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Petre steps away from day to day as AirTree resets

Yolanda Redrup
Yolanda RedrupRich List co-editor

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One of the country’s most successful venture capital funds, AirTree Ventures, is undergoing a changing of the guard, as co-founder and partner Daniel Petre steps back from day-to-day operations to become chairman.

The move signifies a maturing of the fund, with Mr Petre saying he had always intended AirTree to be a multi-generational fund that would long outlive him.

Daniel Petre is stepping back from day-to-day operations at AirTree to become chairman. Ryan Stuart

At the same time former Vamp CEO Gillian Findlay has been appointed as the fund’s first outward-facing operations partner, who will focus entirely on helping AirTree’s portfolio companies scale.

Mr Petre, who rose to prominence in the global technology scene through the 1990s when climbing up the ranks of Microsoft, said the best VC funds were ones that “rolled on”, with talented people continually joining and upper management knowing when to let go.

“Ones that fail are like Kleiner Perkins, where people tried to hold onto things for too long and they became the poster child of firms that didn’t live up to their earlier decades of success,” he said.

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“I retain my vote with my new role ... [but] this is a multi-generational legacy fund that will go on well beyond my years.“

Since starting the fund in 2014 alongside Craig Blair, AirTree has shifted from a hierarchal structure in which he and Mr Blair had all the control, to a flat partnership which gives equal weight to the other investment partners.

I also want to spend time helping the new wealthy think about philanthropy. Australia’s wealthy in general are pretty greedy.

Daniel Petre, AirTree Ventures chairman

Last year alone the company deployed $118 million into 37 companies, with cheques ranging from $100,000 to $17 million.

One of the fund’s most successful investments has been Canva, in which it led one of its early capital raises when it was valued at $75 million, compared to the almost $20 billion price tag it achieved last week.

By stepping back, Mr Petre said his time would be freed up to focus on helping build up the broader technology ecosystem, as well as philanthropic efforts, but he will also still mentor AirTree staff, senior partners and founders.

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“I want to spend way more time on the ecosystem. We have a great ecosystem now in Australia, but we don’t want anyone, including the government, to mess it up,” Mr Petre, who has been openly critical of Christian Porter’s appointment to the industry, science and technology portfolio, said.

“I want to try and help make sure that we’re all looking back in five years and the big firms have raised much larger funds, the ecosystem is three times larger, and we have five more Canvas.

“I also want to spend time helping the new wealthy think about philanthropy. Australia’s wealthy in general are pretty greedy and we don’t rank well [globally for giving]. I hope to influence some of the new wealthy to think about making a point in their careers to give back more.”

New AirTree Ventures partner Gillian Findlay will focus on supporting portfolio companies to scale. Louie Douvis

Mr Petre’s passion for philanthropy began in his early 30s when he got to know Microsoft’s Bill Gates, who remains a good friend. He said Mr Gates’ mother Mary would say “if you’re wealthy, it’s your responsibility to give, not your choice”.

“For all I’ve said about Melanie [Perkins, Canva’s CEO], Scott and Mike [Atlassian’s founders], they’re no smarter than a cardiac surgeon in a paediatric ward, or a great engineer working on the Snowy Hydro. It’s on all of us to say we’ve been lucky and we should give back.”

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Mr Petre’s role change will mean Mr Blair, who is in his early 50s, becomes the most senior member of the fund, while partners John Henderson, James Cameron and Helen Norton will be stepping up. Mr Petre also hopes to see principals Jackie Vullinghs and Elicia McDonald continue to progress up the ranks.

From a government perspective, Mr Petre said he held little hope of achieving any significant change while Mr Porter was in charge of the portfolio and Scott Morrison is Prime Minister. But, he was hopeful that Treasurer Josh Frydenberg could potentially see the value of the sector.

He wanted to encourage big businesses to increase their research and development expenditure and for policies to be implemented that opened up markets to ensure that companies which didn’t innovate died.

Findlay’s long exit from Vamp

Ms Findlay, the new operations partner, said she has no aspiration to be involved in the investment side of AirTree, saying her strengths lay in helping companies grow, rather than spotting good early stage investments.

She joined influencer marketing agency turned tech platform Vamp after a stint as SafetyCulture’s chief operating officer.

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For six months Ms Findlay will do four days a week at AirTree and one day a week at Vamp.

Her success in turning around the business, which had been burning more than $300,000 a month prior to her appointment as CEO, was why AirTree approached her for the role, Mr Petre said.

She joined Vamp in June 2019, and has since helped double its revenue, become profitable and raised $8.5 million to fund growth initiatives.

Ms Findlay said she would be helping AirTree’s portfolio companies navigate their growth pains.

“If you’ve never hired a head of customer success, you don’t know what good looks like. Helping connect founders with good people is an asset I can bring,” she said.

“It’s an exciting opportunity to have an impact on more than just one company.”

Yolanda Redrup is the co-editor of the AFR Rich List. She previously reported on technology, healthcare and Street Talk. Connect with Yolanda on Twitter. Email Yolanda at yolanda.redrup@afr.com

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