Publications
& Policy

On behalf of the PAE, Invest Europe responded to the ESMA consultation on undue short-term pressure from the financial sector on corporations.

On behalf of the PAE, Invest Europe responded to the European Commission consultation on the State Aid Modernisation package.

This EIF Working Paper elaborates on the most recent update2 of the EIF SME Access to Finance (ESAF) Index, a composite indicator that monitors SME external financing markets in the 28 EU countries.

"Why do only 0.5 per cent of startups scale? Most attempts to answer this question focus on the supply of talent, markets, finance or other environmental factors. This report offers a different perspective by looking at entrepreneurs’ demand for growth and finance, a less explored driver of scaling."

The Invest Europe Annual Report provides an overview of Invest Europe's activities during the last 12 months in fields including public affairs, data & research, events and communications. The report includes a financial statement.

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.

Journal of applied corporate finance: PE can incorporate ESG principles to create more value and reduce risk

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.