Our markets and impact

The EIF is regularly publishing market assessment & research studies authored or co-authored by EIF staff or written in cooperation with EIF.

Recent highlights

Skills in European entrepreneurial finance

Private equity mid-market (PE MM) and venture capital (VC) respondents differ in the importance they attribute to the skills an investor team should have. According to VC fund managers, professional networking, analytical, problem-solving, and communication skills as well as industry knowledge are considered as the most important skills. For PE MM fund managers, leadership and people management, problem-solving, analytical, and negotiation skills as well as industry knowledge make up the top-5 of most relevant skills at the investor-team level.
Our new survey-based research report delves deeper into skills and skill gaps in the European ecosystem. Stay tuned for all results: COMING SOON!

Joint EIF – Invest Europe study: The VC factor – Gender lens edition

Release date: 24 October 2023

The research provides data-driven insights into European VC and its gender diversity trends. Thanks to the joint efforts of the EIF and Invest Europe, the report sheds light on the gender diversity gap in the European VC ecosystem on the side of investors and entrepreneurs. Between 2011 and 2021, only one in ten founders and CEOs receiving VC in Europe was a woman. On the investor side, one in seven high-profile VC investors in Europe was a woman.

EIF Venture Capital Survey 2023 : Market sentiment, scale-up financing and human capital

Release date: 12 October 2023

The EIF VC Survey and the EIF Private Equity Mid-Market Survey (the largest combined regular survey exercises among General Partners on a pan-European level) provide an opportunity to retrieve unique market insights. This publication is based on the results of the 2023 VC Survey, conducted by the EIF with the support of Invest Europe. The paper focuses on the market sentiment as well as on issues related to scale-up financing and EU strategic autonomy. The study looks at the current situation, developments in the recent past and expectations for the future.

EIF Working Paper Series has been designed to make available to a wider readership selected topics and studies in relation to EIF´s business. They are typically authored or co-authored by EIF staff and are usually published in English and in electronic format (PDF).

