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SUMMARY OF FINDINGS
The value of funds committed to VC&LSPE investment vehicles decreased during 2008-09. As at 30 June 2009, investors had $17.4b committed to investment vehicles, a decrease of 1% on the revised $17.6b committed as at 30 June 2008. Most of the committed funds were sourced domestically, with 91% of commitments from Australian investors (up slightly on June 2008). The value of funds committed by non residents decreased $351m (19%), while the total value of funds committed remained flat.
Resident pension funds continued to increase their contribution to total commitments, with $9.8b of committed capital (56% of total funds committed). All investors had $11.7b of committed funds drawn down at 30 June 2009, an increase of 7% on the previous year end ($10.9b at June 2008).
As at 30 June 2009, $5.7b of committed funds were yet to be called on, down 15% on the revised $6.7b of unused (undrawn) commitments as at June 2008. The $5.7b of undrawn commitments can be classified by preferred stage of investment, with only $0.8b undrawn by funds which prefer to invest at the early stage.
The value of investments by VC&LSPE investment vehicles ($7.8b in 1,089 investee companies) decreased 6% on the $8.3b reported at the end of June 2008. Investments in these 1,089 investee companies were reported by 275 vehicles.
During 2008-09, the net value of all exits through trade sales, Initial Public Offerings (IPOs) and buybacks amounted to $682m.
VC&LSPE managers only selected 2% of the potential investments they reviewed. The 180 VC&LSPE managers reviewed 5, 670 potential new investments during 2008-09 and conducted further analysis on 469 of those, with 126 being sponsored for VC&LSPE.
The following diagram summarises key findings for VC&LSPE at June 2009.
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