The European Long Term Investment Funds (ELTIF) framework, if not currently successful, has the potential to become a relevant tool in the future if it appropriately takes into consideration the needs of private equity managers. In this response we detail which changes would increase the take-up of this voluntary retail passport: broadened eligible assets, opening to fund-of-funds and requirements that are more tailored to the specificities of long-term, closed-ended funds.
Over the years EU Risk Finance Guidelines allowed many start-ups and scale-ups to benefit from state aid support. While we note that the current regime is broadly appropriate, we suggest in this response a few changes that could be introduced to the Guidelines to make it easier for innovative companies to be eligible when owned by private equity.
In this short response we express our concerns with several of the changes suggested by EIOPA to the criteria defining the ability of insurers to set up long-term equity portfolios (Art 171a of Delegated Regulation). These portfolios are subject to more appropriate capital charges for investments such as those made in private equity and venture capital funds.
Invest Europe contributed to AFME's report tracking the recent progress of the Capital Markets Union (CMU) project through seven Key Performance Indicators (KPIs).
Solvency II risk weights have a major influence on the insurers’ ability to support, among others, start-ups through venture capital funds, scale-ups through growth capital funds or large-scale infrastructure projects through infrastructure funds. In this response, we argue that, for the benefit of both insurers and of the companies they can indirectly invest into, criteria of the new long-term equity category must be further tailored to ensure insurers in all EU countries are able to make use of it.
In this consultation response, Invest Europe has mainly focused on the lack of tailoring in the disclosure templates to specific asset classes, such as PE/VC, and the need to avoid a one-size-fits-all approach. We have also used this opportunity to reiterate our concerns around the scope of the Article 8 SFDR perimeter.
A Q&A document addressing the potential implications of the UK leaving the EU for private equity firms, their investors and their portfolio companies.
This presentation (and its appendix) describes the features of and conditions for access to the European Guarantee Fund set up by the European Investment Fund. Please note that this presentation is not legally binding and is for guidance only.
In this response we detail to the European Commission increasing concerns Invest Europe members have regarding the loss of protections when investing across border due to the suppression of the BIT system.
This response calls the EBA to introduce targeted changes to some of its technical measures to implement the prudential and remuneration rules that apply to MiFID investment firms (and which could create a precedent in an AIFMD context). Areas on which this response focuses include double-counting of assets when determining the firm’s capital requirements, the staff that is deemed to have a material impact on the firm’s risk profile and alternative arrangements that may be used to pay variable remuneration.
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