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State aid


State aid

The two most relevant state aid frameworks are the General Block Exemption Regulation (GBER) and the Risk Finance Guidelines. The GBER exempts risk finance measures of up to 15 million per SME from prior scrutiny by the European Commission. Meanwhile, the Risk Finance Guidelines, aimed at SMEs and mid-caps with high growth potential, establish state aid conditions for amounts above 15 million.

These frameworks - along with the Temporary State Aid Exemption framework, have been particularly relevant to determine whether or not private equity backed firms could access public support during the Covid-19 pandemic. 

Revised Risk Finance Guidelines have been published on 6 December 2021 - the main change of relevance from a venture capital perspective is the increased flexibility for businesses of a certain age to remain eligible to risk finance aid. The GBER should be revised by mid-2022.  

How does it affect private equity?

Around 85% of the companies in which private equity invests are small and medium-sized enterprises ("SMEs"). Private equity cares deeply about creating the right environment for European companies to flourish. Creating a competitive and investment-friendly ecosystem, including a robust state aid framework is an important cornerstone in this regard.

State aid library

Positions & consultation responses

Response to EC Consultation on General Block Exemption Rule

09 Dec 2021
Download PDF 581.14 KB
Positions & consultation responses

Response to EC Consultation on Risk Finance Guidelines

15 Jul 2021
Download PDF 386.4 KB
Positions & consultation responses

Response to EC Consultation on Risk Finance Guidelines

11 Jan 2021
Download PDF 298.06 KB
Positions & consultation responses

Letter to the European Commission on UIDs definition in a state aid context

28 Apr 2020
Download PDF 144.25 KB

PAE-Invest Europe response to the European Commission consultation on State Aid rules

16 Jul 2019
Download PDF 532.01 KB
Positions & consultation responses

Response to Capital Markets Union Mid-Term Consultation

17 Mar 2017
Download PDF 446.9 KB
Positions & consultation responses

Response to European Commission Call for Evidence on EU Regulatory Framework for Financial Services

31 Jan 2016
Download PDF 474.66 KB
Positions & consultation responses

EVCA-PAE Response to Green Paper on Capital Markets Union

13 May 2015
Download PDF 1.11 MB
Positions & consultation responses

EC Green Paper on Capital Markets Union

18 Feb 2015
Download PDF 235.29 KB
Positions & consultation responses

Response to draft GBER consultation

12 Feb 2014
Download PDF 285.09 KB
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Conor Quinn

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Christophe Verboomen

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