Slide 1: AVCA Annual General Meeting th 6 November 2006
Dakar, Senegal
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Slide 2: AGENDA
1. Attendance and apologies 2. AVCA Operations: Report on 2005/6 and priorities for 2007 3. Resolutions – Board Elections, Budget 4. General
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Slide 3: AVCA BOARD/EXCO, SECRETARIAT
1.Barbara James, AVCA, UK (Managing Director) 2.Davinder Sikand, Aureos Capital, Kenya 3.Tshepidi Moremong, Aureos Capital, South Africa (Training) 4.Rotimi Oyekanmi, African Capital Alliance, Nigeria (Advocacy) 5.Tokunbo Ishmael (Avante)
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Slide 4: AVCA Purpose
• The Association is a non-profit entity. Its purpose is to promote, develop and stimulate the private equity industry in Africa thus providing equity finance to companies with sound development potentials. The Association will promote the establishment of high ethical standards of business conduct and professional competence in the venture capital industry. The Association shall stimulate the promotion, research and analysis of venture capital in Africa and in other countries or territories, indicated in the list decided by the Board of Directors, and facilitate contact with policy-makers, with research institutions, universities, trade associations and other relevant institutions. The Association shall also encourage the creation, development and use of equity markets appropriate to the needs of venture capital investors and investees. The Association shall collect, circulate information with regard to its sector of activities, promote training and best practices among the members
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Slide 5: Evolution of AVCA
2003-4 Get the basics in place: constitution, membership, etc Expand the focus in line with AVCA’s purpose. Tackle a few key initiatives Fully functional association offering key, ongoing services to its members. Leverage brand awareness and advocacy role Manage the transition to a new AVCA MD, whilst strengthening administrative processes, building on core offerings (conference, training, survey, directory, newsletter and website), and reviewing areas to selectively expand offerings
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2004-5 2005-6
2007
Slide 6: 1. Association 2006-7 Priorities
• Manage transition process to new MD - Search initiated – AfricSearch assisting. • Strengthen administration and financial process - New MD to play a key role; financial consultant engaged; new Treasurer to oversee • Build on the momentum developed in the core offerings and expand selectively the offerings in 2007 (See next few pages) • Develop path to financial self-sufficiency in next 1-2 years
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Slide 7: 2.1 Membership
• Progress in 2005/6: Membership now stands at 92 members (56 Full Members and 36 Associate and Individual Members) versus 67 members the previous year (49 Full and 18 Associate and Individual Members). • Plans for 2007: To continue to expand our membership. We aim to exceed 120 members in 2006.
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Slide 8: 2.2 Information resources;
newsletter, website
• Progress in 2005/6: (www.avcanet.com): The new AVCA website was launched in 2004. During the last two years more functionality was added to the website. • Members are able to submit items for the newsletter online, new members are able to join AVCA online. • Members and others have commented favourably on the new website. • We have published a quarterly newsletter since March 2004 and have received many complementary comments on the newsletter. • Plans for 2007: • We plan to further improve the website (www.avcanet.com), for example to make it possible to make online credit card payments for conferences, training events, etc., and continue the quarterly newsletter.
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Slide 9: 2.3 AVCA Annual Conference
• Progress in 2005-6: The AVCA 2006 Conference, 5-7th November is in Dakar, Senegal and we are pleased to have increased the number of participants to in excess of 300. • Plans for 2007: We will continue to have an annual Conference, most likely in Southern Africa. We plan to hold the 7th Annual AVCA Conference in late 2007 or early 2008.
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Slide 10: 2.4 Training
•Progress in 2005/6: The first AVCA Foundation Training Programme was held in Tunisia in October 2005. The programme was led by professors from the London Business School, and participants indicated that they found the case-study methodology of teaching to be very effective. The second AVCA Foundation Training Programme is scheduled to be held in Lagos, Nigeria in early December 2006 with nearly 40 delegates already registered, a considerable increase from the approximately 15 that attended the first course. A new case, developed around an African private equity investment, has been developed and will be used for the first time at this course. •Plans for 2007: We plan like to run the training programme again in 2007 and to continue to attract up to 40 participants. We aim to maintain a case-study methodology and increase the number of African-based case studies. We are considering a training programme for LPs.
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Slide 11: 2.5 Publications and Research
•Progress in 2005-6: We are very pleased to be launching the AVCA 2006 Investment Activity Report which is based on a survey conducted in the first half of 2005 and additional research work, done with partners Thomson Venture Economics and PriceWaterhouseCoopers. An increased number of fund managers responded to the 2006 survey versus the previous year. In addition the AVCA 2006 Directory of Members is being published for the 3rd year. •Plans for 2007: We encourage all fund managers to participate in the survey to be done in 2007, so that we can further improve the coverage and value of the Investment Activity Report. We will also see how we can improve co-ordination on this with other organisations such as the Southern Africa Venture Capital Association (SAVCA). We will continue to produce on an annual basis the Directory of Members. We expect to progress the Development Impact Study.
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Slide 12: 2.6 Other Initiatives
• Progress in 2005/6: We decided in 2006 to put our focus into the areas already covered and to keep on the back-burner and to limit our focus on other initiatives, including Entrepreneurship Project, Regulatory Review Project, Advocacy, Corporate Communications, Relationship Building. Plans for 2007: We plan to evaluate the capacity to handle a select number of new initiatives in 2007, given that this next year will be an important transition year for the Association with a new MD to be hired and to take office. The expression of interest form from the Conference will help in determining what is tackled.
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Slide 13: Resolutions
1. 2. 3. 4. Approval of 2005 Financial Accounts Ratification of 2006 Budget Approval of 2007 Budget Election of the Board of Directors
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Slide 14: Thanks for your participation today. We wish you all success at AVCA Dakar 2006.
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