Catalysing Change in Europe
Welcome to my monthly activity roundup of the European private equity and venture capital industry.
May was brimming with noteworthy occurrences, starting with the release of our flagship activity data 2023 report and the premiering of an interactive dashboard - offering members deeper insights into industry data. The most authoritative report of its kind highlighted the sector's resilience, surpassing pre-pandemic levels. Our industry has also been pivotal in driving growth and job creation across the continent, as showcased in our country fact-sheets for Belgium and the Netherlands, produced in collaboration with sister associations the BVA and the NVP respectively.
Our public affairs activities were in the limelight thanks to the high-level lunch I hosted with Professor Enrico Letta on the efficient mobilisation of private capital. And while our London Chair’s Dinner brought together members from the U.K., Ireland and the Channel Islands, our CFO Forum was held in Lisbon, providing a platform for insights sharing and invaluable networking, with a record number of attendees, and a significant 36% female speaker representation.
Join me as I unpack all in detail below.
After two exceptional years for fundraising and investment, the challenges facing the private equity and venture capital industry in 2023 were well documented. Yet far from enduring a crash, the European industry had a soft landing, returning to pre-pandemic levels or higher across buyouts, venture capital and growth. This is the message that comes through loud and clear from ‘Investing in Europe: Private Equity Activity 2023’, Invest Europe’s flagship annual research report into private equity and venture capital fundraising, investment and divestment activity, which was launched on 10 May.
For the first time, our report is published online alongside an interactive dashboard designed to increase the use of our industry-leading statistics. Importantly, the information available in this dashboard often provides deeper insights than is typically available to non-members through our regular reporting.
Our industry has come a long way in 40 years. With over €1 trillion of capital under management in Europe, it’s a cornerstone upon which the continent’s economy and society stands. However, that scale brings scrutiny, and there is still suspicion and misunderstanding about how private equity operates and its objectives. As you will see in this Annual Report, our efforts in 2023 succeeded in getting our positive message across and making a meaningful difference to the environment for our members in Europe.
In Euractiv, I discussed our latest Private Equity at Work report, which shows just how ingrained private equity and venture capital is into the fabric of Europe’s economy and society, and how transformational investment can be for job creation, particularly in the sectors that will define Europe’s development over the next three decades or more.
In cooperation with sister associations the BVA (Belgium) and NVP (Netherlands), we are delighted to add the two countries to this year’s collection of national fact-sheets on job creation and employment in Europe. The new fact-sheets draw from data provided in our brand-new Private Equity at Work report.
Following their recent publication, both 'Private Equity at Work' and 'Private Equity Activity' continue to generate headlines. To read, comment on, and share these, we have created a non-exhaustive list of media mentions for our recent flagship publications. 💡 Invest Europe members can exclusively receive curated news on the European private capital industry via our Daily Media Monitor.
Events:
Professor Enrico Letta High-Level Lunch in Brussels - 15 May
Invest Europe hosted a high-level discussion on the efficient mobilisation of private capital in the EU Single Market, with Professor Letta, former Prime Minister of Italy, as keynote speaker. Professor Letta's insights are at the forefront of shaping Europe's investment landscape. From the need to secure better financing for innovative SMEs, to the need for more harmonised regulation across Member States, the event showcased insights on driving economic growth in Europe. In 2023, private capital firms invested €100 billion into 8,391 companies in Europe. We were delighted to have some of those investors at the table during our lunch with Professor Letta, delivering key insights from our diverse membership.
Thank you to Professor Letta and all participants for an enriching dialogue on mobilising private capital in the EU Single Market:
· Valentina Franceschini, Senior Partner at Italian investor Wise Equity
· Seda Yalcinkaya – General Counsel at Apollo Global Management, Inc.
· Kristina Ekberg – Partner & General Counsel at HealthCap
· Magnus Sjöcrona - Global Head of Group Risk, Regulatory and Compliance at EQT Group AB
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· Manuel Hertweck – Managing Partner at capiton AG
· Andrzej Bartos – Senior Partner at Innova Capital
Chairs’ Dinner in London - 16 May
Our Chair's Dinner for the U.K., Ireland and the Channel Islands was hosted by Invest Europe Chair Frans Tieleman and myself and brought together more than 110 members at the prestigious The National Gallery in London. We thank all of the attendees for their presence and participation.
CFO Forum in Lisbon - 23 & 24 May
CFOs, COOs, senior compliance, finance, and fund executives from European PE and VC firms gathered in sunny Lisbon for two days of insightful conference sessions and incomparable networking. The event featured rooftop networking with a view of the Lisbon skyline and 25 exceptional speakers who shared their expertise.
And the facts speak for themselves:
· Delegates from 22 countries
· 25 speakers and 8 roundtable sessions
· And 36% of our speakers are women - a first in the history of this event!
Special thanks to all speakers, delegates, and to our lead sponsor, Proskauer, and co-sponsors: Alpha, Alter Domus, Aztec Group, CACEIS, Kroll, PwC Luxembourg and Van Campen Liem, along with our supporting sponsor, PEARonline. We hope to see you all again next year!
Coming up:
'Forward': Invest Europe’s policy agenda for policymakers - 6 June
In our new public affairs publication, ‘Forward’, we will be laying out our policy agenda for private capital to participate in a more competitive, dynamic and greener Europe throughout the next European Union political mandate 2024 – 2029 and beyond.
Invest Europe Human Rights Library and Webinar - 18 June
Keep an eye on our Members’ Policy Call section for more details.
Invest Europe CEE Report - 20 June
Watch this space for the annual edition of the Central and Eastern Europe Private Equity Statistics, produced in partnership with Gide Loyrette Nouel and compiled with the help of our Central and Eastern Europe Task Force and PSIK.
Invest Europe Performance Benchmark Report - 27 June
Please do follow Invest Europe’s page to stay abreast of our upcoming reports and events’ presence in June.
Yours,
Eric.
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