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14/10/2010
Dear AVCAL Colleague,

September is a busy time at AVCAL and October is shaping up to be the same. Andrew Rothery and I have a meeting with Bill Shorten, the new Assistant Treasurer this Friday to discuss ongoing tax issues and overseas developments such as the European Directive that has the potential to negatively impact upon Australian investors and GPs alike. I caught up with Minister Carr on Oct 8th and discussed a number of issues including the R&D Tax Credit and the IIF Review. He thanks us very much for our public support for the Tax Credit. The IIF review is slowly wending its way through the system. A draft is now before the Review Committee but we have not been able to see it yet.

As I foreshadowed in the last newsletter, I met with the Global VC Congress in Geneva, New York. This included my counterparts from 11 industry associations, inclusive of EVCA, BVCA, NVCA, and EMPEA.

All in all it was a fascinating three days. From a practical perspective it was very interesting sharing information on resourcing and income, on how we carry out our research and professional standards and development. From a global perspective we spent a lot of time discussing the European Alternative Investment Fund Managers Directive and the potential implications for both LPs and GPs all over the world. We spent a smaller amount of time discussing the Dodd-Frank legislation in the US. I'll keep you all informed as more updates on these issues unfold.

Then it was our annual conference on the Gold Coast, attracting 579 delegates. The majority of anecdotal feedback and that from the conference survey itself confirms that AVCAL 2010 was one of the best AVCAL Conferences. It started strongly with Bernard Salt, giving us an illuminating session on demographics and what this means for business and investment in Australia. Bill Evans returned for his annual update and benchmarking exercise - he was bang on in his prediction in 2009 that the Aussie dollar would reach 95 cents. Natasha Stott Despoja gave her perspective on the current political landscape and how this may impact AVCAL's policy initiatives.

We also had really positive feedback on the sessions this year, with the Great Debate (buyout session) and the VC Investing in the New World Order proving the most popular sessions.

The weather wasn't with us this time, and we had to make a wet weather call on the day to move the dinner inside, and although it was disappointing and presented us with some challenges, I'd like to commend the team and on-ground venue staff who moved swiftly to go to Plan B.

For those who struggle to get to the AVCAL conference because of Victorian school holidays you'll be pleased to note that next year they've aligned with NSW and the conference dates of 21-22 September fall in term time for Victoria and NSW.

Our program of events is taking shape for next year. Scroll down for a full list of events and professional development.

A reminder that our AGM is being held on 18 November this year, followed by our end of year drinks function. You will need to register for both, and there is a small fee to attend the drinks function. We've partnered with Aon to host these events in order to acknowledge their long-standing support of AVCAL and to keep this fee to a minimum. Thanks to Jason Disborough and Rick Glover from the Aon team. Register online now.

Our 2010 Year Book, a report on VC and PE activity, is on its way. Thanks to our member CFOs who have submitted their data for this exercise. We expect to release this in November via an email so that you can download it from our website. Thanks also to Zek and the team at Ernst & Young who have supported the Year Book over the past few years.

I look forward to seeing many of you at the AGM and end of year drinks in Sydney. Stay tuned for state-based events as they roll out.

Kind Regards


Katherine
Chief Executive
Latest Policy and Research News

AVCAL Research Prizes
Submissions are invited from academia and industry participants for the 2010 AVCAL Research Prizes for best PE and VC papers. This programme is aimed at encouraging the development of high-quality research on issues of importance to the PE and VC industry in Australia.

AVCAL/Capital IQ Market Observations - Australia & New Zealand
This report by AVCAL/Capital IQ tracks trends and developments in M&A and private placements in Australia and New Zealand over the last five years, and the contribution of PE to overall activity.

AVCAL/Intralinks PE and VC Fact Sheets 2010
Did you know that the average Australian/New Zealand PE investee grew its annual profit by a 36% CAGR prior to exit, compared to 11% for equivalent public companies? Or that in the last ten years, venture capitalists in Australia have funded over 400 innovative early-stage businesses? If not, read the 2010 AVCAL/Intralinks PE and VC Fact Sheets now available online.

AVCAL 2010 Award recipients announced
AVCAL recognised members of their industry across a series of award categories at the annual conference held on 22-23 September at the Gold Coast.

Global VC Congress' press release on pending EU AIFM Directive
VC association leaders from around the world expressed strong concern regarding the proposed European Alternative Investment Fund Managers Directive (AIFMD) set to be voted on within the next month.

mergermarket Monthly M&A Insider
Read the mergermarket Aug 2010 report on global M&A activity here

Hawkesbridge acquires Bylaser Australia
Hawkesbridge has partnered with the new Bylaser Australia Managing Director Paul Moreton and the current Bylaser Australia General Manager Derek Mountney, to establish Bylaser Group Pty Ltd which acquired 100% of the equity of Bylaser Australia

Send us your news!
With deal and fundraising activity picking up, we're keen to ensure our readers can stay up to date with the latest developments on this front. If you are a GP, do send us your news releases on your latest activities, or success stories, and we will be happy to post them up on our website and in future newsletters.

AVCAL Events

SA Networking Lunch - Minter Ellison, 28 October 2010. Leveraging Organisational Culture for Business Transformation with Diarmid Lee, Principal, Leed Consulting. Register now

PE101, 28 October 2010. FULL!

AGM & End of Year Drinks - Aon, 18 November 2010. Register now

Mark your diary

AVCAL Corporate Golf Day - Concord Golf Course, 10 March 2010

Peplin Case Study Series
Sydney - 25 February 2011
Brisbane - 8 April 2011
Melbourne - 22 July 2011
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
2010 Global PE Beijing Forum
November 13-14, 2010, Beijing, China
PE Beijing Forum has hosted twice on last two years, and had invited well-know GPs and LPs worldwide, e.g. KKR, Carlyle, The California Public Employees' Retirement System etc. For sure, this year's Forum will once again promote a meaningful and frank dialogue among the government senior-most officials, leading foreign and Chinese GPs and LPs, leaders of worldwide national PE/VC associations, and institutional investors of private equity industry in China and abroad.

EVCA - AIFM Summit
November 15, 2010, Brussels
This Summit, convened by EVCA members, brings together for the first time those who drafted, negotiated and contested the Directive

The CFO Conference, 18th November 2010, Sydney, will examine how finance chiefs are negotiating the peaks and troughs of the new economic landscape and ask how they plan to navigate in this new world.
AVCAL Members: Enter 'AVCAL' into special code field for discounted rate of $1,188.00 (inc. GST). Register 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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