Private Equity Investor Reporting Guidelines

Private Capital continues to play an ever more important role in assisting economic growth and developing stronger, more durable businesses and business models across the world. Private Capital continues to grow and influence the global economy, finding ways of deploying capital in changing market conditions and playing crucial roles across several large and important sectors.

Pressure from all stakeholders for greater transparency and understanding has increased. Ensuring that the level of information available is sufficient to be helpful but not so voluminous that it is a hindrance to those stakeholders has become critical. In a world where change is ever present and more rapid, the ability for investors to be able to understand, digest and conclude on information in a sensible time frame is the goal of these Investor Reporting Guidelines.

The Invest Europe Professional Standards Committee (PSC) has drawn heavily from Invest Europe’s unique membership which covers all aspects of the industry across multiple jurisdictions. The group comprises GPs, LPs, Advisers and Portfolio Company experts to ensure that these Guidelines balance the ever-increasing demands for information with the goal of developing sensible and understandable information at all times.

Change is constant and whilst the PSC has sought to include many new emerging issues in reporting there will inevitably be more arising in the coming months and years. However, these Guidelines may be updated in advance of that date for any critical changes in the sector to ensure that the level of information presented to investors remains at an optimal level to facilitate accurate analysis of a manager, a fund, and the investments in that fund.

These 2024 Investor Reporting Guidelines replace all former versions released by Invest Europe. For GPs wishing to claim compliance with these new revised Guidelines, adoption is required at the latest for the quarter/year ending 31 December 2024, allowing a one-year transition period.

Acknowledgements

Invest Europe would like to thank the members of the Invest Europe Professional Standards Committee (“PSC”) for their valuable input during the development of the 2024 Investor Reporting Guidelines.

The PSC reflects the membership of Invest Europe, comprising representatives from an international set of private capital market participants including GPs, LPs and professional advisers.

Chair:

Martin Kõdar, BaltCap

Vice-chair:

Karen Sands, Federated Hermes GPE

Members:

Claus Asbjørn Andersson, Sunstone Life Science Ventures
Karan Darroch, MML Capital
Frédéric Docquier, Sofina
Daniel Gregor, Allianz Capital Partners
Tony Lissaman, 3i Group
Diana Meyel, Cipio Partners
Ryan McNelley, Kroll
Reva Raghavan, Kirkland & Ellis
Timo Strunkmann-Meister, Capital Dynamics
Sabine Vermassen, Capricorn Partners
Spencer Wells, Alter Domus

Disclaimer

The information contained in these Guidelines has been produced by Invest Europe, based on contributions by the Invest Europe Professional Standards Committee. These Guidelines are of a general nature and are not intended to constitute legal or other professional advice and should not be treated as such. Appropriate legal or other relevant advice must be sought before making any decision, taking any action or refraining from taking any action in respect of the matters covered by this report. Neither Invest Europe nor the members of the Invest Europe Professional Standards Committee, or other contributors or their respective firms, accept responsibility for or make any representation, express or implied, or give any warranty with respect to the Investor Reporting Guidelines, and they shall have no responsibility for any decision made, any action taken/not taken which relates to matters covered by the Investor Reporting Guidelines.

The content of these Guidelines is protected by copyright and/or other intellectual property rights and is the property of Invest Europe. Unless expressly provided for in writing, you are not granted any licence on the content of these Guidelines and may thus not copy or disseminate such content, save as authorised by the exceptions contained in applicable mandatory law.