Publications
& Policy

A two-page document describing all of Invest Europe's policy achievements over the last legislative term.

The Invest Europe Yearbook is the most comprehensive source for European private equity fundraising, investment and divestment data. With data on more than 1,400 European private equity firms, covering 89% of the €688bn capital under management in Europe.

This voluntary best practice guide aims to help private equity firms identify and address material ESG risks and opportunities, both prior to investment and during the ownership period. It also includes a comprehensive questionnaire covering a wide range of ESG issues.

A summary document of Invest Europe 2018 highlights and achievements across public affairs, professional standards, communications, data & research and events.

In this response, we stress the need for ESMA to stick to a high-level principles-based approach, recognising the diversity among market practitioners and allowing a certain level of flexibility in implementation (according to the proportionality principle). In addition, it is important to avoid treating ESG as a standalone or overriding risk category in the deal process, but rather to consider it as a category of direct business risks, which should be incorporated in existing functions and processes.

In this response, we express our support for ESMA’s proposed high-level principles-based approach, avoiding overly prescriptive rules, which could increase the risk of regulatory arbitrage. We also support ESMA’s recognition that any changes introduced should be applied by firms with the proportionality principle in mind, taking into account the size, nature, scale and complexity of their activities.

In this joint AIC/Invest Europe response, the private equity industry welcomes the two-step approach taken by IOSCO in determining consistent measures of leverage globally and advises the international regulator to explicitely exclude fund's exposures backed by uncalled commitments from the leverage calculation.

The Journal of Alternative Investments: Attempt to assess private equity’s realized and estimated expected return edges over lower-cost public equity counterparts.

A detailed briefing for Invest Europe members on regulation affecting the private equity industry.

This paper looks at factors / policies in Europe that can support companies with growth potential to become scale-up companies.

As the current economic expansion chugged into its ninth full year in 2018, the global private equity (PE) industry continued to make deals, find exits and raise capital at a historic five-year pace. Limited partners (LPs) remain highly enthusiastic and have continued to flood the market with fresh capital. Keeping the momentum going, however, has hardly been easy. Chronically heavy competition has driven deal multiples to historic highs, and growing jitters about an eventual economic downturn are affecting decision making, from diligence to exit planning. For general partners (GPs), putting record amounts of capital to work means getting comfortable with a certain level of discomfort when investing. They are paying prices they swore they would never pay and looking to capture value that may prove elusive post-close. The most effective GPs are stepping up their game to identify targets and sharpen diligence, while simultaneously planning for the worst. In Sections 2 and 3, we’ll explore several strategies firms are using to make the most of an increasingly difficult market. In the meantime, here’s what happened in 2018.

In this paper, the PAE welcomes the opening of interinstitutional negotiations on the insolvency file and puts forward several suggestions including on the cross-class cram down, voting procedure for approval of restructuring plans, debt-discharge period for entrepreneurs and the stay on enforcement of actions.

In this response we stress the industry's support to the creation of a new category of long term equity exposures subject to a lower risk-weight, while explaining why the criteria proposed by the Commission to determine which investments fall into this category are inappropriate from our perspective.