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17/05/2010
Dear AVCAL Colleague,

There is much on at AVCAL at the moment. We have a number of events and training happening this month and we had a very successful networking event in Sydney on Friday. The Golden Circle MBO series of networking events has been very enlightening. If you have a chance to attend in Brisbane I'd recommend it highly. The story is a great demonstration of the PE model and its value in turning around underperforming companies.

Latest News

The MIT CGT regime has been passed. The definition still doesn't cover most PE funds but we are working to rectify that and we believe the Government has the will to do so. We are pleased with the levels of on-going consultation that they have afforded us. The ATO final determinations are due on May 26th and we understand that the government intends to respond rapidly when they are published.

AVCAL 2010 Conference registrations opened last week and we are almost at wait list mode.

We have launched 3 new professional development programs, PE Boot Camp (sold out) and the AVCAL CFO Forum (23 June), a new PE101 program (20 July)

Several new programs are on the boil, so stay tuned for these as they come out of production

Membership renewals will be emailed to you on 1 July 2010. By now we should have been in touch regarding correct contacts, but please contact us if you need to update any details.

We will be continuing our meetings with the media over the coming weeks to brief them on both PE and VC - also important in terms of overall perception of our industry


Thanks for your continued support.

Kind regards,

Katherine
Chief Executive

Latest Policy and Research News

AVCAL and Cambridge Associates to partner to deliver performance data

From 2010, AVCAL and Cambridge Associates will be embarking on a strategic partnership to provide comprehensive, independent Australian PE and VC performance data to industry participants. With this partnership, AVCAL will adopt Cambridge Associates' Australian PE and VC benchmark index and statistics. Members will have access to aggregate Australian benchmark data provided by Cambridge Associates, a leading global provider of independent research and advice on alternative assets. More information on the data collection process will be communicated to GP members shortly. For further information on this partnership, please contact Kar Mei Tang.

AVCAL Award Nominations

Nominations now open for the portfolio company awards and excellence in investor reporting award.

For information on award guidelines or email us.
Nominations close on 30 July 2010. Winners will be announced at conference.

AVCAL Research Prizes

AVCAL is pleased to announce the introduction of two research prizes in 2010. The aim of this programme is to encourage the development of high-quality research on issues of importance and relevance to the Private Equity and Venture Capital industry in Australia, and to increase knowledge and understanding of the industry through the publication of pertinent articles in the scholarly press. Submissions are invited from academia and industry participants for these prizes. For more information click here.

The latest mergermarket Private Equity alert

New R&D Tax Incentive Scheme

Innovation Minister Kim Carr's press release on 13 May 2010 outlines how the new R&D Tax incentive scheme will stimulate more Australian businesses to undertake R&D compared to the 8,000 businesses under the old tax concession.

Treasury releases Consultation Paper on improving conduit income arrangements for managed funds

On 11 May 2010, the Government issued a Consultation Paper on the treatment of conduit income of managed funds. Outcomes of this process will assist the Board of Taxation as it considers the design issues relating to an Investment Manager Regime (IMR).

Government's Response to Board of Taxation's Review of MITs

On 7 May 2010, the Assistant Treasurer announced the release of the Board of Taxation's report on its review of the tax arrangements applying to Managed Investment Trusts.

Private Equity Demystified - An explanatory guide

This ICAEW report looks at how the industry works and provides a summary of the findings of approximately 100 peer-reviewed academic papers which have examined aspects of the private equity industry over the past 25 years, including the evidence of the impact of private equity transactions on industry participants and wider stakeholders. It also analyses an example of a UK-specific transaction to illustrate the PE operating model.

The Past, Present, and Future of Venture Capital by Steven Kaplan & Josh Lerner

This paper by US academics Steven N. Kaplan and Josh Lerner suggests that this is not the time for US institutional investors to be shunning VC from their portfolios.

The 2010 Global Private Equity Watch - New horizons emerge

This report by Ernst & Young is a series of short articles that analyses the trends in private equity during the last few years and the sector's outlook for 2010.

Preqin Private Equity Cleantech Report

This recent report by Preqin tracks global PE cleantech investment up to Q1 2010.

AVCAL Networking and Professional Development

NSW Networking Dinner with Peter Wiggs, 20 May 2010. Register now

PE Boot Camp, Sydney, SOLD OUT

AVCAL Corporate Golf Day, we are still seeking a major event partner for this event on 27 May 2010. Register now or contact us to discuss partnership


QLD MBO Golden Circle, 16 June 2010. Starts at 5.30pm Register now

AVCAL CFO Forum, GP Members only, 23 June 2010. Register now

AVCAL PE 101 - Mark your diary, 20 July 2010.

AVCAL ESG Program - Mark your diary, 22 July 2010.

AVCAL 2010, Gold Coast, QLD (members only)
September 22-23, Golf September 21.
Register now - Nearly at waitlist.
Other Events

Family Wealth Investing, 25 May Sydney, 27 May Melbourne
Dealers Group is working with Myer Family Office on a 1 day forum for families and their advisers specifically on Investing.

The 9th HKVCA China Private Equity Summit, 7 June.
The China Summit is the major annual event of HKVCA for more than 300 Venture Capital and Private Equity practitioners, leading corporates, professionals and enterprises around the region to discuss the latest developments and all aspects in private equity investment in China.


The PEI Responsible Investment Forum, 10 June, London, England
Co-hosted by Private Equity International (PEI) and the Principles for Responsible Investment (PRI), the forum will tackle one of the most important themes in private equity today: how to create value by following environmental, social and governance (ESG) best practice in investment strategies.


Green Investment Summit, 12-15 July
Well regarded as the platform of choice for all things on financing and investing in green projects, GIS Indonesia offers decision makers a unique platform for debating matters of importance, networking with high level participation in green projects and opportunities to advance national agendas in addressing global climate change.




AVCAL AWARDS

Nominations now open for the portfolio company awards and excellence in investor reporting award.

Email us to learn more. Nominations close on 30 July 2010. Winners will be announced at conference.

RESEARCH PARTNER

Ernst & Young


AVCAL 2010 PARTNERS

BOS International

KPMG

Quadrant

Maddocks

TPG

KKR

Advent

INVESTEC

Ironbridge

AON

Next Capital

Champ Private Equity

Credit Suisse

Gallagher

Pacific Road Capital Management

Pacific Equity Partners

Westpac

Archer Capital

Castle Harlan

NAVIS

NBC Capital

CATALYST

Intralinks

Propel Investments

Coller Capital

ROTHSCHILD

LEK

Commonwealth Bank of Australia


DATA VENDOR

Capital IQ

Disclaimer:

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

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