Publications
& Policy

In this speech Invest Europe CEO Eric de Montgolfier described which changes to the Capital Requirements framework are warranted to ensure that banks are allowed to invest into long-term and diversified funds such as private equity

In this new letter to the European Commission, Invest Europe expresses its concerns about the Final Report on SFDR from the European Supervisory Authorities (ESAs). In particular, we refer to the significant new legal risk that certain of the ESAs’ changes create for closed-end funds and ask the Commission to address this before putting forward its legislative proposal to the co-legislators.

A forward-looking Market Sentiment Survey capturing the views of 250 private equity managers and investors on the future of the industry in the context of COVID-19.

The H1 2021 activity data report provides a semi-annual review of fundraising, investment and divestment trends for European private equity and venture capital activity. Please note that this data is preliminary and subject to change.

In this response we provide ESMA with intelligence on the extent to which the private equity market is and could be opened to retail investors.

"As private equity firms continue to increase their ownership stake in various health care sectors in the US, questions arise about potential impacts on the organization and delivery of care. Using a difference-in-differences approach, we investigated changes in service-line provision in private equity–acquired hospitals."

12 associations, including Invest Europe, have jointly written to the European Commission expressing their views on the planned initiative to fight the use of shell entities.

Invest Europe, as pan-European representative of the private equity and venture capital industry, commits to actively contribute to the EU becoming climate-neutral by 2050, as set out in the European Green Deal.

We support initiatives to decrease cross-border tax frictions, simplify processes and close abusive practices. However, relevant exemptions must be preserved, in order to ensure tax neutrality of funds.

The long-term equity (LTE) category (Article 171a of Solvency II Delegated Acts) is particularly relevant for exposures to private equity and venture capital funds. As the Solvency II Directive only looks at the equity risk from a volatility angle, this position paper explains why this category is an essential element of the framework and how to make existing criteria more workable.

In this letter Invest Europe congratulates the EBA on its suggestion to only include as shadow banking entities managers of funds that are substantially leveraged - but notes that the EBA's definition of shadow banking entities remains too broad and risks capturing entities that are creating little risk.

The European Investment Fund (EIF) with the support of Invest Europe, published 'The VC Survey 2021: Market Sentiment,' a new report that provides an opportunity to retrieve unique market insights. The paper focuses on the market sentiment and the impact of COVID-19. The study looks at the current situation, developments in the recent past and expectations for the future.

In this response, we stress that differences between tax deductions of costs related to debt vs. equity should be dealt with in a way that allows for more deductions – not fewer. Furthermore, we make it clear that companies use debt for a variety of commercial reasons, and in no way solely because of tax deductions.

Invest Europe recognises the announcement of the LP-GP ESG Data Convergence Project which seeks to advance an initial set of ESG metrics and mechanisms for comparative reporting of the private equity industry.