I would like to wish all our readers a happy
Christmas and New Year. I hope you have an excellent break and
recharge your batteries. 2012 is shaping up to be an interesting
2011 has been busy and I am pleased that we have made
progress on a number of fronts. We have had some success in relation
to taxation with our messages getting traction at both the political
and bureaucratic levels.
I am pleased the outlook for
venture capital has been improving. Positive signs include:
||The $200m Renewable Engergy VC Fund mandate
awarded to Southern Cross Venture Partners yesterday - see AVCAL's
||The increased IIF final round of funding from
$60m to $100m announced recently - see AVCAL's
||Telstra announcing its $40m grant program for early stage
||The new improved R&D Tax Credit regime
currently being implemented.|
| On the research front, we have just released three
new fact sheets: the 2011 editions of our regular PE and VC fact sheets on the current state of play and
a new PE and VC Explained information sheet for more
general consumption. Next week, we will be releasing our 2011 Deal
Metrics Report, in association with Pacific Strategy
On the operational front, AVCAL is relocating its
office just up the road to L10 27-31 Macquarie Place (Kyle House),
Sydney. The move will take place sometime late January. We are also
changing our system software, member database and web platform to an
integrated service. We'll write to you again closer to the time to
remind you to login and refresh your details. The benefits for you
||Ease of logging in and managing your own account
details via a secure, browser based system via the AVCAL
||Ability to register multiple delegates for
||You will only have to log personal information
once for any subsequent event.|
would like to welcome our newly elected Council members: James Todd,
Brian Zekulich, Edward Bostock, John White, Simon Pither and Gareth
Dando (re-elected), and express my gratitude to our out-going
council members Fiona Pak Poy, John Brakey, Paul Evans and Simon
Dighton. And a special mention in honour of the late Dr Mike
Hirshorn, who was an AVCAL Council member and responsible for
inspiring so many people.
A final thanks to all our members
for your help in advancing the interests of our industry, and
special thanks to our Partners and the hardworking members of our
Council and its many working groups and committees. An outline of
our key achievements for 2011 has been published on
the AVCAL website.
AVCAL has just published three new fact sheets.
One provides a general overview of private equity and venture
capital, explaining the role they play, their unique characteristics
and the investment process. The other two are the 2011 editions of
our regular VC and PE fact sheets that provide a guide to the state
of play and current opportunities.
PE fact sheet
VC fact sheet
PE and VC explained
Capital Winter 2011-12 Global PE Barometer
edition of this report indicates that LPs see major challenges for
the industry in the next few years. Nevertheless, the general
sentiment is that 2012 will be a good vintage year and strong
medium-term returns are expected from their PE portfolios.
AVCAL has developed a range of professional
development, briefing and networking events for 2012. We have
published on our website a 2012 calendar of key dates. This will
help you mark in your diary now the events you and your colleagues
want to attend.
Note that our Professional Development (PD)
courses are now categorised as Introductory, Focus and Master. Our
first Master class - Doing the PE Deal - was held earlier this
month and generated some very positive feedback, with all
respondents saying they "highly recommend" the course. Doing the
Deal will run again in 2012 along with some other new
View details about Doing the Deal
View 2012 calendar of key events and
The following events are not open for registration
but we are taking expressions of interest:
Tuesday 14 February
Intro - PD
and Indemnities Insurance
Friday 17 February
Tuesday 21 February
your diary - AVCAL Golf Day, 31 May 2012
your diary - AVCAL 2012 Conference, 19 and 20 September
AVCAL has available on its website numerous
resources for members including guidelines and templates.
market buyout funds outperform emerging rivals
equity funds targeting developed markets outside the US have
outperformed their emerging markets-focused counterparts in recent
months, according to Cambridge Associates research which raises
further questions about the opportunities in regions.
sizzles in Asia region
Belying the continuing hangover
for private equity investors in the U.S. and Europe thanks to the
financial downturn, the party is just getting started for Asian
investors, according to a survey from Ernst & Young. This growth
will be led by China, India and Southeast Asia, with Australia and
Japan also being mentioned by survey respondents as attractive
geographies to make deals.
Wall Street Journal commentary
lobby NZ Govt
NZVCA, the body representing venture
capital and private equity investors, has produced a report on how
government can tweak the regulatory environment to better support
its VC sector.
us your news!|
We're keen to ensure our readers can
stay up to date with the latest developments. If you are a GP, send
us news on your latest activities and achievements.
"Australian PE sparkles - One of Europe's
best-known advisers believes that Australia's private equity market
will attract much-needed overseas investors after new research (by
AVCAL/Cambridge Assoc.) reveals it has outperformed rival asset
classes during the second quarter in the country."
Jones/efinancialnews - subscriber site
"We need more Australian inventions
making it out of the laboratory and into the marketplace,"
Senator Kim Carr said just before the ministerial
"The Cooper Review has encouraged
some investors to focus on marginal (sic) expense ratios (MERs)
rather than ultimate returns," says Tim Flower, vice president
for HarbourVest Partners Asia. "Going for the cheapest possible
products to compete for people's contributions is going to make them
followers rather than leaders in terms of how they can drive returns
and take away their ability to outperform."
More - subscriber site
investors must be losing patience
with the boards of ASX-listed
swiftly reject private equity bids and then fail
improve performance," Adrian Herbert, Editor of APEVCJ
"Venture capital needs Julia Gillard's
Investment and Technology News
"US venture capital firm The
Founders Fund - headed by PayPal co-founder Peter Thiel and
Facebook's first president, Sean Parker - is sending three of its
top executives to Australia in January to scout and meet with local
tech startups," writes Asher Moses in Fairfax
"Personally, I get the sense that
the fundraising environment is improving slowly. There's been a
two-or-three-year period when the volume has been low. It's been a
combination of GPs not coming back to the market and LPs taking a
bit of a deep breath and pausing their programmes. But I get a sense
that 2012 will be a much more active year for fundraising," said
Archer's Peter Wiggs to PE Asia.
"New frontiers for
More - free subscriber site
Sims wants everyone to think more deeply"
More - subscriber site
vital to our nation's hi-tech survival"
"Private equity figures in Australia
are hitting new highs as more investors look to Asia Pacific for
opportunities. With buyouts up 542 per cent since the heart of the
crisis, exit figures are higher than ever, according to research
Events and Member Offers|
9th Annual AVCJ Australia & New Zealand Forum
From 7-9 March 2012 at Sydney's Westin Hotel, the AVCJ
A/NZ conference will offer attendees a comprehensive view of the
challenges and opportunities that currently and a platform to form
relationships with key industry professionals and
PE Asia special offer
PE Asia is currently
offering AVCAL members a 20% discount for new subscribers.
Please email PE Asia for more information about this offer.
Ensure you quote AVCAL11 to receive this discount.
Preqin special offer
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
Capital IQ is
currently offering AVCAL members a 2 month free trial for new
Guide to Responsible Investment discount
Media's Guide to Responsible Investment provides practical ESG
guidance from over 25 industry experts. AVCAL members receive 15%
off, quote AVRI15 to redeem.
AVCAL is the professionally
managed industry body that promotes the Australian private equity &
venture capital industry.
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