NEWS UPDATE
April 2014
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POLICY UPDATE

Significant Investor Visa reform
Review of thin capitalisation arm's length debt test
Employee share schemes and startups
Portfolio holdings disclosure 
Publication of super data
More info on our Members Policy Portal
 

ENABLING PE & VC TO FLOURISH

By contributing to the design of Australia's future financial system

AVCAL put forward a comprehensive submission setting out a range of key policy and regulatory issues and potential reform ideas for consideration by the Government's Financial System Inquiry.
View AVCAL's submission.

 

Hi [FirstName],

The last month has again been a busy one for the AVCAL team.

Last week we released a study on the performance of PE and non PE-backed IPOs prepared in conjunction with leading global advisory firm Rothschild. The study showed that PE-backed IPOs have posted an average return of 95% since listing, compared to a decline of 2.2% for non PE-backed IPOs. The study has been received very well by members, as well as the broader funds management and investment banking industry. AVCAL anticipates updating this research on a regular basis, perhaps every 12 months or so.

Since my last update in March, we lodged a comprehensive submission to the Financial System Inquiry (FSI) which set out a range of key policy and regulatory issues and potential reform ideas that should be considered as part of the initial work of the FSI over the next few months. I’ve spoken with many of you recently about the fact that I believe this Inquiry is an important opportunity for our industry to contribute to one of the most significant areas of public policy debate for this year. We received a lot of great input from members to help us with framing this first submission, and we’re very thankful for the time that many of you have given us to share your thoughts over the last few weeks. In the period ahead we will continue to engage with the FSI about specific issues raised in the AVCAL submission.

AVCAL held an Investor-only forum last week in Melbourne, designed to bring the investor community together to discuss key policy and regulatory issues relevant to the PE and VC industry. We had 36 participants in attendance, which was pleasing to see, and there was a lot of very engaging discussion with representatives from ASIC and APRA. We held a similar forum last year, and we plan to hold more of these forums into the future, because feedback tells us they are a good opportunity for investors to come together and share thoughts about key issues relevant to investing in PE and VC funds in Australia.

I’m sure you are all aware that the 2014-15 Federal Budget is fast approaching, and is due to be handed down by the Government on 13 May 2014. AVCAL will participate in the official Budget lock-up process in Canberra on the day of its release. There is considerable anticipation from the business community around this year’s Budget, with expectations of deep cuts to some expenditure programs to help arrest the gradual decline in the overall fiscal position of the Government. You might remember that AVCAL lodged a submission back in late January 2014 setting out some key areas of policy that we think the Government should focus on to drive more investment into Australian businesses. My next update to you on 14 May (the day after the Federal Budget) will include a detailed analysis of the key budget announcements that are relevant to our industry.

I will also be speaking with leaders from the growth fund segment about AVCAL’s key policy and advocacy initiatives at an exclusive Growth Funds dinner on 15 May in Sydney. If you’re a GP in the growth funds segment and you're interested in attending the dinner you’re welcome to register to join us.

Finally, on behalf of the team at AVCAL I’d like to wish you and your families a safe and enjoyable Easter break.

Best regards,
Yasser El-Ansary
Chief Executive

 
AVCAL Investor Forum, Melbourne.

 

PE-backed IPOs outperform the broader market

Rothschild IPO performance analysis:

  • The study examined all ASX-listed IPOs with initial offer size of A$100 million or more since 2003
  • As at the end of February 2014, PE-backed IPOs posted average return of 95% since listing, compared to 2.2% decline for non PE-backed IPOs.

View report and media release.

 

'Living through an IPO' at AVCAL alpha conference® with Phil Cave AM - Anchorage Capital Partners moderating. Register.

 
 

Research Partners

 

Hot topic: Cyber risk

Read what Greg Medcraft, ASIC Chairman had to say about cyber crime at the ASIC forum last month.

Are you at risk? Use this cyber risk diagnostic tool to find out.

 

Future Directions Network: AVCAL Scholarship recipients announced

AVCAL’s philanthropy partner, Future Directions Network (FDN) announced its 2014 scholarship recipients earlier in the month at Government House in Sydney.  Each recipient received a 3-year scholarship worth $6,000 per annum to assist with university related expenses. Read more.
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Research Library

 

AVCAL's Research Library provides AVCAL members with a one-stop centre for accessing current international research on PE and VC.

 


Data Partner           Philanthropy Partner

 

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