Publications
& Policy

In this response Invest Europe made the case that savings and investments accounts could allow retail investors to commit capital to EU productive companies, provided these accounts allow private equity and venture capital funds as eligible assets. It clarifies what steps must be taken to achieve this objective.

The Argos Index® declined by 3% to 9.2x EBITDA in Q2 2025, driven primarily by a drop in the multiples paid by strategic buyers, which fell to 8.5x EBITDA. The proportion of deals priced below 7x EBITDA rose to over a quarter of the index sample, underlining sustained downward pressure on valuations. As in the previous quarter, this decline in prices reflects a sluggish M&A market in the Euro zone, with deal volume estimated to be down 5% and disclosed value down 14% in Q2.

Global PE investment was somewhat muted in Q2’25 as PE investors held back, waiting for more clarity around US trade policies. But the availability of dry powder among PE firms, the hopeful upswing in exit activity, the strength of resilient sectors like energy, infrastructure — including AI infrastructure — and healthcare, provides some optimism that PE investment will recover in the second half of the year once trade uncertainties settle.

This member guide, developed by the Professional Standards Committee, outlines key focus areas identified by the FCA for investment managers. As these topics are principles-based and broadly applicable across all Invest Europe members, we encourage you to review the guide carefully in the context of your own firm's practices.

The European Venture Capital Fund (EuVECA) Regulation offers a voluntary EU-wide marketing passport to qualifying fund managers, while sparing them the costs associated with authorisation and compliance with the AIFMD, such as the requirement to appoint a depositary.

Taking lessons learned from the 2008 financial crisis, international regulators and policymakers have since concerned themselves with potential sources of risk in the global financial system beyond the banking sector.

During this third session in our AI webinar series, we explored the sustainability considerations and broader implications of AI use.

As of the end of 2024, UK-based private capital funds have £190bn of capital available to invest, which is expected to be deployed over the next three to five years. This BVCA estimate includes new data from over 2,000 venture capital, growth equity and private equity funds. Historically, around half of the funds managed in the UK, known in the industry as ‘dry powder’, are deployed here.

The most comprehensive study of private equity and venture capital activity across CEE, in partnership with law firm Gide Loyrette Nouel. It shows strong double-digit increases in fundraising, investment and divestment, putting activity value back in line with recent historical averages, as flagship transactions pointed to a recovery in market confidence, and international investor appetite increased.

Our sixth annual publication provides deep insights for investors to understand the performance of European private capital asset classes, and analyses data across a range of metrics, including mPME, which is designed to allow a transparent and comparable performance for private capital and public equity investments.

Download the factsheet to see the European private equity and venture capital industry’s real contribution to employment, in 2023, and job creation, in 2022-23 in Belgium and Sweden.

This supplementary document builds on Invest Europe’s September 2024 response to the European Commission’s Call for Evidence on the functioning of the EU’s Anti-Tax Avoidance Directive (ATAD). It provides further technical and practical insights into how divergent national implementation of ATAD I and II—particularly the interest limitation and hybrid mismatch rules—is creating legal uncertainty and unintended tax consequences for private equity and venture capital structures. Invest Europe urges more harmonized, proportionate enforcement to preserve investment flows and support Europe’s innovation-driven economy.

The Investment Volume outlines practical, evidence-based policy actions to unlock capital and strengthen Europe’s startup ecosystem. Focusing on three core levers—unlocking institutional capital, incentivising angel investment, and reforming public funding—it addresses critical barriers to risk finance across Member States.

Invest Europe’s response reiterates key messages and highlights the long-term benefits of the proposed simplification measures, if delivered in a consistent manner and taking into account how these sustainability frameworks will be used in practice.

In this 100-pages response, Invest Europe flagged various concerns regarding the state of EU capital markets, looking at improvements to be made to the AIFM Directive and its implementation in Member States. Notably, the response calls for an increase of the AIFMD threshold, a better recognition of the private equity features, a simplification of the managers' authorisation process across the EU, of pre-marketing requirements as well as depositary rules. It also gives the European Commission insights on the costs of AIFMD in various jurisdictions.