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July Newsletter 2009
Dear AVCAL Colleague

A new financial year begins and hopefully it will be a bit more positive than the last one! Interestingly, the "VC industry confidence index" in the US is on the rise for the first time in 2 years.

In times like these we are focussed even more than ever on where we can add greater value to the industry and our members. One of the most important activities for AVCAL is the advocacy work that we do with the media, the Government, regulators and other stakeholders such as our investor base. This year AVCAL has been working assiduously to engage more closely with the superannuation industry. A unique LP-only program at our conference will augment this effort. The award for "Excellence in Reporting" is also part of this strategy and I strongly urge you, if you think your reports to your LPs are high quality, to enter your December 2008 quarterly report into this award.

AVCAL has also just completed a further submission to the Board on Taxation on their review of Managed Investment Trusts. The submission identifies the problem with the proposed definition of a MIT and offers an amendment to the definition that ensures that PE and VC funds would be included. Still on the tax front, engagement with the "Australia as a Financial Centre Forum" continues in a positive manner.

Also on the advocacy front, AVCAL has been working with DIISR and Minister Kim Carr on government assistance for the VC sector and on the shape of the new Commonwealth Commercialisation Institute

Centralisation of industry data collection

As an important part of our advocacy role, we're building AVCAL's capacity as a hub for industry data and information. The collection and communication of this data to key stakeholders is imperative to our advocacy efforts. From a broader perspective, we also need to be in a position to support the growth and promotion of the industry to investors with comprehensive facts and figures. The centralisation of data collection with AVCAL will give the local industry greater control, and allow us to package a richer source of data for a multitude of purposes.

With the endorsement of the AVCAL Council and the Research Working Group, this month we are launching a secure online industry data collection platform that will allow GPs to log information on their firms' activities. This platform is licensed from the European Private Equity and Venture Capital Association, leading the way to a more consistent global industry data collection standard. Our GP members will receive an email from our Research team with more details on this soon.

If you'd like to know more about this new process, please contact our Research team. I'd also like to warmly welcome Ernst & Young on board as our research partner in supporting this data platform.
Some information that will be packaged from this data will only be available to members who respond to the survey. If you haven't done so recently, you may also want to check out the Research and News sections of the new AVCAL website, where we are offering more premium members-only content. If you'd like to consider or re-consider membership of AVCAL then I'd urge you to so now. Visit our website for more information on the benefits of membership.

Responsible Investment

Our Responsible Investment Working Group has commissioned an Expert Panel to analyse the UNPRI principles and make some recommendations as to their practical application within our industry. The results of this analysis should be presented to the AVCAL Council along with key recommendations later this year.

CFO Forum

Finally, a big thank you to all who participated in the CFO Forum we organised in Sydney recently. There was lively discussion on many of the issues and challenges that PE and VC CFOs are facing today such as valuations, anti-money laundering compliance and risk management. We look forward to more such events in the future.
Regards



Katherine Woodthorpe
Chief Executive
AVCAL Awards
Nominations for the 2009 AVCAL Awards are now open.

We would like to draw your attention to the "Excellence in Reporting" award, which is a new award being introduced this year.

The quality of Australian GP reports are generally highly regarded in the private equity world, and this award is one way of recognising their considerable efforts in this area. It is also an opportunity for members to showcase their commitment to excellence in reporting to their investors.

If you haven't got your nominations in yet, please contact Vivek who can assist you.

More information is available on the website.

Research

mergermarket's H1 2009 League Tables of Financial Advisers to Global M&A suggests that the downward trend in Asia-Pacific M&A is bottoming out. Read the report here, as well as mergermarket's Australian M&A Round-up for FY2009 and its latest PE alert.

Watson Wyatt recently released its 2009 Global Alternatives Survey, with a list of the top 100 investors in alternative assets in the world (which includes 13 Australian asset managers). Read more

"An Introduction to Angel Investing" is a step by step guide by Tom McKaskill on Angel investments, including tips on how to create an Angel profile, due diligence, and managing and exiting an investment. Download this free ebook here.

Senator Kim Carr recently addressed the Committee for Economic Development of Australia on the economic implications of the recent Federal Budget announcement of $3.1b in new spending on Australian research and innovation. View his presentation here.

Conference Update

Despite the challenges of the GFC, we are still focussed on strong industry presence at conference for this year.
The latest conference program will be kept updated on the website but here are a few highlights:

A hypothetical facilitated by Ali Moore with a panel of leading VCs

Jon Moulton will provoke us with his presentation entitled "You should be glad that you're here"

Bill Evans will be back to reflect on last years predictions and tell us about where we'll go for next year


We are reducing our carbon footprint this year. You'll note some key changes to some of the features at conference. Environmentally friendly conference bags, less print, more energy efficient lighting and lighting displays, water fountains and provision of enviro-friendly refillable water bottles to name a few. A few tips for smooth conference registration:

Ensure you have received an email confirmation and tax invoice from our office

If you have not received the above, you may not be registered

Ensure that you have booked your flights and accommodation

Ensure that you've noted that the golf day is the day before conference on 29 Sept.

Ensure that you've registered any special dietary requirements with us

Free substitutions can be made up until 17 August, after that a fee will apply

We cannot make any refunds after 11 Sept as we have already committed numbers and contracts are in place for service providers that we must honour

AVCAL Events

30 July - SA Lunch, Solar Shop - a case study presented by Jeremy Steele from Harbert Australia. Register now

26 August - VIC Lunch, The Relenza Biotech Story - A world first for Australia with Peter Cook of Biota. Register now

27 August - QLD Lunch, "Super" into Queensland Private Equity. Register Now.

30 Sept - 1 Oct AVCAL 2009 Conference. Register now!

Other Events

The Taxation Institute of Australia extends to the members of the Australian Venture Capital and Private Equity Association Limited, discounted rates for the next quarter's national events. Please click the links to download the event brochures and indicate 'AVCAL' on your registration form to receive the Member price.

Ninth Annual States' Taxation Conference, Darwin. 5 - 7 August 2009. Register now

17th National Tax Intensive - 'Extracting Value', Noosa. 27 - 28 August 2009 . Register now

2009 National GST Intensive Conference, Melbourne. 3-4 September 2009. Register now

2009 AIRG WINTER CONFERENCE
19th - 20th August 2009
Parliament House, Canberra. Register Now.

Victoria-Israel technology fund offers access to investment and global markets Applications are now open and will close on 17 September 2009. For more information visit our webisite or call Roland on (03) 965 18170.

21 - 22nd September 2009, Excellence in Mining & Exploration 2009 Hilton Hotel, Sydney.
Special rates available for AVCAL members.
TO BOOK CALL + 61 2 9279 2222
More details

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

Other Matters

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 2009 PARTNERS

AON

Archer Capital

BOS International

Castle Harlan

CATALYST

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.

The information contained in this e-mail, and any attachments to it, is intended for the use of the addressee and is confidential. If you are not the intended recipient you must not use, disclose, read, forward, copy or retain any of the information. If you have received this e-mail in error, please delete it and notify the sender by return e-mail or telephone. AVCAL does not warrant that any attachments are free from viruses or any other defects. You assume all liability for any loss, damage or other consequences which may arise from opening or using the attachments.