AVCAL was pleased to note Minister Shorten’s recent statements encouraging superannuation funds to be more adventurous in their asset allocations to boost returns and the nation’s productivity. AVCAL continues to work with the Minister’s office to provide credible data to support the thesis that PE helps drive outperformance in super funds’ returns.
With renewals just around the corner on 1 July, I wanted to take stock and revisit some of the achievements of AVCAL over the past 12 months.
Advocacy & research
Contributed to several reviews during the year including on CIVs, VC and manufacturing.
Successfully lobbied the Government to include an additional $40m in the final tranche of the current IIF round, bringing the fund to $100m.
Ran a successful education program in Canberra for Government advisors, Treasury and DIISRTE.
Commissioned a study on the economic impact of PE on the Australian economy.
Partnered with DIISRTE to commission a study on the economic impact of VC in Australia.
Ongoing negotiations with Canberra on MIT implementation.
Delivered seven media round tables involving fund managers from the entire PE/VC spectrum, and media outlets including the Australian, the AFR, various newswires and the Courier Mail.
Delivered 12 research reports on performance benchmarking, industry statistics, deal metrics, M&A trends, fact sheets, and topical issues (e.g. the role of PE growth funds, best practice in LPs’ PE programmes, and the performance of PE-backed IPOs).
Released the AVCAL Code of PE Governance to codify governance best practice for PE and VC members
Created a new online Research Library to provide AVCAL members with a one-stop centre for accessing current international research on PE and VC.
Awarded two AVCAL Research Prizes to encourage research on Australian PE and VC.
Member services
Ran our 18th successful conference event in 2011 – 550 delegates, 91% satisfaction and 93% would promote to others.
Delivered a more structured approach to PD with many new programs including doing the PE deal, warranties and indemnities, due diligence, fund raising and PE Bank Finance. We’ve continued the successful PE101 course.
Worked with IPEV on new reporting guidelines.
We are in the midst of reviewing strategic objectives for AVCAL and I’ll be pleased in the next month or so to share these plans with you all.
For those who haven’t registered for the conference yet, make sure you do it soon because nearly three-quarters of places have been booked and accommodation is filling up. Don’t forget you can also register for our inaugural 5km alphathon or golf day on the Tuesday before conference.
Our annual golf day was a success last month. Thanks to Westpac and KPMG for their support of the event.
Winners of our AVCAL Corporate Golf day were (from L-R)
Bill Delves, Richard Goldsack and Owen Kemp from Ernst & Young. Simon Pither from Quadrant Private Equity (not in photo) was the fourth team member.
We'll be including portfolio company logos in the AVCAL alpha conference audio visual theme this year. If you'd like to shine a light on your investee portfolio, please send us the logos. These must be .eps files. Sorry, we can't accept other file types. We will do what we can to include them all but it may not be possible. Submit them in a zipped file if necessary here.
AVCAL's Annual Awards
Nominations are now open for the Excellence in Investor Reporting Award and Portfolio Company Awards
Nominations close 5pm EST 31 July 2012
Recipients will be announced Thursday 20 September at the alpha conference.
Request nomination.
Australian Growth Company Awards
Nominations are now open and close 5pm on 31 July 2012
Recipients will be announced 25 October 2012
The research section of our website now has a Research Library, which provides members with a one-stop centre for accessing current international research and industry reports on PE and VC. It includes global evidence on the important economic role of the industry. A wide selection of items has recently been posted - look for the NEW symbol.
Australian private equity returned 7.85% in 2011 Australia Private Equity and Venture Capital Index (CA Australia Index) rose by 7.85% in 2011, significantly outperforming the S&P/ASX 300 Accumulation Index which fell by 10.98% over the same period. This translated to an outperformance of 18.83% - net of fees - for the 2011 calendar year.
Media release
The public report
PE Index (for contributing PE GPs only)
VC Index (for contributing VC GPs only)
Private Equity Demystified: 2012 Update ed - ICAEW ICAEW has released an updated 2nd edition of its ‘Private Equity Demystified – An explanatory guide’ report. The 2012 edition includes updates on developments in the private equity sector including market trends, regulation and academic research.
Investing in private markets - Towers Watson This report looks into private markets as an asset class. It includes basics about private markets, opportunities in private markets in the context of macro themes, and the analysis of private markets by regions.
Private Equity Findings (Spring 2012) - Coller Institute Current research on PE covered in this issue includes recent findings on whether PE really outperforms public markets, what PE firms can do to build their brands, and how effective PE is in dealing with distressed portfolio companies.
Super Return Asia (the week after AVCAL alpha)
Hong Kong, 24-27 September 2012
15% discount for AVCAL members.
Discount code is VIP: FKR2328AVCAL
Meet 800 senior private equity attendees from Asia and across the globe, including over 200 LPs. Hear from 160 top speakers and take advantage of unrivalled networking facilities.