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Date	Title
30/04/2024	Skills in European entrepreneurial finance
26/04/2024	Audit Board Activity Report for the financial year 2023
25/04/2024	Statement by the Chair of the Board of Directors – AGM 2024
25/04/2024	EIF Annual Report 2023
15/03/2024	The Governance of the European Investment Fund
04/03/2024	EIB Group personal data protection policy
27/02/2024	Investment barriers in the European Union 2023
25/01/2024	EIF Working Paper 2024/97, Addressing Financial and Digital Literacy Challenges for Inclusive Finance: insights from Microfinance Institutions and FinTech Organisations.
18/12/2023	EIF Working Paper 2023/96, The European Small Business Finance Outlook 2023.
08/12/2023	EIF Working Paper 2023/95, EIF Private Equity Mid-Market Survey 2023: Market sentiment, scale-up financing and human capital.
28/11/2023	Mid-term review of the EIB Group Climate Bank Roadmap
28/11/2023	The EIB Group Paris alignment framework - Low carbon: Version 1.1
28/11/2023	The EIB Group PATH Framework: Version 1.2
24/10/2023	Joint EIF – Invest Europe study: The VC factor – Gender lens edition
13/10/2023	EIF Working Paper 2023/94, Open banking and inclusive finance in the European Union: Perspectives from the Dutch stakeholder ecosystem.
12/10/2023	EIF Working Paper 2023/93, EIF Venture Capital Survey 2023 : Market sentiment, scale-up financing and human capital
11/09/2023	EIB Group Corporate Governance Report 2022
31/08/2023	EIF Working Paper 2023/92, The 2022 EIF SME Access to Finance Index August 2023 update.
03/07/2023	EIF Working Paper 2023/91, Using machine learning to map the European Cleantech sector.
03/07/2023	EIB Group 2022 Climate Bank Roadmap Progress Report
29/06/2023	EIB Group 2022 Sustainability Reporting Disclosures in accordance with the GRI Standards
29/06/2023	EIB Group 2022 Sustainability Report
29/06/2023	EIB Group 2022 TCFD report
09/06/2023	The Complaints Mechanism: an accountability tool for the EIF
31/05/2023	EIB Group Evaluation Activity Report 2022 and Work Programme 2023-2025
31/05/2023	Evaluation of EIB Group equity and quasi-equity support for small businesses and mid-caps
16/05/2023	EIF Working Paper 2023/90, Recent trends in EU corporate demography and policy: COVID and beyond
10/05/2023	EIF Working Paper 2023/89, Entrepreneurial Finance and the Russian War against Ukraine: a Survey of European Venture Capital and Private Equity Investors
25/04/2023	AGM 2023 - Activity Report by the Chair of the Board of Directors
25/04/2023	Audit Board Activity Report for the financial year 2022
25/04/2023	EIF Annual Report 2022
18/04/2023	EIF Working Paper 2023/88, Fairness in algorithmic decision systems: a microfinance perspective
03/03/2023	EIB Group Staff Code of Conduct
09/02/2023	EIF Working Paper 2023/87, Female access to finance: a survey of literature
09/02/2023	Audit Board Charter
09/02/2023	Rules of Procedure
18/01/2023	EIF Working Paper 2023/86, Determinants of EU Greentech investments: the role of financial market conditions
22/12/2022	Operational Plan 2023-2025
22/12/2022	Operational Plan 2024-2026
21/12/2022	EIF Working Paper 2022/85: “EIF Private Equity Mid-Market Survey 2022: Market sentiment and impact of the current geopolitical & macroeconomic environment”
01/12/2022	Understanding your benefits
24/11/2022	EIF Working Paper 2022/084: European Small Business Finance Outlook 2022
14/10/2022	EIF Working Paper 2022/83, The 2021 EIF SME Access to Finance Index October 2022 update
12/10/2022	EIF Working Paper 2022/82, EIF Venture Capital Survey 2022: Market sentiment and impact of the current geopolitical & macroeconomic environment
27/09/2022	EIF Statutes
09/08/2022	EIF Working Paper 2022/81, EIF Business Angels Survey 2021/22: Market sentiment
26/07/2022	EIB Group Corporate Governance Report 2021
19/07/2022	EIB Group Market Abuse Policy
