A Melbourne fund manager that has backed Silicon Valley’s hottest AI start-ups has joined forces with a little-known building-supplies and logistics company to form a $60 million fund to tackle the housing crisis.

Boman Group, which has $860 million in assets under management and offers wealth and funds management solutions to predominantly Chinese investors, is launching the new fund alongside three-decade old business JPC Group, which has expanded over the years from shipping and logistics into building materials and mining investments.