Publications
& Policy

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.”

With this paper, we responded to all consultations the OECD put forward on BEPS Action Point 6 on Treaty Abuse. Our response explains how private equity funds are not in the business of treaty shopping and suggests a solution based on an investor self-certification approach.

This Position Paper sets out our views on the Commission Proposal for a Prospectus Regulation. This Paper mainly addresses the scope of the Prospectus, the exemption for "sophisticated investors" and the widening of the SME regime to growth companies.

"This report has two main chapters. In the first chapter, a team of researchers at Cambridge Judge Business School (University of Cambridge) examine the managerial challenges of scale-up. In the second chapter, a team of researchers at the Saïd Business School (University of Oxford) examined the financial challenges"

The PAE responded to this consultation to stress that, because private equity firms are rarely recipients of makes market soundings due to the nature of our industry, some of the draft Guidelines may be unnecessarily prescriptive and onerous for them. This responses suggests to ESMA the appropriate level of flexibility in the Guidelines to address this issue.

In this response to DG Justice, Invest Europe welcomes and supports the European Commission’s priority to foster sustainable investments. The document flags the long-term nature of private equity investments and underlines the principles the members of the association have set in the Professional Standards Handbook to promote highest ethical and professional standards within the industry.

In order to ensure that banks will continue to be able to provide necessary services to the private equity industry, the PAE encourages the Basel Committee (BCBS) to review its proposed approach, and in particular the definition of “sponsor”, to avoid capturing bank activities that it believes do not entail any step-in risk. This risk mainly stems from the ambiguity over the concepts of ‘credit enhancement’ and ‘placing securities into the market’.

This Position Paper sets out our views on the Commission Proposal for an Anti-Tax Avoidance Directive (ATAD). This Paper mainly addresses the question of interest deductibility and the importance of not increasing the cost of financing for the real economy.