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5655.0 - Managed Funds, Australia, Dec 2000  
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Special Article - Venture Capital Survey


FUNDS OF INVESTMENT VEHICLES

The following report is derived from an ABS survey conducted with reference to the financial year ended June 2000

A report of the preliminary results was published in the December Quarter 2000 ABS Managed Funds Australia ABS Cat.No. 5655.0

INVESTORS
  • Investors have committed $5.0 billion to venture capital investment vehicles including $2.3 billion in commitments for future investments. Table 1
VENTURE CAPITAL MANAGERS
  • The survey identified 100 active venture capital fund managers who were managing 127 surveyed venture capital investment vehicles. Table 14
VENTURE CAPITAL INVESTMENT VEHICLES
  • The value of investment in venture capital investment vehicles was $2.8 billion at 30 June 2000. Table 3
INVESTEE COMPANIES
  • The 127 venture capital investment vehicles reported investment in 651 investee companies. Table 7
  • Of the $2.6 billion invested in investee companies, $684 million was invested in new projects during the 1999-2000 financial year, with additional investments in existing projects of $165 million. Table 1 and Table 5
  • A total of 18,348 hours were invested in the investee companies by the venture capital managers during the year.
  • There was venture capital investment in a wide range of industries and activities; the value of investment in finance and property being $560 million and manufacturing and utilities industry of $526 million of the total project value of $2.5 billion Table 8 and Table 9
BACKGROUND AND TERMINOLOGY
  • Venture capital investment is not about investing in private equity, it is an exercise in matching interests and personalities and combining a good idea with the financial resources to allow that good idea to flourish.
SURVEY DETAILS
  • There were 206 forms sent out to various Venture Capital organisations, this included AVCAL members, Venture Capital Guide 2000 participants, registered and operating PDFs and venture capitalists mentioned in the Venture Capital Journal who did not appear in any of the above publications. Table 14
LIST OF TABLES AND GRAPHS

INVESTORS

Venture capital investors come from many areas; they are generally sophisticated individual investors or they may be an organisation such as a superannuation fund.

TABLE 1. SOURCE OF FUNDS OF INVESTMENT VEHICLES - AT 30 JUNE 2000

COMMITMENTS BY INVESTORS
DRAWDOWNS FROM INVESTORS
UNCALLED COMMITMENTS
Active
Active
Investment vehicles
Value
Investment
vehicles
Value
Value
Source
no.
$m
no.
$m
$m

Residents
Banks
19
340
18
229
111
General government
6
120
5
60
61
Public trading enterprises
10
125
10
63
62
Private trading enterprises
29
358
28
221
136
Superannuation funds
51
1,783
49
895
888
Life insurance offices
9
183
9
92
91
Trusts
12
88
12
50
38
Funds of funds
20
336
19
183
153
Other
56
418
56
343
75
Not stated
18
199
18
199
-
Total resident
. .
3,950
. .
2,335
1,615
Non-residents
Superannuation funds
6
24
6
21
3
Other
27
1,010
25
293
717
Total non-resident
. .
1,034
. .
314
720
Total
127
4,984
127
2,649
2,335


  • The table shows the number of investment vehicles which reported receiving funds from each type of source of funds. There were a number that access funds from more than one source. Therefore, the totals are not the sum of the individual components.
  • The not-stated source has been used for those companies that could not give a source because their investors are shareholders. They were able to give a total paid-up capital, and this figure is used for commitments and drawdowns.
  • The committed capital is the overall capital of the fund; the drawndown figure is the amount of money that has been called on from the investors and in most cases passed on to investee companies or used for management expenses.

The Pooled Development Funds (PDF) were all included in this survey. There were 95 in existence at 30 June 2000, but half were not active at that time, though many of those have become active since June 2000. From the 30 June to 30 December 2000 a further 25 PDFs were registered with the PDF Board.

TABLE 2. PROGRAM PARTICIPATION, by Investment Vehicles - 1999 - 2000

Active Investment vehicles
Assets
Program
no.
$m

Pooled Development Fund
48
569
Other Government programs
7
91
None
72
2,130
Total
127
2,790


Organisations which were not considered venture capital funds included Incubators and entities set up by either a State Government or by way of a Commonwealth Grant. The Incubator's principal activity is to facilitate the seed enterprises in their efforts to get their business into a position of growth. The incubator may offer grants, seed funding, reduced office rental, mentors, marketing contacts and access to general office equipment.

