Publications
& Policy

This is the fourth edition of the State of European Tech report, the single, most comprehensive data-driven story of European technology today. We’ve gathered data from world-class data partners and a survey of 5,000 members of the tech ecosystem, from founders to students, investors to researchers. We’ve tried to tell the most important stories. We cover diversity and inclusion, talent, regulation, investment, research and development, and the great, global disrupters out of Europe.

Probitas Partners’ annual online survey was conducted in late September/early October 2017 to gauge investor perspective and opinions on the private equity market going into 2018. These surveys are meant to both analyze emerging trends and to compare investors’ views as they change over time. Ninety-eight responses were received from investment professionals globally, representing such institutions as public and corporate pension plans, funds-offunds, insurance companies, family offices, endowments and foundations, and consultants and advisors.

About this report - This report analyses all announced equity investment in non-listed UK companies between 1 January 2011 – 31 March 2018.

Is PE more or less prepared for a public market collapse this time around? In the following pages, we outline the fundraising, investment and exit imperatives for PE. We also provide a comparison of the 2007 and 2017 data and an analysis of the trends that inform this guidance. While there are some similarities to 2007, PE as a sector has undergone a significant transformation. This evolutionary tale might not reveal when the peak of the present cycle will be reached, but it provides important perspectives about where it might be headed and how firms can remain relevant in an increasingly complex and competitive environment.

The purpose of this report is to provide analysis and recommendation to assist the Ministry of Finance in assessing whether the mandate to GPFG should be altered to allow for investments in unlisted equity, or Private Equity (PE) investments.

This position paper welcomes the publication of the Commission proposal reviewing the European Supervisory Authorities (ESAs). More specifically, it comments on the new ESMA direct supervisory powers over EuVECA and ELTIF funds, on the new funding and governance model and on the risks of making outsourcing and delegation arrangements more difficult.

Indiana University, Duke University, Paderborn University, University of Cologne: "We offer the first empirical analysis connecting the timing of general partner (GP) compensation to private equity fund performance."

In this response, Invest Europe has expressed its support for the European Commission’s work in this field, recognising that ESG factors should be part of the fiduciary duty of institutional investors and asset managers. However, there are a few issues that ought to be considered: (i) “material sustainability” should be properly defined; (ii) a one-size-fits-all solution would not be appropriate; and (iii) careful thought should be given to the right way forward (legislative or non-legislative).

The findings of a survey of investors from the US, China, France, Germany and the UK. It outlines opinions on issues important to investors, such as capital markets strength, innovation and sustainability, and shows strong appetite for European investments.

This report provides an overview of the private equity investment landscape, including the private equity investments of a representative sample of institutional investors across geographies. It also outlines investment models to access private equity, including organizational setup and high-level approach to management of financial and non-financial risks. It also covers historical performance of private equity as an asset class and discusses costs for different investment models. Finally, it discusses advantages, disadvantages, and key success factors for different investment models.

In this response Invest Europe has expressed its support for the work of the High Level Expert Group, highlighting the important role that private equity can play in the achievement of the EU’s goals on sustainable finance and development. In addition, we emphasised the need to take account of existing international classification systems, labels and standards and expressed our concerns about the implications this work-stream may have on certain parts of financial services legislation.

An Invest Europe study into private equity activity in Central and Eastern Europe. This report provides annual private equity and venture capital fundraising, investment and divestment statistics for the private equity markets of the CEE region in 2016.

Equity financing in entrepreneurship primarily includes venture capital, corporate venture capital, angel investment, crowdfunding, and accelerators. We take stock of venture financing research to date with two main objectives: (a) to integrate, organize, and assess the large and disparate literature on venture financing; and (b) to identify key considerations relevant for the domain of venture financing moving forward. The net effect is that organizing and assessing existing research in venture financing will assist in launching meaningful, theory-driven research as existing funding models evolve and emerging funding models forge new frontiers.

In this response Invest Europe welcomes the Commission’s potential initiative to reduce national regulatory barriers to the cross-border distribution of investment funds and agrees with the identified policy areas, such as the definition of marketing or regulatory fees currently imposed on fund managers.

A detailed paper outlining the expansion and success of the European venture capital industry. The publication draws on recent studies which show rising returns from European VC, and discusses how the industry will play a crucial role in fulfilling Europe's key priority for growth.