06/07/2022	EIB Group -2021 Sustainability Reporting Disclosures in accordance with the GRI Standards
06/07/2022	EIB Group -2021 Sustainability Report
06/07/2022	EIB Group -2021 TCFD report
13/06/2022	EIF in Spain
30/05/2022	Complaints Mechanism Report 2021
30/05/2022	Rapid assessment of the EIB Group’s operational response to the COVID-19 crisis
12/05/2022	EIF Working Paper 2022/80, EIF Private Debt Survey 2021 - ESG considerations in the lending strategy of private debt funds
02/05/2022	EIB Group Evaluation Activity Report 2021 and Work Programme 2022-2024
08/04/2022	AGM 2022 - Activity Report by the Chairman of the Board of Directors
08/04/2022	Audit Board Activity Report for the financial year 2021
08/04/2022	EIF Annual Report 2021
08/04/2022	Paris Alignment restrictions applicable to InvestEU Guarantee transactions and similar products
05/04/2022	Usage of the Baseline pattern at the European Investment Fund (EIF)
01/04/2022	Guideline on the EIF’s criteria for Climate Action and Environmental Sustainability (CA&ES)
10/02/2022	EIF Working Paper 2022/079: EIF Private Debt Survey 2021 - Private Debt for SMEs - Market overview
10/02/2022	EIF Environmental, Social and Corporate Governance (ESG) Principles
19/01/2022	Operational Plan 2022-2024
22/12/2021	EIF Working Paper 2021/078: EIF Private Equity Mid-Market Survey 2021: Market sentiment
21/12/2021	EIF Working Paper 2021/077: EIF Private Equity Mid-Market Survey: Fund managers’ perception of EIF’s value added
13/12/2021	EIB Group Corporate Governance Report 2020
24/11/2021	EIB Group Whistleblowing Policy
22/11/2021	Guidelines for the assessment of research entities, applicants and research proposals
29/10/2021	EIF Working Paper 2021/076: The 2020 EIF SME Access to Finance Index
28/10/2021	EIF Working Paper 2021/075: European Small Business Finance Outlook 2021
13/10/2021	EIF Working Paper 2021/074: EIF Venture Capital Survey 2021: Market sentiment
23/09/2021	Joint EIF – Invest Europe study: The VC factor – Pandemic Edition
31/08/2021	EIB Group Anti-Fraud Policy
31/08/2021	EIB Group Anti-Money Laundering and Combatting the Financing of Terrorism Policy
19/08/2021	The EIB Group Evaluation Policy
16/08/2021	EIB Group - Task Force on Climate-related - Financial Disclosures (TCFD) Report 2020
30/07/2021	EIB Group Charter for Internal Audit
28/07/2021	Complaints Mechanism Report 2020
30/06/2021	Evaluation of the European Fund for Strategic Investments
03/06/2021	Operations Evaluation Activity Report 2020 and Work Programme 2021-2023
01/06/2021	EIB Group 2020 Sustainability Report
17/05/2021	EIF Working Paper 2021/073: EIF VC Survey Autumn 2020: Regional analysis
22/04/2021	AGM 2021 - Activity Report by the Chairman of the Board of Directors
22/04/2021	Audit Board Activity Report for the financial year 2020
22/04/2021	EIF Annual Report 2020
21/04/2021	EIF Staff Regulations
12/03/2021	EIF Working Paper 2021/072: Financial and social inclusion in Europe
23/02/2021	EIF Working Paper 2021/071: EIF Venture Capital, Private Equity Mid-Market & Business Angels Surveys 2020: Market sentiment – COVID-19 impact – Policy measures
01/02/2021	EIF Working Paper 2021/070: The impact of VC on the exit and innovation outcomes of EIF-backed start-ups
28/01/2021	Evaluation of the EIB Group Risk Enhancement Mandate
27/01/2021	The EIB Group Climate Bank Roadmap 2021-2025
20/01/2021	Anti-Money Laundering and Combating Financing of Terrorism Framework
04/01/2021	EIF Working Paper 2021/069: Scale-Up Financing and IPOs: Evidence From Three Surveys
29/12/2020	Operational Plan 2021-2023
09/11/2020	Il FEI in Italia
13/10/2020	EIF Working Paper 2020/068: The EIF SME Access to Finance Index September 2020 update
17/09/2020	EIF Working Paper 2020/067: European Small Business Finance Outlook 2020
29/08/2020	EIF Working Paper 2020/066: Measuring microfinance impact: A practitioner perspective and working methodology
Date	Title