There were also organisations who offer assistance to seed industries by preparing business plans, identifying suitable employees or board members. They may also provide seed funding.

The business angels who are private individuals investing in private equity are an area that has not been measured in this survey.

VENTURE CAPITAL FUND MANAGERS

The Venture Capital Fund Manager is generally a small organisation of skilled business and financial analysts. The process of undertaking an initial evaluation and later due diligence requires time and judgement by the venture capital fund manager. The gathering of the commitments from investors also takes a considerable amount of time before the Fund can commit itself to any investments. The gathering of monetary commitments is an ongoing process for the funds. Once the Fund has drawndown all of its committed funds for investment it must then wait until the investee company is listed or otherwise sold.

Venture capital fund managers spend time with investee companies (Table 11) and receive income in the form of management fees. (Table 4)

Finance for small to medium sized enterprises from start-up to mature operations tends to follow various stages as they grow:
  • at the beginning of an enterprise there is a product or an idea that has potential to become commercially viable. To take the enterprise towards commercialisation, finance is generally provided by the principals, and relatives and friends of the principals;
  • as an enterprise develops further, finance, management and other skills may be provided by ‘business angels’, independent business people who can see potential in the business, and who essentially prepare the business for professional financing;
  • as the enterprise develops further, and demonstrates a product and market, full commercialisation is the next step. At this stage a number of venture capitalists not only provide financial resources, usually via a fund or company, but also provide more specialised management and business skills to ensure the future growth and prosperity of the enterprise. The venture capitalists usually provide the funds through venture capital investment vehicles which may be Pooled Development Funds, Innovation Investment Funds, or other specially created vehicles operated by specialised venture capital managers;
  • finally, venture capitalists exit their investment by initial public offering (IPO), management buy-out / buy-in, or trade sale. At this point the enterprise is mature enough to be reliant on its own resources and skills.

A number of Venture Capital Fund Managers described their activities as follows:
  • The venture capital industry receives a large number of approaches from individuals and groups of individuals who have what they believe to be good business propositions.
  • A small or a specialist fund manager will receive between 5 and 20 approaches each month for funding; of those 2 or 3 may receive more thorough examination, and out of those perhaps 1 per quarter will get funding.
  • The medium sized organisations will receive anything from 20 to 400 approaches in a month. Even though they are medium in size by the amount of capital they are raising and disbursing, their offices have a small number of highly trained staff. With many approaches there may be 5 or 10 that are investigated thoroughly or perhaps due diligence undertaken. From these perhaps 2 or 3 will receive funding in a quarter.
  • There are a small number of organisations that are large and receive upwards of 400 approaches a month. These offices are still run with a small number of highly trained and focussed staff. The culling process is very similar to the medium sized organisations, with perhaps 5 to 7 enterprises receiving funding in any one quarter.
  • There are a number of reasons why such a large number of these proposals do not gain funding; it may be personality; it may be they have overvalued their business or the perceived market for their product; or it may be they have taken their proposal to the wrong investment manager; some venture capital seekers apply to many investment managers.

VENTURE CAPITAL INVESTMENT VEHICLES

TABLE 3. BALANCE SHEET OF VENTURE CAPITAL INVESTMENT VEHICLES - AT 30 JUNE 2000

Active Investment vehicles
Value
no.
$m

ASSETS

Resident assets
Cash and deposits
87
310
Debt securities
25
212
Listed equity
40
392
Unlisted equity
105
1,351
Other VC funds
6
67
Other equity
8
56
Other financial
53
75
Non-financial
19
12
Total resident assets
. .
2476
Non-resident assets
Unlisted equity
23
198
Listed equity
9
74
Other
5
41
Total non-resident assets
. .
313
Total Assets
. .
2,790

LIABILITIES

Borrowings
9
30
Other
67
80
Total liabilities
69
110

NET ASSETS

Total net assets
. .
2,680

  • The value of assets shown in this table does not necessarily reflect market value. Generally, it reflects the value of the original capital invested. Investments in unlisted equity are illiquid, with the exit process the only opportunity for a real valuation.
  • ABS has imputed a domestic balance sheet for cases where a local agent of a global venture capital fund manages, but does not legally own, the investment.
  • The net asset figure is not a reflection of the total capital that has been drawndown. Amounts drawdown are also used for management expenses of the investee company.
GRAPH 1. VALUE OF ASSETS HELD BY INVESTMENT VEHICLES AT JUNE 2000

Value of assets held by investment vehicles at June 2000

There were 49 investment vehicles with less than $10m in assets, and 6 with more than $80m in total assets.

