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15/09/2010
Dear AVCAL Colleague,

A very unsettling few weeks in the political arena has kept us thinking about levels of influence on both sides of Government. Now that a Gillard-led government has been formed, we will work with the new Assistant Treasurer Bill Shorten, to pick up our discussions and resume progress on the tax front.

I'm in the US at the moment, attending an international meeting of PE and VC associations. This is an important gathering where we will be discussing the globally common issues facing our industry and learning from one another's initiatives. I'll report on the outcomes in the next newsletter. I have also scheduled meetings with several of our members' NY offices, to update them on Australian Government Affairs.

We look forward to seeing those of you who'll join us on the Gold Coast next week. The event is at capacity and the program is very exciting, with some changes to the format, based on feedback over a number of years. I look forward to hearing your views. Don't forget to check your confirmation for both conference and accommodation to ensure that you've got everything in order to ensure a smooth registration. BTW, you will also be able to:
I also wanted to say to other members who won't make it to the conference, that we are adding to our professional development and networking program and will be delivering an increased range of programs around the country very shortly. As members of an industry, it is important to stay abreast of a wide variety of issues, and be able to consider these with leading practitioners.

The new PE101 program has been very successful. We have run one in Sydney, one in Melbourne and we have another Sydney event scheduled and sold out in October. We have also facilitated this program in-house for ASIC and have interest to run one in SA in 2011. Program coverage. If you are interested in attending one of these, please express your interest here.

We will be scheduling another PE Boot Camp program in March 2011, which will focus on current issues including restructuring. Let us know if you are interested in attending.

We're pleased to announce that we have a South Australian networking event scheduled for 28 October, partnered with Minter Ellison. Gerry Cawson and his team look forward to seeing you there. You can register for this event now. The lunch speaker will be Diarmid Lee, Principal, Leed Consulting.

A new program has been scheduled for Sydney on 22 October 2010, Intellectual Property in the deal. Lead by Adam Liberman, this will help PE funds consider the issues and will provide tips on how to avoid high transaction costs on deals involving IP. Register now.

Our CFO Forum will continue in 2011 with a new program focussed on reporting. Express your interest.

We hope to continue in 2011 with another ESG Program, and will hopefully formulate a practical, step by step guide on how you can develop an ESG policy. There was also interest in having a forum between LPs and GPs as part of this program. Let us know if you're interested in attending this in 2011.

A reminder that nominations are now open to members interested in serving on Council.
Please note - Nominations close at 5pm on Thursday, September 30, 2010. Consent and Nomination forms are now available online. Be sure to read the Important Notes for Members before completing any forms.

AVCAL members are also invited to attend the annual general meeting on the 18th of November, directly followed by our end of year drinks. Register Now.

Finally, I wanted to thank our partners for their support throughout 2010. If you are interested in talking to us about the benefits of a partnership with AVCAL, please contact Deborah Young to discuss.

Kind Regards


Katherine
Chief Executive
Latest Policy and Research News

PEI Asia September Issue
Australia: Private equity picks up where it left off

Registration under Dodd-Frank Act: Implications for non-US private fund managers
In this article, Robert G. Bagnall of WilmerHale discusses US financial reform legislation passed on July 21 which will require many private fund managers to register with the SEC as investment advisers and comply with US regulations. This requirement will also apply to Australian fund managers if they have a sufficient number of US investors in their funds and/or direct clients.

Private Equity: Emerging From the Crisis
Market conditions are now providing opportunities for private equity managers and their investors in selective areas of the market according to research produced by global professional services company Towers Watson. This report suggests that portfolio company operating performance is stabilising, pricing for new deals is becoming more compelling from a buyer's perspective and financing packages are increasingly available for the right businesses.
Other Events

Korea Private Equity and Venture Capital Forum
November 2-3, 2010, Grand Intercontinental Hotel in Seoul, Korea
Supported by the United Nations' Principles for Responsible Investment - More details.
The 23rd Annual AVCJ Forum:

Asia's Private Equity Week, November 9-12, 2010, Hong Kong. Discount rate for AVCAL members.
Enquire Now




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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