About private equity
How private equity invests in privately-owned businesses, supports jobs and creates prosperity.
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Novago
Building a Polish waste management leader
12 Nov 2019
Mykogen
Building Central and Eastern Europe’s leading substrate producer
12 Nov 2019
DPA Microphones
Amplifying one of Europe’s most innovative audio-visual businesses
02 Jul 2019About us
We represent Europe’s private equity, venture capital and infrastructure industry.
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Industry standards
Invest Europe is the guardian of the industry’s professional standards.
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Policy
Working with policymakers to develop legislation that helps drive growth and prosperity.
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Research
The authoritative data source on European private equity activity.
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Events & training
A comprehensive suite of conferences, networking events and training courses.
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News & opinion
Up-to-the-minute policy and industry news, insights and opinions.
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Members
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- Operate to the highest level of professional standards
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SME definition
The European Commission Recommendation 2003/361 sets out the main factors for determining whether a company is an small and medium-sized enterprise (SME). These include the total number of employees and either turnover or the size of the balance sheet. In June 2017, the European Commission announced it was considering reviewing the 2003 definition, although no proposal has so far been introduced.
How does it affect private equity?
Under the current EU SME definition, only companies that do not receive a majority or controlling investment from a venture capital firm are able qualify for SME status. For a private equity-backed portfolio company, SME status is important as it allows the firm to be eligible for government support programmes or state aid. Moreover, the regulator is typically trying to make it easier for SMEs to operate by either providing them with regulatory exemptions or by placing fewer requirements on the investors that back them. For example, the AIFMD provides an exemption for SMEs from certain disclosure and asset stripping requirements.
SME definition library
Positions & consultation responses
Response to Commission Consultation on the review of the SME definition
06 Jul 2017Positions & consultation responses
Response to Capital Markets Union Mid-Term Consultation
17 Mar 2017Positions & consultation responses
Response to European Commission Call for Evidence on EU Regulatory Framework for Financial Services
31 Jan 2016Positions & consultation responses
EVCA-PAE Response to Green Paper on Capital Markets Union
13 May 2015Positions & consultation responses
EC Green Paper on Capital Markets Union
18 Feb 2015Find out more
Public Affairs Overview (Spring 2019)
Invest Europe
A detailed briefing for Invest Europe members on regulation affecting the private equity industry.
Next policy call
Member only
The monthly members’ policy call explores the latest EU policy developments and are a chance for members to discuss them directly with the Public Affairs team.
Meet the team
Public Affairs
Erika Blanckaert
Public Affairs
Senior Public Affairs Manager
Simon Tosserams
Public Affairs
Senior Public Affairs Officer
Christophe Verboomen
Public Affairs
Senior Public Affairs Officer