Publications
& Policy

The Private Equity Confidence Survey has been tracking the changing sentiments of the Central European investment community every six months since 2003. Deloitte Central Europe proudly presents the latest report which marks the 35th edition of the programme.

Black Rock: 2019 was a positive year for global private equity performance, with most regions seeing rising returns as well as falling risk. In fact, every market operating below the risk/return trendline saw performance improvements during the year, with the exception of Eastern Europe and Russia.

In the context of a potential extension of the Temporary Framework to start ups, we call EU policymakers to explicitly authorise state aid schemes to businesses backed by venture capital and private equity. We describe why these viable companies are currently at risk of being considered "in difficulty", and hence excluded from the rules, due to the existing skewed state aid definitions.

In this position paper, we stress the importance of the Capital Markets Union project and call for the European Commission to make it easier for professional and sophisticated investors to commit capital into the asset class.

Invest Europe supported a joint industry letter on the consistent application of the DAC 6 deferral.

From July 2020 onwards, certain cross-border transactions need to be reported to national tax administrations under new EU mandatory disclosure rules.

In this response we encourage the European Commission to be extremely cautious about expanding the scope of the NFRD too widely and too quickly, taking into account the disproportionate impact this could have on non-listed companies and in particular SMEs. Any changes to the NFRD regime should be considered in light of proportionality, materiality and flexibility. A voluntary and gradual approach is preferred.

University of Oxford, Said Business School: PE is not a superior asset class that consistently delivers high returns to investors. The reported returns of PE funds are inflated due to a number of factors, and the true returns are much lower than commonly believed.

The Invest Europe Annual Report provides an overview of Invest Europe's activities during the last 12 months in fields including public affairs, data & research, events and communications. The report includes a financial statement.

As the Foreign Direct Investment (FDI) screening landscape across Europe is rapidly evolving, Invest Europe has prepared a country-by-country overview to map different existing regimes and keep-track of latest developments with view to helping members assess how FDI screenings may impact their transactions.

In this response we call the European Commission to introduce changes to its securities markets framework as part of its upcoming review, in particular when it comes to investor protection rules. Our main request is the reconsideration of the treatment of "sophisticated investors", such as HNWIs, which have so far been considered as retail clients under EU law.

With data on more than 1,400 European private equity firms, covering 86% of the €782bn in capital under management in Europe, Invest Europe offers the most comprehensive review of fundraising, investment and divestment trends for European private equity and venture capital activity.

In this letter we express our concerns with some of the disclosure requirements ESMA would like to require from third country investments firms in its technical standards on the provision of investment services and activities in the Union.

In this reply three EU Commissioners agree and comment on the priorities suggested by Invest Europe to help our industry and the companies it supports face the Covid-19 crisis.

We detail in this letter to the European Commission the concerns we have with the exclusion of private-equity and venture capital-backed businesses from the SME category, and subsequently of the ability to receive funding under the national Covid-19 support programmes, on the basis that they are deemed linked to other portfolio companies owned by the fund.