ESG considerations in venture capital and business angel investment decisions: Evidence from two pan-European surveys

This working paper provides testimony on the integration of ESG considerations and impact investing in the areas of venture capital (VC) and business angel (BA) investing. The results are survey-based and are derived from the respective questions in the EIF VC Survey 2019 and the EIF Business Angels (BA) Survey 2019. The paper discusses the combined findings from both surveys in relation to the respondents' ESG considerations, and clusters the ESG-related results around six main themes: - What is the level of ESG engagement in VC and BA investing? - What motivates VCs' and BAs' ESG engagement (and what deters them from doing so)? - What are the most common ESG investment strategies? - How do VC firms implement ESG criteria in terms of policies and procedures? - How do VCs and BAs perceive the relation between ESG considerations and investment returns? - What lies ahead for ESG investing? The EIF Working Papers are designed to make available to a wider readership selected topics and studies in relation to EIF's business. The Working Papers are edited by EIF's Research & Market Analysis and are typically authored or co-authored by EIF staff or are written in cooperation with EIF

EIF VC Survey 2019: Fund managers' market sentiment and policy recommendations

This working paper presents results of the second EIF VC Survey, a survey among venture capital general partner/management companies. The study provides a detailed overview of the respondents' state of business and market activity as well as their general perception of the European venture capital market, including policy recommendations. In doing so, the study looks at the current situation, developments in the recent past, and expectations for the future

EIF Venture Capital Survey Autumn 2020: Regional analysis

In the present publication, you will find the results of a regional analysis of the latest EIF Venture Capital Survey. Taking into account the main elements of the survey, the key differences between different country clusters in Europe are explored. This interregional comparison provides a valuable picture of both common and specific developments in each country group. It highlights the current views, needs and expectations of VC fund managers in a given country cluster, and how they differ from the average ones in the sample, thereby orienting the discussion towards existing regional gaps and how to address them. In order to facilitate the reading, we offer a hybrid slide document instead of a traditional Working Paper style. The EIF Working Papers are designed to make available to a wider readership selected topics and studies in relation to EIF's business. The Working Papers are edited by EIF's Research & Market Analysis and are typically authored or co-authored by EIF staff or are written in cooperation with EIF

Scale-up financing and IPOs: Evidence from three surveys

In light of recent EU policy initiatives such as the Capital Markets Union (CMU) action plan, this working paper provides unique insights from Venture Capital (VC) general partners/management companies, Private Equity Mid-Market (PE MM) managers and Business Angels (BA). Specifically, based on the first 2020 waves of the EIF VC, PE MM and BA Surveys, the report focuses on generating insights around three main topics of SME financing: Scale-up financing, Exit environment & Initial Public Offerings (IPOs) and policy-related implications of the above. The study attempts to piece together evidence from the three surveys, provides market insights from respondents in light of recent policy initiatives, and serves as an informative instrument to policy-makers and practitioners

EIF Private Equity Mid-Market Survey 2021: Market sentiment

The EIF VC Survey, the EIF Private Equity Mid-Market Survey, and the EIF Business Angels Survey (the largest combined regular survey exercises among GPs and Business Angels on a pan-European level) provide an opportunity to retrieve unique market insights. This publication is based on the results of the 2021 EIF PE Mid-Market Survey. The paper focuses on the market sentiment and the impact of COVID-19. The study looks at the current situation, developments in the recent past and expectations for the future. The main results are summarised and compared over time. The publication provides a valuable insight of the developments and the market situation in 2021, as well as an outlook for the near future

EIF Venture Capital Survey 2021: Market sentiment

The EIF VC Survey, the EIF Private Equity Mid-Market Survey, and the EIF Business Angels Survey (the largest combined regular survey exercises among GPs and Business Angels on a pan-European level) provide an opportunity to retrieve unique market insights. This publication is based on the results of the 2021 EIF VC Survey. The paper focuses on the market sentiment and the impact of COVID-19. The study looks at the current situation, developments in the recent past and expectations for the future. The main results are summarised and compared over time. The publication provides a valuable picture of the developments and the market situation in 2021 as well as an outlook for the near future

EIF VC Survey 2018: Fund managers' perception of EIF's value added

The working paper presents results of the EIF VC Survey, a survey among venture capital general partner/management companies. Following the first EIF VC Survey Working Paper (2018/48), which covered the VC market sentiment and public support, this second paper analyses respondents' feedback as regards EIF's Value Added, products and processes

EIF VC Survey 2018: Fund managers' market sentiment and views on public intervention

This working paper presents results of the first EIF VC Survey, a survey among venture capital general partner/management companies. The study provides a detailed overview of the respondents' state of business and market activity as well as their general perception of the European venture capital market, including public intervention. In doing so, the study looks at the current situation, developments in the recent past, and expectations for the future

EIF Business Angels Survey 2019: Market sentiment, public intervention and EIF's value added

This working paper presents results of the first EIF Business Angels Survey, a survey among Business Angels (BA) who benefited from the European Angels Fund (EAF), an initiative advised by the EIF and providing equity to BAs for the financing of innovative companies in the form of co-investments. The study provides a detailed overview of the respondents' state of business and market activity as well as their general perception of the European BA market and the required public intervention. In doing so, it looks at the current situation, developments in the recent past and expectations for the future. Furthermore, the study provides detailed insights into the BAs' perception of the value added of the EIF's activities under the EAF, including its impact on the BAs' investment strategy, deal flow, network and reputation, as well as the overall EAF added value. The EIF Working Papers are designed to make available to a wider readership selected topics and studies in relation to EIF's business. The Working Papers are edited by EIF's Research & Market Analysis and are typically authored or co-authored by EIF staff or are written in cooperation with EIF