GRAPH 2. VALUATION METHODS USED BY VENTURE CAPITAL FUND MANAGERS

Valuation methods used by venture capital fund managers

The venture capital industry uses a variety of valuation methods for the equity they hold in the investee companies. The valuations may vary from one organisation to the other. AVCAL has a system for their members to report the value of the private equity holdings; others may value the equity themselves; while others may employ an independent valuer. The cost/book value system shows how much equity the fund put into the enterprise in either or all of the funding rounds. This remains the value until the enterprise is floated or sold.


TABLE 4. SELECTED INCOME AND EXPENDITURE OF VENTURE CAPITAL INVESTMENT VEHICLES - 1999 - 2000

Active Investment vehicles
Value
no.
$m

Expenditure
Management fees
76
57
Performance fees
10
52
Interest payments
11
3
Other outlays
67
42
Income
Interest receipts
70
34
Other inflows
44
148


TABLE 5. INVESTMENT BY VENTURE CAPITAL INVESTMENT VEHICLE IN INVESTEE COMPANIES - 1999 - 2000

Active Investment vehicles
Value
no.
$m

Investments at beginning of year
. .
1,884
Additions to value during year
New projects
82
684
Follow-on investments
48
165
Unrealised gains in investee companies
50
245
Exits and other decreases in value
Trade sales
21
137
Initial public offers
13
353
Buyback
4
8
Write-offs
13
45
Investments at end of year
127
2,480

  • This gives us a view of the market whereby the 100 investment managers operated 127 funds.
  • After some enquiries it was established that the write offs for the 1999-2000 year were investments entered into in a previous year.
TABLE 6. INVESTMENT VEHICLES, by Type of Legal Organisation - 1999 - 2000

Investment vehicles
Assets
Legal organisation
no.
$m

Listed company
18
565
Unlisted company
59
780
Trust
45
1,366
Other
5
80
Total
127
2,790


GRAPH 3. NUMBER OF INVESTMENTS MANAGED BY VENTURE CAPITAL FUND MANAGERS 1999-2000

Number of investments managed by Venture Capital fund managers 1999-2000

Of the 127 active funds, 14 did not have any investments in investee companies (called "deals") during 1999-2000. The remaining 113 funds reported a total of 651 deals active during the year. There were 62 funds which had 5 or fewer deals in the year, and 51 funds which had 6 or more.

For a number of the smaller investment funds, funds management was not the sole activity of the managers.

INVESTEE COMPANIES


INVESTMENTS FOR THE 1999-2000 YEAR

GRAPH 4A VALUE OF INVESTMENTS DURING 1999-2000 BY STAGE
GRAPH 4B NUMBER OF INVESTMENTS DURING 1999-2000 BY STAGE
Value of investments during 1999-2000 by stage
Number of investments during 1999-2000 by stage


Investments for the 1999-2000 year were predominantly at the expansion stage with 42% of total value, although an equal number of 109 investments were placed at the early stage, the value of early stage represented 25% of new investments.


GRAPH 5A VALUE OF INVESTMENTS DURING 1999-2000 BY ACTIVITY
GRAPH 5B NUMBER OF INVESTMENTS DURING 1999-2000 BY ACTIVITY
Value of investments during 1999-2000 by activity
Number of investments during 1999-2000 by activity


In the activity of the investee the I.T., Media, Electronics and Communication area surpassed all other areas with the number of investments being 145 and value of investments being $542 million representing 56% of new investments.


INVESTMENTS AS AT 1999-2000

GRAPH 6. VALUE OF INITIAL AND CURRENT STAGE OF INVESTMENTS 1999-2000
Value of initial and current stage of investments 1999-2000


This graph shows all of the investments that were active at the beginning of the year and at the end of the year, therefore any that have exited by way of Initial Public Offer or Buy Out are not included in the current stage. The seed stage shows an initial investment value of $255m and the current stage has a value of $71m. The early stage shows a similar trend; however the expansion stage shows an initial stage of investment $865m and a current stage of investment of $1035m.

