AVCAL defends private equity amid inquiry
The Australian Private Equity and Venture Capital Association Limited (AVCAL) has defended the role of private equity in the economy, following the decision to launch an inquiry into the collapse of listed retailers in the Federal Parliament.
The national association, which represents the private equity and venture capital industries, said it would actively participate in the Senate Committee's inquiry into the role of private equity firms within corporate takeovers, and emphasised the importance of private equity to the superannuation system.
AVCAL chief executive, Yasser El-Ansary, said there was an information gap around the role of private equity in the economy, adding the inquiry was an opportunity for them to explain their role.
"AVCAL will be putting forward a compelling base of evidence supporting the significant value our industry delivers to the economy, as well as the millions of Australian superannuation fund members across the community who benefit from a strong and well-functioning private equity industry," El-Ansary said.
AVCAL referred to a 2007 Senate Inquiry into private equity investment, which said, "the committee believes it is important to continue to attract foreign investment into Australia and does not accept the narrowly held view that some sectors of the national economy should be protected from private equity activity".
Recommended for you
Platinum Asset Management has put its two closed-end funds under strategic review in a bid to reduce the share price discount to pre-tax NTA and maximise shareholder value.
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
