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Alium Capital Management has its chequebook out after ruling off the first close of its Innovation fund series – a string of growth equity funds with a focus on mid- to late-stage technology and innovation companies.

The fundraising efforts, first flagged by Street Talk in April, had the Sydney investor, headed up by partners Rajeev Gupta, Jason Rich and Michael Considine, back in capital-raising mode for the first time in seven years.

All up, Alium is seeking to raise $200 million for the series, spread across three to four closed-end funds – targeting $50 million to $75 million per fund. Street Talk understands it’s likely to seal the final close of Innovation Fund 1 by the first quarter of next calendar year. Sources said the manager had already finalised two small deals and was hunting for more.

Read the full story tomorrow and more on the Street Talk page.

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Melbourne billionaire Dennis Bastas is selling a stake in his DBG Group, which owns Australia’s largest generic drug manufacturer Arrotex as well as stakes in beauty brands such as MCoBeauty, Street Talk can reveal.

The Australian sharemarket reset its record for the second time this week as fears around US President-elect Donald Trump’s tariff bluster continued to abate.

Click here for the latest equity market wrap.