Political advocacy

In 2025 we saw the first practical effects of the Savings and Investment Union, a legislative programme which positioned our industry as a key contributor to EU competitiveness and innovation.

We made tangible progress on EU fund management regulation. Our engagement with the European Commission contributed to a new proposal to improve the cross-border fund management framework (the Market Integration proposals – MISP) and opened the way to a future review of the AIFMD and EuVECA passports (expected this year). Once finalised, these changes should strengthen managers’ ability to operate across borders and reduce structural fragmentation within the Single Market.

Unlocking new sources of capital remained a central priority for EU policymakers. With the approval of the Retail Investment Strategy, we secured important changes to investor categorisation, making it easier to market private equity funds to high-net-worth individuals, while also softening proposals on undue costs and value-for-money requirements. Together with targeted clarifications to the ELTIF framework, these outcomes will materially improve access to retail and semi-professional capital for semi-liquid, long-term investment products.

Institutional investment conditions also improved in 2025. We achieved targeted adjustments to Solvency II, facilitating insurers’ allocations to private capital. Most significantly, the new legislative proposal on IORPs calls for the removal of barriers preventing occupational pension funds from investing in private equity, venture capital and infrastructure, thereby supporting the deployment of long-term capital at scale.

In parallel, we actively contributed to the broadening of the scope of investable companies across Europe, paving the way to further refinements across the full spectrum of companies for the year ahead. Measures related to company classifications, including the treatment of small mid-caps, are helping to reduce regulatory frictions and expand the range of businesses accessible to private capital.

Conditions for foreign investment also improved, with a more harmonised, structured and digitally enabled FDI screening framework, alongside greater accountability in multi-jurisdictional cases. We secured the Commission’s recognition in the FSR Guidelines that general partners’ fiduciary duties to limited partners constitute credible safeguards against cross-subsidisation between funds.

Sustainability regulation also remained high on the agenda. Invest Europe played an active role in shaping the preparatory work for the SFDR review, contributing to a shift towards reduced disclosure burdens and clearer product categories. We also engaged extensively on the implementation of CSRD, CSDDD and the European Sustainability Reporting Standards, supporting a more pragmatic and simplified approach through the Sustainability Omnibus and related initiatives.

In 2025, we strengthened our engagement on taxation, establishing a solid working relationship with the European Parliament. This provides a strong foundation to proactively address key developments expected in 2026, including the Taxation Omnibus, the DAC recast and VAT on financial services. These efforts have been reinforced internally through the creation of three dedicated working groups focused on EU advocacy, global issues and tax innovation, enabling a more strategic and forward-looking approach to taxation policy.​

A further core priority in 2025 was the implementation of already adopted regulatory frameworks, notably the revised AIFMD and ELTIF texts. We successfully prevented the introduction of complex and ill-suited technical requirements on leverage, liquidity and valuation at both EU and national level – efforts that were essential to preserving viable business models while maintaining investor protection and financial stability.

Alongside regulatory engagement, Invest Europe further strengthened its political footprint and convening role. We successfully launched Invest Europe’s Infrastructure Conference and hosted high-level policy events on competitiveness and investment. Most notably, we supported the creation of the European Parliamentary Intergroup on Attracting Investment for a Competitive and Sustainable EU, for which Invest Europe acts as Secretariat. This initiative establishes a durable platform for cross-party dialogue on growth, investment and strategic autonomy, fostering sustained engagement between policymakers and the private sector – and placing Invest Europe at the centre of the political debate.

As Europe enters a new phase of economic and geopolitical transformation, Invest Europe will continue to consolidate its role as a trusted interlocutor and agenda-setter. Through sustained engagement, technical expertise and a clear strategic vision, we remain committed to ensuring that Europe’s investment framework supports sustainable growth, innovation and long-term value creation.