State government takes a $3.3m steak in Wagyu with GO NSW Equity Fund

Announcing the deal in Northern NSW this week, Deputy Premier John Barliaro said the Australian-first fund allowed government to invest in businesses with high growth potential. The deal is a co-investment including $6.7m from First State Super. 

It will allow Mathew Walker’s Stone Axe Pastoral to expand operations at “Glen Alvie” at Ebor while also maintaining 800 cattle at Cheviot Hills in WA. Around 76 full-time jobs will be created by the fifth year of the project, and 114 indirect jobs.

Mr Barliaro said the $150m GO NSW Fund, in partnership with First State and ROC Partners, would target a market gap where there was a limited depth of liquidity in Australia.

See also 

“This is an important and necessary catalyst if we want to support our companies to become leaders on the global stage,” he said.

Mr Barliaro said fund would highlight the quality of investment-ready companies in NSW and, by doing so, unlock additional superannuation investment funds to target the growth stage equity and the alternative investments sector.

Stone Axe chief executive Scott Richardson said the would now build on his existing Full-Blood Wagyu breeding program. Modelling by the Australian Wagyu Association estimates that total wagyu production will be 74,703 tonnes by 2022, representing an average increase in production of 21pc per year. Full blood wagyu is expected to account for 90pc of wagyu exports in 2022.