The following describes various stages at which a venture capital vehicle may make investments.
  • Seed: product is in development. Usually in business less than 18 months.
  • Early: product in pilot production. Usually in business less than 30 months.
  • Expansion: product in market. Significant revenue growth.
  • Turnaround: current products stagnant. Financing provided to a company at a time of operational or financial difficulty.
  • Late: new product or product improvement. Continue revenue growth.
  • Buyout (LBO/MBO/MBI): a fund investment strategy involving the acquisition of a product or business, from either a public or private company, utilising a significant amount of debt.

GRAPH 7. NUMBER OF INITIAL STAGE AND CURRENT STAGE INVESTMENTS 1999-2000
Number of initial stage and current stage investments 1999-2000

The above graph shows there has been a progression from seed and early stage at initial time of investment to later stages.


TABLE 7. LOCATION OF INVESTMENT

Investee companies
Value
State/Territory
no.
% share
$m
% share

NSW
245
37.6
1,164
46.9
Vic.
204
31.3
598
24.1
Qld
43
6.6
210
8.5
WA
66
10.1
137
5.5
SA
16
2.6
46
1.9
Overseas
56
8.6
284
11.4
Other
21
3.2
41
1.7
Total
651
100
2,480
100

  • The figure shown for other includes Tasmania, Northern Territory and Australian Capital Territory.
  • The location was determined by using the post code of the head office of the enterprise.
INDUSTRY AND ACTIVITY


TABLE 8. INVESTEE COMPANIES BY INDUSTRY - AT 30 JUNE 2000

Investee companies
Value of investment
ANZSIC Industry
no.
% share
$m
% share

Agriculture & Mining
84
12.9
167
6.7
Manufacturing & Utilities
149
22.9
526
21.2
Construction
25
3.8
305
12.3
Trade & Accommodation
66
10.1
212
8.5
Transport & Communication
106
16.3
373
15.0
Finance & Property
142
21.8
560
22.6
Government Services
79
12.2
338
13.6
Total
651
100
2,480
100


GRAPH 8. VALUE OF INVESTMENTS BY INDUSTRY BY LOCATION AT JUNE 2000
Value of investments by industry by location at June 2000


Download the above data in Microsoft Excel format...
Vc Value of Investment by Industry by State.XLS


The industry of an investee company is as reported by the investment manager. There were also situations where the area of investment overlapped more than one industry and judgements were made about these situation.


TABLE 9. INVESTMENT BY ACTIVITY - AT JUNE 2000

Investee companies
Value of investment
Activity
no.
% share
$m
% share

Manufacturing/Transport
193
29.6
686
27.7
I.T., Media, Electronics, Communications
262
40.2
884
35.7
Retail, Services and Real Estate
109
16.7
487
19.6
Biotech Pharmaceuticals & Health
63
9.7
196
7.9
Energy
24
3.7
226
9.1
Total
651
100
2,480
100

GRAPH 9. VALUE OF INVESTMENTS BY ACTIVITY BY LOCATION AT JUNE 2000
Value of investments by activity by location at June 2000


Download the above data in Microsoft Excel format...
VC Value of investment by activity by State.XLS

GRAPH 10. PERIOD OF INVESTMENT IN THE INVESTEE COMPANY (NUMBER)
Period of investment in the investee company (number)
GRAPH 11. PERIOD OF INVESTMENT IN THE INVESTEE COMPANY (VALUE)
Period of investment in the investee company (value)


The age of the investment is not a reflection of its stage; some investments may go from seed to expansion within a 2 year period, yet others will stay in the seed stage for some years. Note that this graph indicates the age of the investment, but is not a reflection of the age of the enterprise itself.


GRAPH 12. PERCENTAGE OF INVESTEE COMPANY OWNED BY VENTURE CAPITAL VEHICLE
Percentage of investee company owned by Venture Capital vehicle
GRAPH 13. CURRENT VALUE OF INVESTMENT BY VENTURE CAPITAL INVESTMENT VEHICLE IN INVESTEE COMPANY
Current value of investment by Venture Capital investment vehicle in investee company



These graphs show the investment placed by the venture capital fund manager in individual investee companies. It is possible that more than one fund manager may invest in the same investee company, e.g. a fund manager may invest at the seed/start-up stage and receive 10% of the business and another fund manager could arrange the next round of funding and also receive 10% of the company


TABLE 10. WEIGHTED AVERAGE FOR INTERNAL RATE OF RETURN (% pa) 1999-2000
Weighted Average
Low
High
No of investments
Current Stage

