Publications
& Policy

In this paper, prepared in response to a European Commission public consultation, we set out our views on the new European Climate Resilience Framework.

Investors’ perspective on getting it right.

This paper sets out Invest Europe's overall assessment of the European Commission’s SFDR 2.0 proposal, highlighting both its key strengths and the remaining challenges, particularly from a PE/VC perspective. It also provides targeted recommendations aimed at addressing these concerns and enhancing the effectiveness of the revised framework, ensuring it remains proportionate and adaptable to the diversity of asset classes, business models, and investors within its scope.

The Institutions for Occupational Retirement Provision (IORP) Directive review offers an opportunity: decoupling the concept of prudence to investments in specific types of assets or sectors - notably listed or daily-traded instruments.

Prudence should be seen holistically. IORP – and the national legislation implementing it in practice - should designed to invite pension funds to construct well-diversified portfolios which meet their long-term liabilities, not portfolios that are mostly made up of low value, short-term assets.

Invest Europe welcomes the opportunity to contribute to the evaluation and recast of the DAC6 and the potential integration of the Unshell Directive (ATAD3) into a simplified framework. While recognising that DAC plays an important role in enhancing tax transparency and combating aggressive cross-border tax planning, Invest Europe highlights that the current application of DAC6 across Member States is fragmented and imposes disproportionate administrative burdens on intermediaries and investors.

Invest Europe has responded to the public consultation on a possible recast of DAC 1–9, calling for a more harmonised, proportionate and legally certain application of DAC6. The reply highlights the need for clearer EU-level guidance, streamlined reporting obligations, and greater transparency in the use of reported data to reduce unnecessary compliance burdens while preserving effective tax transparency.

The joint report offers a comprehensive analysis of Europe’s venture capital (VC) landscape, with special focuses on cross-border dynamics in start-up funding, as well as the impact of education and gender on funding and start-up development.

As private markets continue to evolve at pace, the need for precise and consistent valuation has never been greater. Strong valuation standards help ensure fairness, improve comparability, and reinforce the resilience of the market, all while enabling ongoing innovation and sustainable growth across the sector.

This webinar was the opportunity to hear about recent developments affecting EU and UK fund management rules, not least the publication of the new European Commission on Market Integration and the EuGrowth initiative. During the call were also discussed recent developments in the UK, as well as potential future developments on financial stability related rules.

From a private capital perspective, Europe’s proposed 28th regime has the potential to reduce legal fragmentation, enhance investability, and better support capital flows across the full growth journey of European companies. A practical, pan-European corporate framework could mobilize Europe’s private capital ecosystem, if it keeps into account the financing needs of the businesses targeted by the regime.

The training course programme contains a list of all on-boarding, foundation and specialised courses offered in 2026.

The Alternative Investment Fund Managers Directive (AIFMD or Directive 2011/61/EU) creates a comprehensive regulatory and supervisory framework for the management and marketing of private equity, venture capital and other alternative investment funds (AIFs) in the European Economic Area. The harmonised European standards for alternative investment fund managers (AIFMs) aim to enhance the transparency of the activities of AIFMs and the funds they manage towards investors and public authorities.

The ELTIF Regulation came into force in 2015 and created a new European product framework for both professional and retail investors looking to invest in long-term assets. To qualify as an ELTIF, a fund must first be an Alternative Investment Fund and then meet certain other conditions. Eligible investments include debt and equity instruments in all unlisted companies, as well as real assets such as infrastructure. 

The Solvency II Directive is the legislation setting out prudential rules for the European insurance industry. It provides a risk measurement framework for defining capital requirements for insurance companies when they invest into private equity and venture capital funds.

The Institutions for Occupational Retirement Provision Directive (IORP II) establishes an EU regulatory framework for the pensions sector. Contrary to Solvency II for insurers and CRD/CRR for banks, the current Directive follows a non-risk based approach to the regulatory requirements for pension funds. However, it clarifies that investments in all alternative asset classes may not exceed 30% of the total assets of the IORP.