Peter Devine, the chief executive of one of the world’s oldest university venture funds Uniseed today announced he is leaving the organisation by the end of 2025.
Devine has been chief executive of Uniseed since 2006, having first joined the firm in 2003 when it was operating as a proof-of-concept fund managed primarily by two tech transfer offices.
Over the past two decades, he has overseen significant growth for Uniseed. Today, the firm has nine university partners: the universities of Melbourne, Queensland, Sydney, New South Wales and Newcastle, as well as Monash University, Macquarie University, the University of Technology Sydney, Western Sydney University. National research agency CSIRO is also a partner.
Uniseed’s limited partners also include superannuation fund UniSuper. In 2018, Uniseed formed a co-investment vehicle that gives private capital access to the Uniseed portfolio via Stoic Venture Capital.
To date, Uniseed has supported more than 70 startups and currently boasts a portfolio of 26 businesses. The fund has achieved several high-profile exits, such as an acquisition of pain medication developer Spinifex by pharma company Novartis for $200m upfront and up to $700m total.
“What I will cherish most from my time at Uniseed are the amazing people I’ve had the privilege to meet and work with: the Uniseed team, the employees and directors of our investee companies, brilliant researchers and inventors, our co-investors, and our service providers. I am indebted to you all for making Uniseed a success and contributing to the achievements highlighted above, and hope to remain involved in the industry and stay in touch with all of you.”
– Peter Devine
The search for Devine’s replacement will officially begin on 16 June 2025 and will be overseen by Jenny Sutton at executive search firm Odgers.