| Dear AVCAL Colleague|
The end of financial
year is approaching fast and it's a busy time for everyone.
We are working with the Board of Taxation to
clarify and seek changes to the definition of a Managed Investment
Trust to include private equity and venture capital.
as a Financial Centre Forum
We are still liaising with
the forum about the proposals they are putting to the Assistant
Treasurer to remove barriers to Australia becoming a regional hub
for financial services.
On the VC front, we are working with DIISR to
gain additional support for the VC industry. The recently announced
$83m follow-on fund was a small but useful start. We have also been
involved in consultations as to the shape of the proposed
Commonwealth Commercialisation Institute that was announced in the
last budget. And last (but not least) we are trying to get
amendments to the announced changes to taxation of Employee Share
Schemes to take into account the difficulties their proposals
present for early-stage companies.
I thought I'd take a moment to reflect upon
the AVCAL achievements over the past twelve months:
||Government lobbying to assist the survival of
Venture Capital in Australia|
||New $83m IIF follow-on fund for current
||Continuing the dialogue with the Government and
regulators on issues that impact PE/VC|
||Building and developing the AVCAL Research
||Increasing the range of research data available
to members, the government and the
||Creating Research partnerships that serve to
strengthen our data and information |
||Launching of a new website with members-only
||Providing leadership in engagement with
responsible investment initiatives|
||Launch of Value Capital, a publication tracing
the evolution of venture capital and private equity in
||Introduced a new Investor Reporting award to the
annual AVCAL Awards|
||Improving the engagement of LPs with AVCAL
Preparations for the annual conference are
progressing well, despite challenging times. Our sponsorship is
strong, with a total of 26 firms supporting us again this year. We
expect to take about 500 registrations.
||The Hon. Lindsay Tanner, Minister for Finance and
||Jon Moulton, Alchemy Partners UK, "You should be
glad you're here"|
||Bill Evans, Westpac giving his annual economic
||Responsible Investment plenary with a UNPRI
||VC Stream confirmed speakers including Michael
Greeley, Flybridge Capital Boston (Chairman US NVCA) and Alan
Finkel, Chancellor of Monash University (one of Australia's
first successful technology
||LP only session|
Responsible and sustainable
||re-usable water bottles and fountains
||LED lighting and audio visual displays no single
use printed banners |
||conference program printed by accredited green
printer using recyled papers and
Our travel partner CTM, has a special
offer for all AVCAL Members. You can join the Qantas Club through
their corporate membership and make a substantial saving on normal
club rates. This is a benefit to those small organisations which
don't have enough participants to qualify for corporate membership.
Current members can transfer to the CTM corporate membership and
obtain the discount. You must be a current, corporate and financial
AVCAL member to take up the offer. The offer is not available to
individual members of AVCAL. Please
email your full name, contact details, Qantas FF number and/or
Qantas Club membership number (for renewals).
your continued support of AVCAL. With the range of pressures on all
parts of the industry from venture capital through to buyouts, the
advocacy of the industry association is more important than ever.
Certainly the AVCAL secretariat has never had so many different
consultative processes on foot with the Government before. These
include tax issues, VC support, valuation and reporting issues. In
order to support our representations and submissions the AVCAL
research function has increased in resources and
During challenging times we recognise that value is
paramount. We are committed to ensuring that we give the best
possible representation to you and provide the best possible
services. Our fees have remained the same as last year. We have also
created a new category for smaller funds of less than $50 million.
This should relieve the fee pressure on those members and still
allow them to participate fully with AVCAL.
Renewals will be
emailed out to key contacts on 1 July for the new financial year
For partners, you will receive sponsorship and
membership as part of the same invoice.
Unfortunately due to
high credit card fees, we can't accept membership payment via credit
card. We'd appreciate EFT, however please make sure you clearly
label your payments with the invoice number and organisation so that
we can process your payment efficiently.
If you haven't got your nominations in, contact
Vivek who can assist you. We
are particularly looking forward to receiving nominations for the
new "Excellence in Reporting" award which has been very well
received by the investor community.
More information is available on the website.
close on 7 August 2009 at 5pm.
View the latest mergermarket Private Equity
The Zephyr (by Bureau van Dijk) monthly private
The Preqin PE Cleantech Research report
Share Options Schemes. Venture Capitalists have joined the fight
against the new changes to the Employee Share Option Scheme. Read more. Also, in a recent article in the AFR, AVCAL CEO Dr Katherine
Woodthorpe spoke about the implications of the government's plans to
overhaul the taxation of employee share ownership schemes. Read Treasury's subsequent Employee Share Scheme
Consultation Paper, released on 5 June 2009.
International Private Equity and Venture Capital Valuation board has
released a consultation draft of its new valuation
A public comment draft has been released by the
International Accounting Standards Board on the new guidance to fair
Read more on a recent report by Dow Jones
Private Equity News about the work by AVCAL and BVCA to promote
responsible investment principles among their members
Private Capital celebrated its 25th anniversary this month. Advent
is one of the oldest private equity firms in Australia with over 90
individual investments in private companies. Click here to read more.
Congratulations to our winners of our NSW
Corporate Golf day on the 11 of June 2009. From left to right: James
Murphy, Ian Knight, Roland Tam and Ryan Davies.
|2 July - QLD Networking Lunch, The role of debt
in funding technology start ups and growth companies. Register now!|
8 July - NSW Networking
Lunch, Senator the Hon Kim Carr. Minister for Innovation,
Industry, Science and Research Register now!
30 Sept - 1 Oct AVCAL
2009 Conference. Register now!
21 - 22nd September 2009, Excellence in
Mining & Exploration 2009 Hilton Hotel, Sydney.
rates available for AVCAL members.
TO BOOK CALL + 61 2 9279
4-8 October Hong Kong,
The International Company Directors Course October 2009. The
Australian Institute of Company Directors is making a significant
contribution to raising the standards of corporate governance
globally. The International Company Directors Course builds on the
strength and success of the Company Directors Course which has
provided the Australian director community with quality education
and training for over 35 years. So far the program has successfully
run in Shanghai, Dubai, Sydney and Singapore. It focuses on helping
directors to understand their role and responsibilities in the
global context. Now for the first time it is being run in Hong Kong,
at the InterContinental in Kowloon. For more information
Invitation to AVCAL members to join forces
with Cure Our Kids and consider supporting the 2009 Australian
Alternatives Directory. Together we can make a difference. Find out more
2009 Governor of
Victoria Export Awards - applications will be open until
Friday 17 July 2009. More information
AVCAL is the professionally
managed industry body that promotes the Australian private equity &
venture capital industry.
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