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ANALYSIS OF RESULTS
DRAWDOWN FROM INVESTORS BY INVESTOR TYPE, percentage of total investment in VC&LSPE vehicles-2013-14
VC&LSPE MANAGERS AND INVESTMENT VEHICLES
There were 125 active VC&LSPE managers who were managing 221 VC&LSPE investment vehicles. Of the 125 active VC&LSPE managers, 49% reported that they prefer to invest in VC investments only, 30% prefer LSPE investments only and 22% prefer to invest in both VC and LSPE investments (refer to paragraph 13 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 dependent on the value of the fund's assets. VC&LSPE fund managers with less than $10m in total assets mostly focused on VC investments only (65%), while VC&LSPE managers with more than $25m in total assets preferred to focus on LSPE investments (45%). VC&LSPE managers received income in the form of management fees ($211m).
VC&LSPE investment vehicles had net assets of $9,966m as at 30 June 2014, a rise of $31m from 30 June 2013. The majority (50%) of the 221 VC&LSPE vehicles were trusts.
As at 30 June 2014, 98 of the 221 VC&LSPE vehicles were participating in a government program, an increase of two investment vehicles from 2012-13.
The majority of returns on investment to investors is through exits from investments. The value of exits through trade sales was $806m in 2013-14.
VC&LSPE vehicles used three valuation methods in 2013-14 (refer to paragraph 15 of the Explanatory Notes regarding valuation basis). Directors’ valuation (145 vehicles) was the most frequently used method, followed by cost value/book valuation (49 vehicles), and independent valuation methods (27 vehicles).
At the beginning of the 2013-14 financial year there 720 active VC&LSPE investee companies valued at $8,348m. During the 2013-14 financial year $933m was invested in new VC&LSPE investee companies, and an additional $255m of follow-on investment was made to existing VC&LSPE investee companies. Following revaluations and exits of investee companies during the year, there were 652 continuing VC&LSPE investee companies valued at $7,907m at the end of the 2013-14 financial year.
Investee companies in the late expansion stage accounted for $3,271m or 41% of the total value of investments at the end of the 2013-14 financial year.
The majority of the total value of investments was in VC&LSPE investee companies with head offices in New South Wales and Victoria (38% and 20% respectively), while offshore investee companies accounted for 17% of total investment in 2013-14.
In 2013-14, the combined Trade and accommodation industries had the highest proportion of VC&LSPE investment (20%), followed by the Health care and social assistance industry (15%).
When analysed by activity, as defined by the Standard and Poors Global Industry Classification Standard, the Retail, services and real estate group of activities attracted the largest share of investment, with $3,011m or 38% of total investment as at 30 June 2014. This was followed by the Manufacturing and transport group of activities, with $2,121m or 27%.
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