US Institutional Investor Leaning Journey (28 October to 2 November 2007) – SAVCA, the JSE and the US Department of Commerce International Trade Administration are working together to host 15-20 US Institutional Investors (including: the New York City Employees’ Retirement System and the Texas Teacher Permanent Fund, to mention a few) on a leaning journey to introduce them to investment options in South Africa and to private equity funds and listed mid cap companies. 

If you would like to inquire about been part of this event to promote your fund to these potential investors please contact the SAVCA Office and click here to review the event outline and confirmed participants. 

Update on Black Economic Empowerment (BEE) – As you are aware, SAVCA drafted proposed guidance notes for Section 5 of Code Series 100 of the Codes of Good Practice on Broad-Based Black Economic Empowerment (the Codes).  On 28 June the DTI published their interpretive guide to the Codes which now clarifies the conditions under which a measured entity may treat its private equity investment a black owned. 

Click here to read more and download the DTI’s interpretive guide.

SAVCA’s engagements with National Treasury on tax and regulation – SAVCA has been working with National Treasury on its research into the effect of private equity transactions on future corporate tax payments.  On 4 July SAVCA hosted a session with National Treasury representatives on the flowing aspects of selected SAVCA member transactions:

-                      the funding structure (capital structure) of the transaction (equity, debt, and whether the funding came from abroad)

-                      the type of debt/equity structures used

-                      the role that the PE Fund Manger will/did play in the business (that is: strategic insights into the deal to generate returns, BEE and growth etc and the PE Fund Mangers exist plan and profit (IRR) projections and plans)

The outcomes of this session is a list of additional questions from National Treasury, these questions have been discussed by the SAVCA Board and SAVCA members will be informed prior to our response to National Treasury. 

To obtain more information on this initiative please contact the SAVCA Office.

ABSA Private Bank successfully moves into private equity – ABSA Private Bank has been successful in creating a platform for a select number of high net worth clients to invest in all future private equity deals concluded by ABSA Capital, the Group’s Investment Bank.

The ABSA Private Bank Private Equity Fund 1 was launched in May this year with a target amount of at least R200 million.

Click here to read more

SAVCA Deloittes Private Equity Confidence Survey: The results of this survey were recently released - The overall sentiment in the private equity market regarding the economic climate is positive and the current economic environment is expected to remain unchanged over the next 12 months, Click here to download the survey  

Upcoming events –

Strategy Driven Innovation 16-17 August: Innovation is a series of fragmented processes. To enhance innovation output, stakeholders driving such processes need to understand the systemic nature of innovation and recognise the principal drivers of innovation output. This workshop positions innovation in the context of the business of innovation output - the market for products and services. It explains the systemic nature of innovation and instills an understanding of the route from ideas, to products and services. It covers the essentials of business strategy, market dynamics and elements of supply and demand. It will teach you to see innovation as a system, and help you to define and understand your role in achieving successful commercialisation within this system.  For more information on this event email info@venturesolutions.co.za

Emerging Markets Forum – London November 28-29: Co-hosted by Private Equity International and the Emerging Markets Private Equity Association. Registration is open on the conference Web site.

Dates for your dairy:

SAVCA AGM – morning of 6 September 2007

SAVCA GIBS Advanced Programme in Private Equity – 2 October 2007 at GIBS