Chair’s message

Over 2025 – and into 2026 – it is safe to say that global geopolitical and macroeconomic uncertainty spiked. Conflict and ‘system unpredictability’ have upended investors’ traditional notions of risk and sources of performance. Yet, they also serve as a timely reminder of Europe’s history and position as a safe harbour of peace, borderless trade and democracy.

Private capital, across private equity, venture capital and infrastructure funds, and the businesses they back, cannot avoid the volatility impacting most asset classes in such times. Across the key demands of this era, such as the ‘3Ds’ of decarbonization, digitization and defence, our industry is up to the challenge: private capital is built to make transformational change happen. Through control (or material influence), concentrated ownership with professional management and alignment with key stakeholders, all typical of private capital stewardship, our industry is here to help companies grab the opportunities and tackle the existential risks of these demands. This is a ‘builder’ asset class rather than a ‘speculator’ asset class.

Without a doubt, this is a strategic moment for Europe. It is also a strategic moment for our industry, as it prepares to fully open to wealth and retail investors.

Invest Europe is playing a key role for the industry in both positioning European private capital for a new world order, as well as helping our members manage the risks of the way ahead. Our association has long fought to remove obstacles and address market failures affecting private equity, venture capital and infrastructure funds operating in Europe. Our efforts continue to deliver meaningful shifts in terms of European regulatory standards to reduce unnecessary burdens and unforeseen negative consequences.

At the same time, we are bringing improved understanding to our members, as well as investors and policymakers, in a data-led manner, of the scope and opportunity across Europe. This was the backdrop for ‘Investing in Europe’s Quiet Power’ campaign, one of Invest Europe’s most significant initiatives of 2025, supported across the association via communications, data and advocacy – and spotlighted at events, including our Investors’ Forum.

Beyond highlighting the attractions of European private capital, we have also been setting the record straight on many of the “lazy” narratives that have surrounded Europe for too long: What I termed the ‘Hollywood gap’ - an outdated, inaccurate portrayal of Europe as ageing and lacking in dynamism. Instead, we have in Europe a plural ecosystem rich with distinct sources of strength. France is now home to the continent’s largest concentration of unicorns, while the UK anchors fintech innovation on a global scale. Germany’s Mittelstand continues to define industrial excellence and deep engineering capability, Switzerland remains one of the most competitive business-friendly environments anywhere in the world, and the Nordic countries have cultivated entrepreneurial hubs that rival Silicon Valley in per-capita innovation output. Southern and Eastern Europe, once labelled as the ‘European periphery’, have resurged in a very strong way, leading the continent in growth and offering particularly attractive supply/demand of capital.

Investing in these opportunities, European private capital is generating returns that match and often outstrip those from North America or the rest of the world – the ‘proof in the pudding’. Just as importantly, managers are contributing to economic growth, innovation and the pursuit of Europe’s strategic goals. This is true across segments, and I was particularly delighted to support in 2025 the adoption of a new segment for Invest Europe membership – independent sponsors with a dedicated Roundtable. Now, our association covers the whole range of private capital investors, from the smallest to the largest.

It was my honour to serve as Invest Europe’s Chair over the last 12 months and help in telling the story of Europe’s strengths and those of its private capital industry. I would like to thank Eric de Montgolfier and the whole team at Invest Europe for their tireless work on behalf of members across multiple dimensions ranging from policy and advocacy to communications, research, events and training.

European private capital has a generational opportunity to bring its qualities to bear on unlocking Europe’s potential. Invest Europe is at the forefront of that drive, ensuring the industry is prepared and positioned for the challenge.