About half of GBS investments are made in Australia and the rest in the US. The firm’s Australian investors are superannuation funds.

“We don’t vote on investments. It has to be unanimous. That may mean you have to talk other people around. It’s not contentious,” says Smith.

The fund GBS founded in 1998 has been fully realised, earning twice the equity investors have put in.

“We try to invest in Australian innovation,” says Smith. “Australian life-sciences companies have not received enough capital, so sometimes investments are syndicated to the US.”

Smith tries to make her job a five-day-a-week occupation. With three sons and a barrister-husband, she also teaches at Melbourne Business School.

How does the 44 year-old fit it all in?

“I’m very efficient with my time,” she says.