Australian Bureau of Statistics
5678.0 - Venture Capital and Later Stage Private Equity, Australia, 2012-13 Quality Declaration
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 13/02/2014
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ANALYSIS OF RESULTS
DRAWDOWN FROM INVESTORS BY INVESTOR TYPE, Percentage of total investment in VC&LSPE vehicles, 2012-13
VC&LSPE MANAGERS AND INVESTMENT VEHICLES
There were 122 active VC&LSPE managers who were managing 231 VC&LSPE investment vehicles. Of the 122 active VC&LSPE managers, 45% reported that they prefer to invest in Venture Capital investments only, 21% prefer Later Stage Private Equity investments only and 34% prefer to invest in both VC and LSPE investments (refer to paragraph 12 of the Explanatory Notes regarding the stages of investment). The following table shows the breakdown of managers and vehicles by preferred category of investment.
The stage of investment preferred by VC&LSPE fund managers was dependant on the value of the fund assets. VC&LSPE fund managers with less than $10m in total assets mostly focused on VC investments only (63%), while VC&LSPE managers with more than $25m in total assets preferred to focus on LSPE investments (36%). VC&LSPE managers received income in the form of management fees ($250m).
VC&LSPE investment vehicles had net assets of $9,334m as at 30 June 2013, a rise of $255m from 30 June 2012. Most VC&LSPE investment vehicles (52%) were trusts.
As at 30 June 2013, 96 of the 231 VC&LSPE investment vehicles were participating in a government program, an increase of seven investment vehicles from 2011-12.
Most return on investment to investees is through exits from investments. The value of exits through trade sales, Initial Public Offers (IPOs) and buybacks was $1,249 in 2012-13.
VC&LSPE investment vehicles used various valuation methods in 2012-13 (refer to paragraphs 14 to 18 of the Explanatory Notes regarding valuation basis). Directors’ valuation was the most frequently used method (141 VC&LSPE investment vehicles), followed by cost value/book valuation (62 investment vehicles), and independent valuation methods (28 investment vehicles).
When interpreting these data please see the cautionary note in paragraphs 22 and 23 of the Explanatory Notes.
At the beginning of the 2012-13 financial year there was $7,652m invested in 804 VC&LSPE investee companies. During the 2012-13 financial year a further $919m was invested in new VC&LSPE investee companies, and an additional $203m of follow-on investment was made to existing VC&LSPE investee companies. Following revaluations and exits of investee companies during the year, the 720 VC&LSPE investee companies were valued at $8,189m at the end of the 2012-13 financial year.
Investee companies in the late expansion stage accounted for $3,475m or 42% of the total value of investments at the end of the 2012-13 financial year.
VALUE OF INVESTMENT, By investee stage (a)
(a) Refer to Glossary for investee company definitions
In 2012-13, the majority of investment was in VC&LSPE investee companies with head offices in New South Wales and Victoria (42% and 21% respectively), while offshore investee companies accounted for 16% of total investment.
Due to the ANZSIC06 classification being used for the first time (refer to paragraph 19 of the Explanatory Notes for further details), a break in series was applied for all output classified by industry. Furthermore industry groupings were reviewed to maximise the amount of data released. Although the groupings may look similar to previous issues, the data is not comparable.
In 2012-13 the combined Trade and accommodation industries had the highest value of VC&LSPE investment with $1,376m followed by the combined Finance, administrative and support services industries, and the Manufacturing industry, with $1,360m and $1,064m respectively.
PERCENTAGE VALUE OF INVESTMENT, by Industry of investee (a), 2012-13
(a) Based on combined Australia and New Zealand Standard Industrial Classification 2006. Refer to paragraph 19 and 20 of the Explanatory Notes.
When analysed by activity, as defined by the Standard and Poors Global Industry Classification Standard (refer to paragraph 21 of the Explanatory Notes), the Retail, services and real estate group of activities attracted the largest share of investment, with $3,138m or 38% of total investment as at 30 June 2013. The Manufacturing and transport group of activities, with $2,428m, also maintained a large share of the total investments (30%).
PERCENTAGE VALUE OF INVESTMENT, By activity of investee (a)
(a) Based on Standard and Poors Global Industry Classification. Refer to paragraph 21 of the Explanatory Notes.
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This page last updated 12 February 2014