Joint publications:

Date	Title
2024	“Entrepreneurial finance in Europe and the Russian war against Ukraine”, by Kraemer-Eis, H., Block, J., Botsari, A., Lang, F., Lorenzen, S., and Diegel, W., in: The Journal of Technology Transfer, https://doi.org/10.1007/s10961-024-10067-9 (Published online 5 March 2024).
2024	“Venture Capital Sentiment”, by Kraemer-Eis, H., Botsari, A., and Lang, F., in: Cumming, D., Hammer, B. (eds) The Palgrave Encyclopedia of Private Equity. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-38738-9_98-1 (Published 2 January 2024).
2023	“The VC factor – Gender lens edition: Data-driven insights into European VC and its gender diversity trends”, by Crisanti, A., Krantz, J., Lo Sordo, L., Pavlova, E. and Signore, S. (2023). Joint EIF – Invest Europe study, first online 24 October 2023.
2023	“« Les garanties de crédit de l’Union européenne avant et après la crise de la COVID-19 : rôle et impact » (« EU Credit Guarantees before and after the COVID-19 Crisis : Role and Impact »), by Brault, J., in Revue économique et financière, June 2023.
2022	“European Small Business Finance Outlook: SMEs in between crises”, by Kraemer-Eis, H., Botsari, A., Gvetadze, S., Lang, F. and Torfs, W. (2022). SUERF Policy Brief No. 497, Dec 2022.
2022	“Venture Capital: tra Europa e Mezzogiorno. Una proposta per l’Ecosistema dell’innovazione meridionale”, by Manzella, G.P., Signore, S., Gallo, A.B., in: "Rivista giuridica del Mezzogiorno, Trimestrale della Svimez" 3/2022, pp. 653-673, doi: 10.1444/105193, first online November 2022.
2022	“Private Debt for SMEs – Market Overview”, by Kraemer-Eis, H.,Block J., Botsari A., Gvetadze S., Lang F., Krause C., Moritz A., Schulze A. (2022). SUERF Policy Brief No 314, April 2022.
2021	“The importance of Private Equity and Venture Capital financing for Greentech companies in Europe”, by Kraemer-Eis, H., Botsari, A., Gvetadze, S., Lang, F. and Torfs, W. (2021). SUERF Policy Note No 258, Dec 2021.
2021	Joint EIF – Invest Europe study: The VC factor – Pandemic Edition
2021	“EIF Business Angels Survey 2020 – Results for Business Angels Europe (BAE) respondents”, by Kraemer-Eis, H., Botsari, A., Kiefer, K., Lang, F., and BAE coordinators Günther, U. and Kirchhof, R (2021). EIF Research & Market Analysis in cooperation with Business Angels Europe (BAE). May 2021.
2021	“EIF Business Angels Survey 2020 – Results for Business Angels Netzwerk Deutschland (BAND) respondents”, by Kraemer-Eis, H., Botsari, A., Kiefer, K., Lang, F., and BAND coordinators Günther, U. and Kirchhof, R (2021). EIF Research & Market Analysis in cooperation with Business Angels Europe (BAE) and BAND. May 2021.
2020	“Credit Guarantees in the COVID-19 crisis – Relevance and Economic Impact”, by Brault, J. and Signore, S. (2020). SUERF Policy Note No 176, June 2020.
2020	“State of Innovation Finance in CESEE”, main contributions by Zakhidova, A. (EBRD), Kollar, M. (EIB), Lang, F. (EIF), Aridi, A. (WB), Botsari, A. (EIF), Gvetadze, S. (EIF), Maki, P. (3TS), Genov, F. (F27). EBCI Vienna Initiative Working Group on Financing for Innovation. April 2020.
2020	“The VC factor: Data driven insights about VC-backed start-ups in Europe”, by Crisanti, A., Krantz, J. and Pavlova, E. (2019). Joint EIF – Invest Europe study, first online 5 December 2019.
2020	“European SME Financing: An Empirical Taxonomy”, by Masiak, C., Moritz, A., and Lang, F., in: Moritz, A., Block, J.H., Golla, S., and Werner, A. (eds.) (2020): “Contemporary Developments in Entrepreneurial Finance”, FGF Studies in Small Business and Entrepreneurship, Cham (Springer), https://doi.org/10.1007/978-3-030-17612-9_1, first online 23 August 2019
2020	“Measuring Venture Capital Sentiment in Europe”, by Diegel, W., Moritz, A., Block, J.H., Botsari, A., Lang, F., and Kraemer-Eis, H., in: Moritz, A., Block, J.H., Golla, S., and Werner, A. (eds.) (2020): “Contemporary Developments in Entrepreneurial Finance”, FGF Studies in Small Business and Entrepreneurship, Cham (Springer), https://doi.org/10.1007/978-3-030-17612-9_6, first online 23 August 2019
