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SUMMARY OF FINDINGS
The value of funds committed to VC&LSPE investment vehicles fell during 2009-10. As at 30 June 2010, investors had $17.3b committed to investment vehicles, a fall of 1% on the $17.5b committed as at 30 June 2009. Most of the committed funds were sourced domestically, with 93% of commitments from Australian investors (up from 91% as at 30 June 2009). The value of funds committed by non residents fell $301m (20%) (see Table 1).
Resident pension funds continued to increase their contribution to total commitments, with $10.4b of committed capital (60% of total funds committed). All investors had $12.2b of committed funds drawn down as at 30 June 2010, a rise of 4% on the $11.7b of committed funds drawn down as at 30 June 2009.
As at 30 June 2010, $5.0b of committed funds were yet to be called on, down 13% on the $5.8b of unused (undrawn) commitments as at 30 June 2009. The $5.0b 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 (see Table 4).
The value of investments by VC&LSPE investment vehicles ($8.9b in 973 investee companies) rose 12% on the $7.9b reported as at 30 June 2009 (see Table 2). Investments in these 973 investee companies were reported by 269 vehicles.
During 2009-10, the net value of all exits through trade sales, Initial Public Offerings (IPOs) and buybacks amounted to $686m (see Table 2).
VC&LSPE managers only selected 2% of the potential investments they reviewed. The 158 VC&LSPE managers reviewed 4,297 potential new investments during 2009-10 and conducted further analysis on 626 of those, with 96 being sponsored for VC&LSPE.
The following diagram summarises key findings for VC&LSPE as at 30 June 2010.
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