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Tuesday, February 9th, 2010

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INC. 500|5000

ACG and INC. magazine are partnering in support of the 2010 INC. 500|5000 list of the nation's fastest-growing companies. The goal of this partnership is to encourage high-growth companies in the ACG community to apply for this prestigious list.

Why Apply?

Private Equity Groups: Inclusion in the INC. 500|5000 provides a PEG visibility to a wide audience by showcasing the success of a portfolio company
Service Providers & Intermediaries: The INC 500|5000 is a great way to showcase the accomplishments of clients
Corporate Members: Being on the INC. 500|5000 delivers increased visibility to the company

The ACG middle-market community is full of high-growth companies and this partnership allows us to showcase their accomplishments.

Apply or encourage a company you believe should be showcased to apply today!

Additional information and application are available online here.

PitchBook Annual Report

PitchBook Annual Private Equity Breakdown 2010

U.S. private equity deal flow for 2009 was down 50% from 2008 and 65% from 2007 to 979 completed deals, a level not seen since 2003. A closer look at deal activity for the year shows it was dominated by lower and middle-market deals, which accounted for over 90% of the deal flow. Total invested capital declined from $205 billion in 2008 to $43 billion in 2009. 75% of the $162 billion difference is due to the drop in deals over $1 billion, a direct result of the credit crisis. However, these larger investments did begin to recover somewhat in the second half of 2009 with four completed investments over $1 billion versus just one in the first half of the year. PE investment seemed to turn a corner in the fourth quarter with deal flow increasing for the first time in a year and total capital invested jumping to its highest quarter total of the year at $15.3 billion. It was also a slow year for exits with only 224 liquidity events, the least since 2002. Leading the decline were exits through sales to strategic acquirers, which were 54% less than in 2008 and 65% less than in 2007. One bright spot in the exit market was the return of IPOs, with 25 completed PE-backed offerings during the year.

Click Here to read more.

Grant Thornton White Paper

The Debt Effect

ACG and Grant Thornton, an ACG Global Growth Sponsor, recently published the third in a series of white papers focusing on timely topics of interest to the ACG community.

The Debt Effect, the white paper explores how the banking crisis is altering the way the private equity industry conducts business, how deal making is surviving without readily available leverage and what dealmakers can expect from lenders in 2010 and beyond. It draws upon interviews with lenders, dealmakers and attorneys, in addition to various data points, including ACG/Thomson Reuters Surveys, Dealogic and Standard & Poor’s Leveraged Commentary & Data (LCD).

Click Here to read more.

Community Commentary

Understanding China's Treaty Benefits

Deciphering who is entitled to treaty benefits on income sourced from China is the first step
By Gary James

Mainland China has recently made major changes to its anti-tax avoidance regime to align with international trends on combating tax avoidance, such as the latest controls on transfer pricing, limitations on benefits under tax treaties, and general anti-avoidance legislation. While these will come as no surprise to anyone who is used to dealing with international corporate structuring, dealmakers should stay alert on those changes that may have an impact on the China investments.

Click Here to read more.

This article originally appeared in the February edition of Mergers and Acquisitions, the Dealmaker's Journal (MAJ). MAJ is the official publication of the ACG and is available to ACG members at no cost. For access to the 80+ pages of coverage and analysis of key deals and influential developments in mergers and acquisitions today, please sign in or join ACG.

Capitol Views and News

ACG members can track key public policy issues through a strategic alliance between ACG and the U.S. Chamber of Commerce. See below for the latest news and or review the

US Chamber Website for new developments on Federal legislation and regulation.

*** SPECIAL BULLETIN ***

Chamber President Tom Donohue Outlines Policies to Spur Job Creation

In his address, Donohue said, "While there has been some improvement in the economy, we must add another word when describing the state of American business today - and that word is 'uncertainty."

Click here to read more.

To learn more about the Chamber and get engaged at a special ACG member rate, go to

http://www.uschamber.com/join/acg

Featured Events

February 10 - ACG Seattle - "Magic Sauce—Vision + Innovation + Execution: The McKinstry Story"

February 17th - ACG LA/SD/OC - ACG Southern California Cup

February 17th - ACG Orlando - Navigating a Tough Economy

February 17-18 - ACG Pittsburgh - 16th Annual Conference on Corporate Growth

February 24 - ACG Chicago - 2010 - ACG Chicago Annual Awards Gala

February 25 - ACG Boston - DealMakers 2010 Outlook Conference

March 4- ACG St. Louis - Wines From Around the World

March 5- ACG St. Louis - Carl L. Hausmann, President & CEO, Bunge North America

March 10-ACG Houston-Texas ACG Capital Connection

March 13 - 15 - ACG Utah and ACG New York Dealmaker Ski and Board Conference

March 17 - ACG NJ - ACG NY/NJ/CT 7th Annual Tri-State Conference

March 17 - 18 - ACG Denver - Rocky Mountain Corporate Growth Conference