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The mega deal drought that lasted more than half-a-year was finally broken by the third quarter of 2002. The last private equity transaction that exceeded $100 million took place back in March when US-based Farallon Capital invested $520 million into Indonesia's Bank of Central Asia. By the two months ending mid-September, however, three transactions were, or were in the process of being, completed. Their combined transaction total would command an amount in the vicinity of $620 million (figure 1). All three transactions were undertaken by the Asian arms of global private equity houses. At a time when the Asian private equity industry is facing its most extensive consolidation to-date, the active participation of these non-indigenous Asian firms is not only a pledge of faith in the regional market, but also an affirmation of their central position in driving forward private equity outside of Japan.

After graduating in Economics and Law from the University of Sydney in 1977, Andrew worked in resource and industrial project development, and focused on identifying opportunities for adding value in the Australian resource sector.

The US venture capital industry in 2002 By John Taylor of the National Venture Capital Association (NVCA)

Protecting the private equity investment without killing the golden goose By Stephen M Davis and Kenneth Drake, Heller Ehrman White & McAuliffe LLP

John Taylor is vice president of research at the National Venture Capital Association (NVCA), which is based in the Washington, DC area. Mr Taylor joined the NVCA in 1996. He is responsible for developing and overseeing association data and research efforts. The key element in this effort is the creation of a research consortium that was announced in 1998 involving the NVCA, Venture Economics and the Ewing Marion Kauffman Foundation. This team was created to ensure accurate, impartial, durable and practical data on the venture capital and private equity industries.

Walking from the deal: terminating a transaction because of a material adverse change By Michael King of Weil, Gotshal & Manges LLP*

By John Mackie of the British Venture Capital Association

By Fredrik von Baumgarten and Sara Bohman of Advokatfirman Vinge KB

By Thomas Williams

Heavily-indebted European companies could find themselves unable to tap international equity markets for extra funds as the result of a US-style corporate action brought against a UK company. The case was awaiting a ruling as IFLR went to press.