Seed
35
12
316
15
Early
55
-100
418
19
Expansion
134
-41
805
65
Late
75
2
373
21
Turnaround
9
-30
28
6
LBO/MBO/MBI
50
-72
100
22
Overall
88
-100
805
148

  • weighted average means the internal rate of return (irr) has been weighted against the asset size and then averaged.
  • the figures under "low" and "high" are the minimum and maximum rates of return reported on deals by fund managers.
  • Fund managers were able to provide an irr for 148 (of the 651) deals. Where the venture capital investment vehicle had exited the investee company, the rate of return was generally available; some other fund managers calculate the expected rate of return on a regular basis, using their estimates of the sale price of the investee company were they to exit.
TABLE 11. WEIGHTED AVERAGE OF DAYS SPENT PER MONTH BY INVESTMENT MANAGER BY ACTIVITY OF INVESTEE COMPANY 1999-2000
Weighted Average
Low
High
No of investments
Activity

Manufacturing,Transport
4.4
1
20
139
Retail & Services
5.2
1
30
78
I.T. Media, Electronics, Comm.
3.6
1
30
168
Biotech., Pharmaceuticals
2.3
1
28
51
Energy
2.5
1
10
17
Overall
4.0
1
30
453

  • weighted average means the days spent has been weighted against the asset size and then averaged

It is usual for the investment manager (and/or staff of the investment vehicle) to spend regular time at the investee company, assisting with management and direction, managing the finances, preparing for further funding, etc.

Investment managers reported dedicating at least one day each month at 453 investee companies. The time spent ranged from 1 day per month to 30 days per month (i.e. more than one full time person). The weighted average was 4 days per month.


TABLE 12. NUMBER OF INVESTEE COMPANIES BY NUMBER OF DAYS SPENT BY INVESTMENT MANAGER 1999-2000

Less than 1 day
1 day
2 - 5 days
Greater than 5 days
Stage
no.
no.
no.
no.

Seed
11
14
20
8
Early
59
40
58
16
Expansion
68
51
107
22
Turnaround
7
8
6
3
Late
43
24
28
1
LBO/MBO/MBI
10
28
12
7
Total
198
165
231
57


TABLE 13. WEIGHTED AVERAGE OF NUMBER OF INVESTEE COMPANIES BY NUMBER OF DAYS SPENT BY INVESTMENT MANAGER 1999-2000
Weighted Average
Low
High
No of investments
Stage

Seed
3.1
1
28
42
Early
5.4
1
30
114
Expansion
4.4
1
30
177
Turnaround
2.3
1
30
17
Late
2.2
1
10
53
LBO/MBO/MBI
3.9
1
10
47
Overall
4.0
1
30
453


BACKGROUND TO SURVEY AND TERMINOLOGY

ABS undertook a survey of venture capital at the request of Department of Industry, Science and Resources, prompted by changes in tax regimes for venture capital investment announced as part of the 1999 budget. There has been some concern that existing venture capital data sometimes suffers from concepts employed and from incomplete response.

ABS conducted the survey with respect of the year ended June 2000, following a feasibility study, during which a number of venture capital practitioners, industry researchers, academics, and policy analysts were consulted. The survey concepts and collection form were developed by ABS in consultation with users, industry bodies and data providers. Considerable assistance to the ABS was provided by the Department of Communications, Information Technology and the Arts.

While the term "venture capital investment" is a broad concept, the venture capital industry expects it to have the following characteristics:
  • usually investment in an innovative business in its early stages;
  • investment not only of money but also of skills and time;
  • short to medium-term investment with the potential of high capital gains on divestment (rather than long-term investment involving regular income streams).

Locating and understanding the venture capital industry has been a complex exercise of balancing the requirements multiple definitions and managing the exceptions. In Australia there are some 1.2 million companies registered with the Australian Securities and Investments Commission and a further 6,000 to 8,000 are registered each month. There were 1453 companies listed on the stock exchange at 31 March 2001, 18 of which had been listed since January 2001. Only some of the companies would be eligible for assistance as a venture capital enterprise under Government schemes.

