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SUMMARY OF FINDINGS
The value of funds committed to VC&LSPE investment vehicles increased during 2011-12. As at 30 June 2012, investors had $17,212m committed to investment vehicles, a rise of 10% on the $15,631m committed as at 30 June 2011. Most of the committed funds were sourced domestically, with 87% of commitments from Australian investors (residents) down from 91% as at 30 June 2011. The value of funds committed by non-residents rose $805m (56%). Resident pension funds contributed $9,330m to total committed capital (54% of total funds committed).
All investors had $12,407m of committed funds drawn down as at 30 June 2012, which was an increase on the $12,088m (2.6%) of committed funds drawn down as at 30 June 2011.
As at 30 June 2012, $4,805m of committed funds were yet to be called on, up 36% on the undrawn commitments as at 30 June 2011. The $4,805m of undrawn commitments can be classified by preferred stage of investment, with only $541m undrawn by funds which prefer to invest at the earlier stage.
The value of investments by VC&LSPE investment vehicles ($7,066m in 792 investee companies) fell 19% on the $8,700m reported as at 30 June 2011. Investments in these 792 investee companies were reported by 239 vehicles.
The value of investments as at 30 June 2012 represented 0.48% of GDP, down from 0.62% of GDP at 30 June 2011. Both proportions of Venture Capital investments (0.12% of GDP) and Later Stage Private Equity investments (0.36% of GDP) fell as a proportion of GDP in 2011-12.
During 2011-12, the net value of all exits through trade sales, Initial Public Offers (IPOs) and buybacks amounted to $1,696m, up 19% on 2010-11.
The 117 VC&LSPE managers reviewed 4,489 potential new investments during 2011-12 and conducted further analysis on 445 of those, with 94 (2.1% of total reviewed) being sponsored for VC&LSPE.
The following diagram summarises key findings for VC&LSPE as at 30 June 2012.
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