Special Reports

IPO performance analysis

10 April 2014

This report prepared by leading global advisory firm Rothschild is a study on the performance of PE and non-PE backed IPOs. The study examines all ASX-listed IPOs with an initial offer size of A$100 million or more since 2003. As at the end of February 2014, 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 full report

Media release and summary page

The Economic Impact of VC in Australia

28 May 2013

This report released by AVCAL shows that the Australian venture capital (VC) is pivotal to innovation in Australia, and VC-backed firms spend much more on research and development than their industry peers. The report highlights research that shows that VC-backed companies spend on average 200 times more on R&D per employee than other businesses, and that while VC-backed firms make -up only 0.01 per cent of GDP, they account for approximately 10 per cent of business R&D expenditure in Australia.

The Economic Contribution of Private Equity in Australia

8 March 2013

This report by Deloitte Access Economics shows that Australian companies backed by private equity support an estimated half a million jobs and contribute $59b p.a. in total value added to GDP. The study is based on data provided by AVCAL members representing approximately 70% of total private equity funds under management in Australia.

Downloads:

Report Summary

The full report

Media release

AVCAL Exit Study (members only)

17 July 2012

AVCAL has released a research briefing note on Australian private equity exits between FY2009 – FY2011. Using data collected via AVCAL’s proprietary research platform, the report examines 130 full/partial exits by PE funds over this period, which generated $5.7b in proceeds. During this period, the sales of PE-backed companies recorded an average IRR of 40% and an average times money multiple of 2.6x.

PwC/AVCAL: How can fresh insights add greater value?

2 May 2012

This report looks at the role of PE growth funds in backing Australian businesses. Approximately two-thirds of 11,000 Australian companies with revenues over $10m are owned by baby-boomers, many of whom have no succession plan in place. AVCAL growth funds make up over 60% of the local PE industry and represent a valuable source of capital for small companies looking to further expand their businesses.

Analysis of the performance of PE-backed IPOs in Australia

22 June 2011

This report examines whether Australian PE-backed IPOs consistently underperform relative to non-PE-backed IPOs. The evidence indicates that PE-backed stocks do not consistently underperform compared to the non-PE-backed stocks, and even perform better on average over longer horizons.


Australian Investor Outlook: Private Equity

7 April 2011

Read this report by Preqin on Australian investor outlook and asset allocation plans in private equity for 2011 and beyond. The report was a recent undertaking by AVCAL in association with Preqin to canvass the opinions of leading institutional investors in private equity and venture capital.


Value Capital - The Evolution of Venture Capital and Private Equity in Australia

1 May 2009

This research publication, produced in association with Ernst & Young, traces the evolution of the industry over the past ten years.

The Private Equity Market in Australia

1 September 2008

This publication provides an overview of the private equity market in Australia, including what it does, and the role it plays in the broader economy.

Private Equity in Australia - AVCAL Submission to the Senate Standing Committee on Economics

31 May 2007

This report provides an overview of the background and recent trends of private equity in Australia, and benefits the industry brings to the broader economy.