Publications
& Policy

The private equity industry has evolved rapidly over its relatively short history mirroring the increasingly complex relationships between General Partners (GP) and Limited Partners (LP).

Historically the industry has shown remarkable resilience when it comes to changing the fees that investors pay to managers. The terms on how GPs and LPs connect have changed, but have the fee structures evolved too? Is the industry broadly sticking to the 2/20 fee model or are some actors adopting contrary positions? If variances exist, are these also impacting fundraising and performance?

The latest paper from the Adveq Applied Research Series aims to answer these questions and more.

MERCER: Comprehensive overview of investment strategy across the European pension industry, and emerging trends in the behaviour of institutional investors.

This paper, based on the response to the Commission Consultation on the cross-border distribution of investment funds, has for objective to summarise the key issues faced by the European private equity industry with the existing passporting framework.

An Invest Europe briefing paper outlining the key requirements to facilitate and encourage investment in European infrastructure via infrastructure funds.

This PAE response to a European Commission Consultation outlines the main barriers faced by private equity and venture capital fund managers when marketing their funds cross-border. The response focuses in particular on marketing requirements, costs, regulatory fees and taxation barriers. The consultation is part of the Commission's efforts to build a Capital Markets Union in Europe.

A practical guide for pension funds on why and how to invest in private equity and venture capital. Also includes an overview of the benefits and risks involved in private equity and venture capital investments, and the different ways for institutions to access the asset class.

This joint response, with the American Investment Council, outlines why private equity firms and funds do not give rise to policy concerns regarding asset management activities, in particular when it comes to leverage and organisational requirements.

An Invest Europe study into private equity activity in Central and Eastern Europe. This report provides annual private equity and venture capital fundraising, investment and divestment statistics for the private equity markets of the CEE region in 2015.

The Ohio state university: The liquidity cost paid investors in PE is high.

In this response Invest Europe reiterated its concerns about plans to fully harmonise insolvency frameworks across the EU. Rather than being considered barriers to the functioning of the EU internal market, differences between existing national regimes should be seen as offering a greater variety of options for debtors who operate across borders.

The Invest Europe Annual Report provides an overview of Invest Europe's activities during the 12 months to June 2016 in fields including public affairs, data & research, events and communications. The report includes a financial statement.

The response welcomes EIOPA’s amendments to the definition of ‘infrastructure projects’ and to the relevant qualifying criteria that intend to capture certain type of infrastructure corporates. It stresses however that the proposed definition of ‘infrastructure corporates’ is overly restrictive and might exclude infrastructure corporates that represent suitable infrastructure businesses. It also lies out concerns about EIOPA’s proposal to calibrate capital requirements for infrastructure corporates based on available market data.

University of Oxford, American University of Sharjah, Frankfurt School of Finance & Management" “In private equity, General Partners (GPs) may receive fee payments from companies whose board they control. This paper describes the related contracts and shows that these fee payments sum up to $20 billion evenly distributed over the last twenty years, representing over 6% of the equity invested by GPs on behalf of their investors.”