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In this response we have expressed our concerns that ESMA has not taken proper account of the differences between the overwhelmingly institutional AIF industry and the retail fund industry, with respect to their respective distribution models. Concretely, ESMA has made some assumptions about the application of MiFID rules in the institutional marketplace which are not necessarily correct. This is particularly relevant in the context of: (i) the categorisation of AIF marketing as a MiFID investment service or activity; and (ii) the disclosure of information on past and expected future performance.

Ahead of the fast approaching application date (10 March 2021), Invest Europe has been in contact with the European Commission to express its concerns about some of the grey areas around SFDR, including the scope of Article 8 and the public disclosures pursuant to Article 10 by private funds.

Becker Friedman institute: PE-owned nursing homes have a lower quality of care than those owned by other types of investors.

"We use competing risks methods to investigate the causal link between venture capital (VC) investments supported by the EIF and the exit prospects and patenting activity of young and innovative firms."

In this consultation response, Invest Europe reiterates that there is no need for a re-opening of the AIFMD because of a variety of factors. In addition, any changes to the AIFMD regime would lead to additional costs and (administrative) burden for the industry as members will need to re-adapt and get to grips with new requirements. If necessary, improvements to the AIFMD regime can be sought via Level 2 or 3 measures, or in the context of other legislative reviews.

Brand new analysis of Venture and Buyout statistics, looking at the transaction value of Venture-backed and Buyout investments.

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.

This document provides the conversion table from Invest Europe sectoral classification to NACE codes.

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.

2021 has been a pivotal year for European Deep Tech

"This issue focuses on the following topics: Does private equity genuinely outperform public equity?; Is the public company an out-of-date model in the 21st century?; Why some LPs seem to consistently outperform their peers; Are male investors neglecting female entrepreneurs at their own cost?

Now in its sixth edition, the Private Equity Fund Terms Research provides both LPs and GPs with an enhanced understanding of the current strengths and weaknesses of the fundamental economics, alignment and governance terms impacting private equity fund commitments. It relates to buyout funds, venture funds and growth funds.

Research from Swedish Private Equity & Venture Capital Association about the economic footprint of Swedish private equity.

A forward-looking Market Sentiment Survey capturing the views of more than 350 GPs and LPs on the future of the private equity industry in the context of the COVID-19 pandemic.