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Melbourne-based investment advisory firm Boman Group has topped $1 billion in funds under management, marking a significant milestone for the company as it expands its geographic footprint and broadens its investment thesis across the Asia-Pacific region.
The firm, which was founded by Eric Gao and Julius Wei in 2011 and rebranded from BMY Group in 2024, grew its funds under management from $600 million in October 2024 to a reported $860 million late last year before recently crossing the billion-dollar threshold.
Boman Group says it has simultaneously pushed into Singapore, mainland China, Hong Kong and New Zealand as it evolves from a niche conduit connecting Chinese high-net-worth investors with Australian opportunities into a regional, multi-thematic investment platform.
The group's portfolio includes stakes in major global technology companies including Anthropic, OpenAI, Databricks, Airbnb and Klarna, alongside limited partner positions in venture funds such as Square Peg, Main Sequence, Tiger Global and Bain Capital.
The latest funds milestone builds on a period of accelerating deal flow for the firm.
In October 2024, Boman Group allocated $10 million to OpenAI's US$6.6 billion ($10.1 billion) capital raise, which valued the artificial intelligence company at US$157 billion.
The firm also launched a $60 million modular housing fund with Melbourne-based construction group JPC Group in November last year, targeting Australia's housing supply shortage through prefabricated building methods.
Boman Group's broadened investment thesis now centres on three pillars: AI and next-generation technology; sustainability encompassing data centres and renewable energy; and future financial services including Web3 infrastructure.
The firm has also been working to deepen institutional ties with Chinese investors, with plans flagged for a $1 billion venture capital fund backed by Chinese institutional investors targeting Australian startups.
Boman Group CEO Eric Gao says the $1 billion milestone for funds under management reflects the firm's evolution beyond its original mandate.
"We founded Boman in 2011 as a specialised fund aimed at facilitating the investment of Chinese high net worths into valuable, high-growth Australian companies and opportunities," says Gao.
"We're now also starting to see opportunities emerge in Hong Kong, Singapore and New Zealand, as well as expanding our footprint within mainland China.
"We are truly a regional player, managing funds sourced from across the region and taking a broader global approach to investment, with a unique Australian lens."
The firm's early backing of OpenAI underscored its appetite for pre-IPO technology positions at scale.
Gao says the three key investment themes currently driving the group's growth are "fundamentally shifting the global technology landscape".
"The most successful businesses in the world right now are leveraging them," he says.
"This speaks broadly to our evolution as a fund. Initially we saw opportunities in fintech and healthcare in Australia, but we have since expanded our remit into modular housing, AI and renewable energy.
"Our investments have grown, but the philosophy remains the same: we back innovative industries."
Gao says the next phase of growth will be driven by deeper penetration into South-East Asian markets and continued deployment into AI infrastructure and sustainability-linked assets across the region.
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