2020	“The Private Value of Patents for Government-supported Start-Ups: The Case of the European Investment Fund”, by Signore, S., in: Moritz, A., Block, J.H., Golla, S., and Werner, A. (eds.) (2020): “Contemporary Developments in Entrepreneurial Finance”, FGF Studies in Small Business and Entrepreneurship, Cham (Springer), https://doi.org/10.1007/978-3-030-17612-9_7, first online 23 August 2019
2019	« L’impact des programmes européens de garantie de crédit », by Brault, J.; BSI Economics Note, 26 September 2019
2019	“How do micro firms differ in their financing patterns from larger SMEs?”, by Masiak, C., Block, J.H., Moritz, A., Lang, F., and Kraemer-Eis, H., in: Venture Capital, An International Journal of Entrepreneurial Finance, Published online: 15 April 2019.
2017	“Access to funds: how could CMU support SME financing?”, , by Kraemer-Eis, H., and Lang, F., in: Kotz, H.-H., and Schäfer, D. (2017). “EU Capital Markets Union – alluring opportunity or blind alley? Concept and micro-perspectives of CMU“, DIW Vierteljahrshefte zur Wirtschaftsforschung (Quarterly Journal of Economic Research), Vol. 86, 1/2017, October 2017, pp. 95-110.
2017	“SME Securitisation in Europe - a short summary”, by Kraemer-Eis, H., in: Securitisation & Structured Finance Handbook 2018.
2017	“Beyond the Equity Efficiency Trade-Off: Practical ideas for inclusive growth and competitiveness in Europe”. World Economic Forum & EIB Group. March 2017.
2017	"The Shortage of Risk Capital for Europe’s High Growth Businesses", by AFME in conjunction with Accountancy Europe, BAE, BusinessEurope, Deutsche Börse Group, eban, European Investment Fund, Euronext, European Crowdfunding Network, FESE, Invest Europe, London Stock Exchange Group, Nasdaq. 07.03.2017.
2016	"Bottlenecks in financing SMEs’ competitiveness", by Kraemer-Eis, H., Lang, F., Torfs, W., and Gvetadze, S., in “Investment and Investment Finance in Europe – Financing productivity growth”, an European Investment Bank (EIB) publication, November 2016, pp. 193ff.
2016	"SME credit guarantees issued by EIF", by Kraemer-Eis, H. and Van Steensel, V., in "Revue Bancaire et Financière 2016", Ref.: Rev.banc.fin/Bank Fin 2016, 5, pp.291-298.
2016	"Business Angel Research: illusion and disillusion", by Kraemer-Eis, H., in "Business Angels Netzwerk Deutschland newsletter", issue 1/2016, pp.13ff.
2015	"Tackling SMEs asymmetric risk: the EIB Group approach" by Revoltella, D. and Kraemer-Eis, H., in "Who takes the risks for funding SMEs? European Economy", 2015/2, October 27, 2015, pp. 131ff.
2015	"SME Securitization in Europe", by Kraemer-Eis, H. and Passaris, G., in "The Journal of Structured Finance", Vol. 20, No. 4, Winter 2015, pp. 97-106 (access to the article via subscription to the journal only ).
2015	"SME finance in Europe", by Kraemer-Eis, H., Lang, F., Gvetadze, S., in “Investment and Investment Finance in Europe 2015: Investing in Competitiveness”, an European Investment Bank (EIB) publication, March 2015 , pp. 97ff.
2014	"A Practical Approach to the Market Analysis Part of SME-Related Ex-ante Assessments", in "European Structural and Investment Funds Journal (EStIF)"2014/3, Lexxion, November 2014, pp. 200-211.
2014	"The importance of leasing for SME financing in Euromoney’s World Leasing Yearbook 2014.
2013	"Bottlenecks in SME financing", by Kraemer-Eis, H., Lang F., Gvetadze S., in "Investment and Investment Finance in Europe", p. 277ff, an European Investment Bank (EIB) publication.
2012	"Improving the funding landscape for entrepreneurs", by Pelly, R. and Kraemer-Eis, H. in "SMEs in the single market. A growth agenda for the 21^st century", a Lisbon Council Publication.
2011	"EIF & EVCA: the European Private Equity Market Outlook"
2011	"Creating a Better Business Environment for Financing Business, Innovation and Green Growth by Pelly, R. and Kraemer-Eis, H., in "OECD Journal. Financial Market Trends, Volume 2011 – Issue 1.
2011	"Microfinance in Europe", by Eriksson, P.-E., Kraemer-Eis, H. and Conforti A., in APS Bank., n. 10 Occasional Papers, pp 49-86.

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