing for deal flow alongside Australia's established venture managers. The involvement of two high-profile dynasties gives the fund a marketing edge with founders — and puts a fresh test on whether family capital can win competitive rounds in a selective market.