Seeking investment?

We welcome compelling investment proposals that meet our requirements. Use our online form to share your proposal.

At a glance

  • The Australian Government created the National Reconstruction Fund Corporation (NRFC) to facilitate increased flows of finance into priority areas to help diversify and transform Australia’s industry and economy.
  • We offer debt finance, equity finance and guarantees for compelling proposals in seven priority areas of the Australian economy. We do not provide grants.
  • We welcome proposals that meet our investment requirements. That means proposals that are solely or mainly Australian based, generate positive public policy outcomes, and demonstrate a positive return on investment or the ability to repay debt, among other requirements.
  • This guide provides an overview of our investment requirements and process. It is not intended to be an investment policy for the purposes of section 75 of the National Reconstruction Fund Corporation Act 2023(Opens in a new tab/window) (the NRFC Act).

What we invest in

You can seek debt finance, equity finance or guarantees for proposals that:

  • are in one of seven priority areas of the Australian economy (renewables and low emissions technologies; medical science; transport; value-add in agriculture, forestry and fisheries; value-add in resources; defence capabilities and enabling capabilities) 
  • are not prohibited investments (including coal or natural gas extraction or native forest logging)
  • demonstrate a positive return on investment or an ability to repay debt (as applicable), and a positive impact on our legislated public policy outcomes, as explained further in ‘What we look for’ below
  • are solely or mainly Australian based, and
  • have a completed Australian Industry Participation Plan(Opens in a new tab/window) (where applicable).

What we look for

We consider opportunities against the requirements set out in the NRFC Act(Opens in a new tab/window) and our Investment Mandate(Opens in a new tab/window), balancing public policy impacts, return and risk. Our requirements include:

  • Return on investment. We must invest to achieve a target portfolio rate of return of 2–3% above the 5-year Australian Government Bond rate over the medium to long term. However, we can generally accept higher levels of risk and longer payback periods than may be offered by private sector investors where appropriate for emerging technologies and industries, or to support Australia’s strategic interests.
  • Positive policy outcomes. Our investments must contribute to the policy outcomes set out in the NRFC Act and the Investment Mandate, including:

    • growing or improving industrial capability
    • helping industry pursue value-adding opportunities
    • improving economic diversity
    • crowding-in private finance
    • decarbonisation
    • creating secure jobs and a skilled, adaptable workforce
    • boosting supply chain resilience
    • commercialising Australian innovation and technology
    • improving economic participation by historically underrepresented groups
    • sustainability and circular economy principles and solutions
    • regional development
    • national security.

    Proposals that target multiple outcomes or can demonstrate greater positive impacts will be highly regarded.

  • Investment readiness. We welcome investment-ready proposals.
  • Co-investment. We encourage co-investment and welcome proposals that involve credible co-financiers or investment partners.

Next steps

Contact us 

  • Contact us via our website for more information  
  • Use our online form to share your investment proposal with us. 


If your proposal meets our minimum investment requirements, we will analyse its commercial, financial, and technical aspects. This could include:

  • reviewing investment documents (for example, your information memorandum or business case)
  • understanding the capabilities and track record of your business, investment entity or investment partners
  • identifying your investment needs and the funding pathway, including understanding whether there are other potential sources of investment
  • critically analysing revenue, cost and cashflow projections to understand the potential to generate a return or repay debt
  • assessing the commercial and technical viability and risks, including market and industry dynamics, and compliance with legislative and regulatory requirements (for example, environmental, planning, OHS and workplace relations)
  • considering public policy outcomes.

Due diligence

We only undertake detailed due diligence for compelling proposals. We work with you to compile the information we need for our Board to make an investment decision. During this process, we will:

  • assess the proposed investment in detail, including project, financial, legal, technical, environmental, social and governance (ESG) risks 
  • agree on a proposed transaction structure and terms
  • if required, engage external advisors and experts to help undertake due diligence activities. 

How we work with you

We invest with rigour, professionalism and a focus on outcomes. When you share your investment proposal, we will:

  • work with you to understand your investment proposal and our potential role
  • communicate openly and honestly about our requirements and information needs
  • respect the confidentiality of any information you provide to us
  • act with professionalism and integrity.

Download our investment guidance

Download guidance in PDF format.