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March 2009
Dear Avcal Colleague

An update on the current issues

Lobbying for Government assistance for Venture Capital

The VC industry is particularly suffering in the current downturn with difficulties raising new funds and problems for investees looking for follow-on funding. This has been exacerbated by the axing of the Commercial Ready program last year. AVCAL has been in negotiations with the Government about support for the industry. Nevertheless, we are realistic about the pressure on the budget at this time and continue to work to deliver an outcome to our members.

****STOP PRESS****
Minister Kim Carr has just announced approx $83m for an "IIF Follow-on Fund" for co-investments, to be accessible to IIF/PSF fund managers. We are delighted to get this injection of capital into the VC system. We shall however continue to press for non-IIF managers to be included.

Australia as a Financial Centre Forum
The AFCF is a panel of independent experts gathered by the Government to examine the barriers to improving Australia's regional competitiveness in the financial services sector. AVCAL has put a submission to the AFCF regarding the impediments to industry that we would like to see addressed.

Member Satisfaction survey
Tomorrow we will release our online member satisfaction survey. Obtaining feedback is important to us as we develop our strategies and plan for this year and next. It will only take a few minutes to complete. It will be emailed to the main contacts in each member organisation.

Special mention

A special welcome to the AVCAL Partners for 2009. We will be working with these companies to develop their brand, increase effective networking and to connect them with resources not otherwise available. If you are interested to explore what partnership with AVCAL might mean to your company, contact deborah@avcal.com.au

Registrations now open

Last chance for Catapult Genetics Case Study, QLD Lunch, 26 March

Register for Foundation Course 7-8 April, Sydney

NSW Networking dinner on 7 April with Louise O'Halloran on responsible investing.

Blue Sky Private Equity, Mark Sowerby, SA Lunch, 23 April
Regards



Katherine Woodthorpe
Chief Executive
News

Ironbridge has been awarded "GP of the Year" by New York Life.

This is the first time an Australian GP has won this prestigious award.

Responsible Investment Academy
press release.

Our venture capital industry must be saved - Sydney Morning Herald

VCs are the gatekeepers to the growth and development of an economy. Read this article by AVCAL Chief Executive Dr Katherine Woodthorpe on the challenges facing the Australian VC industry and what the Government can do to assist in its survival.

Managing Private Equity Portfolio Companies in Australia - Financier Worldwide

This article by Claire Spencer from Financier Worldwide looks at the changing business model Private Equity funds are currently adapting as a result of certain keys issues faced by the industry in Australia.


Research

The Global Economic Impact of Private Equity Report 2009

This World Economic Forum report examines the quality of management practices adopted by PE firms at portfolio companies, and the impact of PE on labour productivity. The research team, lead by Josh Lerner of Harvard Business School, used 2 samples in their research: one consists of 4,000 PE-owned and other medium-sized firms manufacturing firms in Asia, Europe and US; the other sample looks at firms that were targets of PE transactions in the US in 1980-2005.
EVENT Update!

Queensland Lunch, , 26 March, Brisbane. Catapult Genetics Case Study. Register now

Foundation Course and Networking Dinner 7-8 April, Sydney. Register now

SA Lunch- Blue Sky Private Equity - Mark Sowerby, 23 April. Register now.

VIC Networking Lunch- 1 May. Register now

NSW Golf Day, 11 June. Register early to avoid disappointment. Partner Gallaghers

The Hon. Kim Carr addresses AVCAL Members at the NSW Lunch 9 July and we'll launch of latest edition of Enterprise and Venture Capital, 5th Edition. Register now to secure your place

Pre conference activities:
Golf day 29 September. LP only dinner 29 September. LP only breakfast 30 September. LP/GP only session 30 September.
New website
Our new website is well on its way. We expect to launch around within the next month. Some of the new features that you'll enjoy include:

- Improved navigation

- Superior search functionalities

- More accessible information and resources

- Access key reports with ease

- Get right to events with one click

- See the news as it relates to our industry on every page

- Members only access areas

Mark your diary

AVCAL 2009 Conference, Gold Coast, QLD. 30 September - 1 October. All registrants.

Other Events

Global Technology Symposium at Stanford University
Registration is now open March 26-27, 2009 at Stanford University's Arrillaga Alumni Center in Palo Alto, California.

Asia Pacific Symposium on Entrepreneurship & Innovation
April 1st-3rd 2009, Sydney, Australia. More details

Medical Innovation 2009 - June 11th-12th, 2009 - Griffith University, Gold Coast. For more information

Excellence in Mining & Exploration 2009
21 - 22nd September 2009, Hilton Hotel, Sydney. More details.



In this Issue
Foundation Training Course


NSW Networking Dinner with Louise O'Halloran - 7th April
AVCAL 2009 PARTNERS



Ironbridge

Westpac

GE Commercial Finance

NAVIS

BOS International

Propel Investments

Intralinks

NBC Capital

LEK

RMB Capital Partners

Maddocks

Pacific Road Capital Management

AON

Champ Private Equity

Archer Capital

Credit Suisse

CATALYST

INVESTEC

Ernst & Young

Gallagher

DLA Phillips Fox

Disclaimer:

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

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