Publications
& Policy

Invest Europe provided feedback to the International Accounting Standards Board on the Post-implementation Review of IFRS 9 – Classification and Measurement.

In this report, we look at Capital Under Management and Dry Powder across private equity segments, from Buyouts to Generalist funds, and Growth capital to Venture Capital.

Stanford Law School; European Corporate Governance Institute (ECGI), New York University School of Law: "Special Purpose Acquisition Companies (SPACs)—touted as a better alternative to an IPO for taking a company public—have become the next big thing in the securities markets. This Article analyzes the structure of SPACs and the costs embedded in that structure."

In this latest letter to ESMA, Invest Europe expresses the industry’s outstanding concerns and uncertainties about the application of the SFDR/Taxonomy Regulation, and proposes some tailored, PE/VC specific questions and answers in light of the SFDR Q&A the European Supervisory Authorities are developing.

The review represents a real opportunity to make the ELTIF more attractive to closed-ended fund managers such as our members who are keen to market their funds to non-professional investors. In this paper Invest Europe suggests targeted changes to the text, including amendments to make it easier for fund-of-funds to become ELTIFs

In this paper the European private equity industry welcomed the comprehensive evaluation undertaken by the European Commission and wholeheartedly agrees with its conclusion that the AIFMD is working well, and that the review should focus on targeted improvements. It also suggests changes to delegation and reporting requirements for these to maintain strong standards on financial stability and investor protection while not impacting the ability of private equity firms to support businesses.

Brand new analysis of Venture Capital and Private Equity statistics, looking at the transaction value of investments into European companies.

BJM: How diversity among lead partner teams (LPTs) of private equity (PE) funds affects buyout performance.

"In a joint survey with Bain & Company, we heard from more than 100 limited partner organizations about how they’re approaching ESG criteria."

"Representing approximately €220 billion in capital, the team analyzed 29 key LPA terms and conditions from 80+ European buyout funds and 35+ venture capital funds raised in the last 15 months. The funds were all either specifically focused on Europe or had Europe as a core geography in their investment strategy."

Gallagher looks back at 2021 in this survey which covers: holding periods; geographical changes; sector changes; ESG; and managing risk.

Journal of investment management: Analysis of PE transparency in the US before and after the implementation of the ASC 820.

Belgium PE firms are increasingly adopting ESG principles into their investing strategies 

ESG considerations are becoming increasingly important for PE.

At the request of the European Supervisory Authorities, which are seeking evidence ahead of the upcoming review of the KID-PRIIPS framework, this response calls for specific changes to the scope of application of the Key Information Document (the "KID"), including, for example, the definition of what is considered “made available”.