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November 2009
Dear AVCAL Colleague

Latest Policy and Research News

AVCAL 2009 Yearbook

The AVCAL 2009 Yearbook, produced in partnership with Ernst & Young, provides an overview of PE and VC fundraising, investment and divestment activity in FY2009. AVCAL seeks to foster greater understanding of the Australian Venture Capital and Private Equity industry through the provision of reliable data & statistics relating to the industry. We would like to thank our members for their participation and our sponsor for their support. Read the press release, Executive Summary and the full Yearbook.


AVCAL/Thomson Performance Measurement Report FY2009

AVCAL and Thomson Reuters have just released the FY2009 performance report for PE and VC funds in Australia. The data shows that private equity and venture capital returns declined by 14% in during the year to 30 June 2009 amid challenging global market conditions. However, the industry still outperformed the ASX/S&P 300 (TR) index over the same period. The long-term performance of private equity remains steady. Download the report here.

AFR: Warning on decline in Venture Capital

A recent article in the Australian Financial Review, highlights the fact that the continued decline in VC fundraising would leave Australia at an economic disadvantage.

Ernst & Young study: PE sellers do better than rivals

A recent study by Ernst & Young, Challenges in a New World, shows PE-backed companies remained resilient in the face of the GFC. The study covered 13 divestments in 2008, across Australia and New Zealand with initial investments above $25million.

mergermarket PE alert

The latest mergermarket PE alert is now available (members only) here.

Legislation to reform taxation of Employee Share Schemes

The final form of the legislation to reform the taxation of employee share option scheme was revealed 21 October 2009. Reforms to the legislation affecting start-up, R&D or speculative focused companies are still under review by the Board of Taxation. A report with their findings will be submitted to the Government by February, 2010

Preqin PE Performance Report Q1 2009

This report by Preqin analyses the returns generated by over 4,800 private equity funds covering 65% of all capital ever raised. Over the last year, private equity strategies have produced negative one-year returns; however, they are still generating better returns relative to public markets

BusinessDay: PE in the Spotlight

Read Anneli Knight's article in BusinessDay on "Private Equity in the Spotlight". The PE industry has been in the limelight with recent high-profile IPOs. But the industry usually prefers to get on with the job of rebuilding and increasing the value of companies without fanfare. This article looks behind the scenes to get a sense of how the PE industry goes about its way of doing business.

Notice of AGM

The AVCAL AGM will be held on Thursday 26 November 2009. You must register for the meeting if you wish to attend. Please have your login details available to access these.
AGM Notice

AGM Minutes 2008

Financial Statement

Register now



AVCAL Events

Responsible Investing Information Session on 24 November is at capacity. 51 attendees have registered. Please lodge your interest here for further sessions.

AVCAL AGM & End of Year Drinks, 26 November at the Waterfront Circular Quay. AGM starts at 5pm.

VIC End of Year Drinks on 1 December.

Inaugural QLD End of Year Drinks on 3 December.

Other Events

Private Equity & Venture Capital Law Master class November 18, 2009, Sydney- Legal case studies and new strategies to manage distressed debt, LBOs, pipe deals, new fund formation and fundraising.
Contact:Stephanie.Sudzina@keymedia.com.au

Advance - Enter the Dragon VC Forum
Advance invites you to join the forum: Enter the Dragon on Friday 20 November. For more information and to register, click here.

Korean Financial Market and Investment Opportunities Conference
South Korea's trade and investment promotion agency KOTRA, would like to invite AVCAL members to a presentation convering Korea's Financial Markets and Investment Opportunities. Click here for more information or contact graham.worthington@kotra.org.au

Family Office Congress - December 3-4th, Sydney
Significant Australian families come together annually to explore issues of capital preservation and family endurance. Private families like to invest differently - can you help them? To see details of the congress or register click here.

Regards



Katherine Woodthorpe
Chief Executive




Celebrate the End of Year with AVCAL.

NSW & AGM, 26 November.
VIC, 1 December.
QLD, 3 December.

Click here for Zephyr's special offer to AVCAL members.
AVCAL 2009 PARTNERS

AON

Archer Capital

BOS International

Castle Harlan

CATALYST

Coller Capital

Champ Private Equity

CM Capital

Credit Suisse

GE Commercial Finance

Intralinks

Ironbridge

INVESTEC

KKR

LEK

Maddocks

NAVIS

Next Capital

NBC Capital

Pacific Road Capital Management

Pacific Equity Partners

Propel Investments

Quadrant

RMB Capital Partners

ROTHSCHILD

Westpac


RESEARCH PARTNER

Ernst & Young


REGIONAL PARTNER

Gallagher

Disclaimer:

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

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