Eric de Montgolfier on the future of private equity

To celebrate the 25th anniversary of Real Deals magazine, Eric de Montgolfier, CEO of Invest Europe, reflects on three decades of evolution in the private equity industry. From humble beginnings to its current position as a vital driver of Europe’s digital, green, and defence transitions, the sector has undergone a profound transformation.

Drawing on his experience at Astorg, Edmond de Rothschild, GIMV, and now at the helm of Invest Europe, de Montgolfier highlights how the industry has matured into a diverse and sophisticated ecosystem. "If you're an entrepreneur today, you have the ability to deal with any kind of fund, irrespective of where you are in your growth journey," he says.

Beyond deal-making, operational complexity has grown, especially following the introduction of the EU’s Alternative Investment Fund Managers Directive (AIFMD) in 2012. The inclusion of private equity in this sweeping regulation was a “sea change,” reshaping compliance demands and operational models across the industry. It also underscored the urgent need for proportionate, sector-specific policymaking.

Looking ahead, de Montgolfier sees an extraordinary opportunity and responsibility for the industry as Europe focuses on decarbonisation, digitalisation, and defence. The scale of transformation required far exceeds what public funding can achieve alone, creating space for private capital to play a leading role. "We need to make sure that our industry is fit for purpose and able to support these goals at a European level," he says. But success will also depend on enabling policies that unlock private capital for long-term impact.

"Our challenge will be to allocate this capital wisely and ensure these goals are met over the next 20 to 25 years," de Montgolfier concludes.

Watch the full interview here.

Our heartfelt thanks for Real Deals for the invitation and congratulations on 25 years of insightful reporting.