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SUMMARY OF FINDINGS
The value in funds committed to VC&LSPE investment vehicles increased during 2007-08. As at 30 June 2008, investors had $17.1b committed to investment vehicles, an increase of 13% on the revised $15.1b committed as at 30 June 2007. Most of the committed funds were sourced domestically, with 89% of commitments from Australian investors (down slightly on June 2007). Resident pension funds continue to increase their contribution to total commitment, with $9.4b of committed capital (55% of total funds committed). Investors had $10.6b of committed funds drawn down at 30 June 2008, an increase of 16% on the previous year end (a revised $9.2b at June 2007).
As at 30 June 2008, there was $6.5b of committed funds yet to be called on, up 9% on the revised $6.0b of unused (undrawn) commitments as at June 2007. The $6.5b of undrawn commitments can be classified by preferred stage of investment, with only $1.2b undrawn by funds which prefer to invest at the early stage.
The value of investments by VC&LSPE investment vehicles ($7.9b in 1,135 investee companies) increased by 14% on the revised $6.9b reported at the end of June 2007. Investments in these 1,135 investee companies were reported by 286 vehicles.
During 2007-08, the net value of all exits through trade sales, IPOs and buybacks amounted to $843m.
The selection of investee companies (into which capital is invested) was an intensive process for the VC&LSPE managers. The total of 183 venture capital managers reviewed 8,497 potential new investments during 2007-08 and conducted further analysis on 963 of those, with 250 being sponsored for VC&LSPE.
The following diagram summarises key findings for VC&LSPE at June 2008.
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