One broad definition of venture capital is ‘...an equity investment in a private company.’ It goes on further to say ‘A venture capital investment can have a higher level of risk for the investor than other forms of investment because it is in a private company, and may have little or no security and limited liquidity. ( Bivell, Victor (ed.), Australian Venture Capital Guide 2000, 7th edn, Pollitecon Publications, Five Dock, Sydney, 2000, p. 11)

Usually this very broad concept of venture capital investment is narrowed by the venture capital industry:
  • investment not only of money but also of skills and time;
  • usually investment in an innovative business in its early stages;
  • short to medium-term investment with the potential of high capital gains on divestment (rather than long-term investment involving regular income streams).

One of the important aspects of venture capital investment is the commitment of the investor to the investee company. The investors assist the investee to be as successful as it can be. The investor usually has a place on the board and may be involved in choosing other board members as well as investing money. This separates venture capital investment from the investment made by companies or individuals (for example relations and friends of business principals, and so-called ‘business angels’) in a private company without this support structure. Although most venture capital vehicles included in the survey invest with the intention of realising gains on the sale of its investments, the survey did include some long term investors who operate using essentially a venture capital model to manage the investment.

SURVEY DETAILS

The population of investment managers included in the survey was constructed from lists of participants in government programs (Pooled Development Fund, Innovation Investment Fund), membership of the Australian Venture Capital Association Ltd (AVCAL), the Australian Venture Capital Guide, business directories and venture capital journals. The investment managers reported on behalf of the venture capital investment vehicles they controlled.


TABLE 14. SURVEY RESPONSE

INDUSTRY ASSOCIATION
OTHER
TOTAL
Investment managers
Investment
vehicles
Investment managers
Investment
vehicles
Investment managers
Investment vehicles
Response type
no.
no.
no.
no.
no.
no.

Out of scope
56
-
29
-
85
-
Nil
7
-
15
-
22
-
Operating in year
43
62
56
65
99
127
Total
106
62
100
65
206
127


Of the 85 out of scope respondents:
  • 16 had ceased involvement in venture capital or had been merged with another respondent;
  • 56 were providers of services such as education, insurance, legal, accounting or executive recruitment. These respondents did not invest in venture capital projects directly; and
  • 13 were introductory agencies who undertake selection and due diligence for venture capitalists and business angels, but do not themselves manage the venture capital investment.

The nil respondents included venture capital managers who had not formed a venture capital trust or a company but who intended to do so and raise funds in the near future.


LIST OF TABLES AND GRAPHS

The Graphs and Tables below are also available for viewing on an Excel spreadsheetVC Graphs 1 to 13 and Tables 10 to 12.XLS

Table 1 Source of Funds of Investment Vehicles
Table 2 Program Participation by Investment Vehicles
Table 3 Balance Sheet of Venture Capital Investment Vehicles
Graph 1 Value of Assets held by Invesment Vehicles
Graph 2 Valuation method used by Venture Capital Fund Managers
Table 4 Selected Income and Expenditure of Venture Capital Investment Vehicles
Table 5 Investment by Venture Capital Investment Vehicle in Investee Companies
Table 6 Investment Vehicles, by type of legal organisation
Graph 3 Number of Investments Managed by Venture Capital Fund Managers
Graph 4A Value of Investments during 1999-2000 by stage
Graph 4B Number of Investments during 1999-2000 by stage
Graph 5A Value of Investments during 1999-2000 by activity
Graph 5B Number of Investments during 1999-2000 by activity
Graph 6 Value of Initial and Current stage of investments
Graph 7 Number of Initial stage and current stage investments
Table 7 Location of Investment
Table 8 Investee companies by industry
Graph 8 Value of Investments by industry by location
Table 9 Investment by Activity
Graph 9 Value of Investments by activity in each location
Graph 10 Period of Invesment in the Investee company (number)
Graph 11 Period of Investment in the Investee company (value)
Graph 12 Percentage of Investee company owned by venture capital vehicle
Graph 13 Current value of investment by venture capital investment vehicle in investee company
Table 10 Weighted average for internal rate of return (by stage)
Table 11 Weighted average of days spent per month by investment manager by activity of investee company
Table 12 Number of investee companies by number of days spent by investment manager
Table 13 Weighted average of number of investee companies by number of days spent by investment manager
Table 14 Survey response

FURTHER INFORMATION

For further information about this release, please contact either Janice Campbell on 02 6252 7803 or Tom Coogan on 02 6252 6976, or fax 02 6252 5380, or email janice.campbell@abs.gov.au or tom.coogan@abs.gov.au.

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