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May Newsletter
27/05/2011
Dear AVCAL Colleague,

First I'd like to welcome Stuart Snell to the AVCAL team. Stuart is our new Communications Manager and has a background in communications ranging from journalism to public affairs. He previously worked for four years as Head of Public Affairs at the Australian Prudential Regulation Authority responsible for its media and corporate communications functions. He will be a huge asset at AVCAL as we continue to advocate on behalf of the industry with governments, regulators, the public and the media.

Tax Update

Another month another tax update.............! The Board of Tax asked AVCAL to attend a consultation meeting about the VCLP. Due to AVCAL's representations to the Minister, the Board of Tax has had to accelerate their review into the VCLP in order to report in July. This meeting was another opportunity to share with the Board in more detail the issues we had highlighted in our submission. In the meeting we focused on the anomalies in the current (ES)&VCLP and demonstrated how they were subverting the desired policy outcomes of the structure. Several other AVCAL members who use the VCLP also attended meetings with the Board of Tax and reinforced AVCAL's position.

We are also continuing to work with the Institute of Chartered Accountants and the Tax Institute regarding the current draft determinations on source and tracing through LLPs.

Conference registrations

We open for registrations on 31 May 2011 at 9am. Members will be sent a link by email the day prior, but make sure you have your user profile updated, with username (email address) and password handy and ready to go. Here is the latest conference program and link to registration tips.

Membership

In June we will be sending membership renewal invoices. We'll provide a summary of AVCAL's activities in advocacy and research over the last 12 months at the same time.

AVCAL Research Roundtable

AVCAL is developing a new program of roundtable events for researchers with an interest in private equity and venture capital in Australia, and the first was successfully held on 29 April, in Norton Rose's Sydney offices. Participants included academics from universities all around Australia, as well as representatives from local PE and VC firms, asset advisors and market regulators. Those interested in signing up for email updates on future AVCAL research events should contact members@avcal.com.au

Kind Regards


Katherine
Chief Executive

Other News

AVCAL CEO Katherine Woodthorpe has been honoured by the University of Technology Sydney for her services serving on the Council of UTS and to commercialisation of Australian research. She was awarded an Honorary Doctorate of the University at a ceremony last week.
False LinkedIn sites

It came to AVCAL's notice that a recruitment consultant in the UK has been posing on LinkedIn as AVCAL, uploading our logo and using it and our mission statement illegally. He has taken down our logo and renamed his site "Australian Private Equity and Venture Capital Network" but this again does not exist and still uses our wording. We don't know his motivation for masquerading as an Australian group but please be warned that it is a fraud. He seems to go by a number of pseudonyms including James, Jamie or Jim Alexander. Please be cautious and can I suggest you report it as misrepresentation through LinkedIn.

Latest Research and Policy News

Australian PE & VC benchmark index for Q3 2010 continued to outperform the public market
Australian PE and VC continued to generate attractive returns over the one-, three-, five- and ten-year periods as of the quarter ended September 30, 2010, when compared with the S&P/ASX 300 Index and the S&P/ASX Small Ordinaries Index, according to the Cambridge Associates LLC Australia Private Equity and Venture Capital Index.

A.T. Kearney - Rating operative performance of PE-backed companies
This report by A.T. Kearney explores four European regions from the perspective of operational performance in PE-backed companies. The study shows that the PE business model during the GFC has not only been resilient but has also rejuvenated their portfolio companies and led them to outperform their peers.

Bain & Company Global Private Equity Report 2011
Read the recently released 2011 report on global private equity by Bain & Company. The report assesses the current private equity environment, and; potential opportunities and issues over the next 12 months.

Preqin Special Offer for AVCAL Members
Preqin is offering AVCAL members the chance to subscribe to their services at a discounted rate. First-time subscribers will receive a USD 250 discount on any product or publication worth USD 1000 or more.

Capital IQ Special Offer for AVCAL Members
Capital IQ is currently offering AVCAL members a 2 month free trial for new subscribers.

mergermarket Special Offer for AVCAL Members
mergermarket is offering a free trial to AVCAL members and an additional free 2 month access for any subsequent NEW subscribers to the service (14 months for the price of 12)

Send us your news!
With deal and fundraising activity picking up, we're keen to ensure our readers can stay up to date with the latest developments on this front. If you are a GP, do send us your news releases on your latest activities, or success stories, and we will be happy to post them up on our website and in future newsletters.
AVCAL Professional Development for 2011

PE101
Proudly Partnered by Credit Suisse
Sydney - 17 June 2011.
Only 5 spots left!
Register now
AVCAL Networking for 2011

United Malt Holding Case studies
Proudly Partnered by Mallesons Stephen Jaques
Sydney - 20 July 2011. Register now
Brisbane - 11 August 2011. Register now

Peplin Case Study Series
Proudly Partnered by Corrs Chambers Westgarth
Melbourne - 22 July 2011. Register now

Mark your diary
AVCAL Conference 2011, Gold Coast
Golf 20 September
Conference 21-22 September.
More information here
Other Events

PEI Media book launch
The Guide to Responsible Investment provides practical ESG guidance from over 25 industry experts. AVCAL members receive 15% off, quote AVRI15 to redeem.
Sydney's Super-Hero Businesswomen Event
PA's, EA's, Office Managers who manage their companies in-house events.

Don't miss this unique seminar with great tips and tools to help you plan your next event.

The Private Wealth Forum
The Private Wealth Forum examines wealth psychology and how new wealth owners manage life transitions. The forum sets a benchmark for thought leadership for entrepreneurs, new inheritors of wealth and their key advisers.

X Media Lab: Global Media Ideas
Meet and Network with Silicon Valley's Tim Chang, recently named on Forbes Midas List of VC's at X|Media|Lab: Global Media Ideas, Sydney Opera House, 10th June.

Financial Review DealBook Conference 2011
Financial Review conferences will offer a 10% discount to all AVCAL members wishing to attend
the conference

The Mining Investment & Finance Fundamentals
This conference provides a critical in-depth review on maximising mining sector investment returns.
SYDNEY, May 31st - June 2nd 2011. 10% discount for AVCAL members.

Creative Innovation 2011
World changing innovators, futurists, inspired thinkers and curious souls gathered together in an interactive community. It's a place to learn techniques and strategies, unlock and share ideas. A place to imagine the future.




RESEARCH PARTNERS

Ernst & Young

Pacific Strategy Partners


AVCAL 2011 PARTNERS

Castle Harlan

Advent

Gallagher

NAVIS

AON

KKR

Ironbridge

CATALYST

Archer Capital

TEST CBA 3

BOS International

Champ Private Equity

Quadrant

INVESTEC

KPMG

Intralinks

Riverside Company

Pacific Road Capital Management

Propel Investments

Credit Suisse

Pacific Equity Partners

LEK

Norton Rose

NBC Capital

Westpac

ROTHSCHILD

McGrathNicol


DATA VENDOR

Capital IQ

Disclaimer:

AVCAL is the professionally managed industry body that promotes the Australian private equity & venture capital industry.

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