Invest Europe the voice of private capital annual report 2015-16

ANNUAL REPORT

2015/2016

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Our members take a long-term approach to investing in privately held companies, from start-ups to established businesses. They inject not only capital but dynamism, innovation and expertise. This commitment helps deliver strong and sustainable growth, resulting in healthy returns for Europe’s leading pension funds and insurers, to the benefi t of the millions of European citizens who depend on them.

Invest Europe aims to make a constructive contribution to policy affecting private capital investment in Europe. We provide information to the public on our members’ role in the economy. Our research provides the most authoritative data on trends and developments in our industry.

Invest Europe is the guardian of the industry’s professional standards, demanding accountability, good governance and transparency from our members.

Invest Europe is a non-profi t organisation with 25 employees based in Brussels, Belgium.

For more information please visit www.investeurope.eu

Invest Europe is the association representing Europe’s private equity, venture capital and infrastructure sectors, as well as their investors.

SECTION 1:OVERVIEW

Chairman’s overview 04

Chief Executive’s report 05

SECTION 2:HOW WE OPERATE

Governance structure 08

SECTION 3: WHAT WE DO

Industry excellence 16

Political advocacy 18

Communications 20

Data & research 22

Events 24

SECTION 4: FINANCIALS

Financial report 30

Financial statements 31

Auditor’s report 34

Invest Europe Annual Report 2015/2016

01www.investeurope.eu/AnnualReport2015/2016

Overview

How

we operate

What w

e doFinancials

Central role for private capital in Capital

Markets Union

Most comprehensive set of guidelines on

professional standards released

Launch of new Invest Europe brand

HIGHLIGHTS

“ We vigorously promote and protect our members’ interests in Europe and around the world.”Dörte Höppner Chief ExecutiveRead Dörte’s report on page 05

OVERVIEWSECTION 1

Chairman’s overview 04

Chief Executive’s report 05


Overview

How

we operate

What w

e doFinancials



Eight years after the fi nancial crisis, markets remain volatile and many companies still struggle to access fi nances. Our association’s new name and new brand clearly states our essential work and how we help the continent and its companies. It makes clear the scope of what we do by aligning and giving equal weight to the efforts of all members – venture capital, private equity, infrastructure funds and long term investors. Just as importantly, Invest Europe aligns our association with European companies’ desire to invest in expansion and success, as well as the European Commission’s objectives to invest in innovation, jobs and growth.

In a period of considerable economic, political and social uncertainty, Invest Europe is standing as a unifi ed force. Private capital investors and investment managers can honestly be said to be pulling in the same direction towards fostering a robust, professional, ethical and transparent industry that can create world-class businesses.

Our efforts and successes have not gone unnoticed. We have invested €400bn into European businesses employing over 8m people in the last eight years; 83% of companies are SMEs – the engine room for economic growth. As a result, private capital is at the top of the economic agenda in Brussels for the fi rst time – Capital Markets Union and the European Fund for Strategic Investment have a special place for private capital, while the European Commission’s promises to reassess risk weightings for venture capital, private equity and infrastructure demonstrate an appreciation of private capital not seen among policymakers before.

I am extremely proud to have chaired Invest Europe through this momentous year and wish Gerry Murphy well when he takes over as Chairman in June. I thank Dörte Höppner for her considerable efforts this year and during her past fi ve years at the head of the Invest Europe team. I wish her well when she steps down in October and welcome Michael Collins as a worthy successor. I also thank fellow board members, as well as the association’s many members who give their time and energy to Invest Europe. They are all responsible for creating a peerless industry association and deserve credit for its successes.

Strategic achievements have been complemented by attention to detail on long-running projects. We have made great strides towards completing Europe’s largest private capital database, accessible to our members and investors. It will set the benchmark for industry data encompassing fundraising, investment and divestments. In the future it will also measure performance and economic impact data to demonstrate the positive effect of our members’ investments on job creation, for instance.

We have cemented our global leadership on ESG standards. Invest Europe’s Responsible Investment Roundtable, comprising both limited partners and general partners, is improving processes and has integrated ESG throughout the 2015 Professional Standards Handbook and Investor Reporting Guidelines. This will ultimately create a more transparent system that can allow investors to compare managers and ensure that all strive to achieve the highest standards.

We have travelled Europe to explain our work to our members and gather feedback that can help Invest Europe serve them better. I have particularly enjoyed participating in the Chairman’s Dinners. These have been a perfect way to engage with leading lights in our industry across Europe to stimulate debate and share ideas.

These events, like the achievements listed above, are testament to the unique structure of Invest Europe, which brings together investment managers and investors to create industry consensus. Invest Europe is more than a loose confederation of fi nancial institutions; it is a forum for ideas, best practice and real progress in the private capital industry. Invest Europe is engaged and relevant for members, investors, fund managers, policymakers, press and companies across the continent, and is more vital now than at any time in its 33-year history.

For many years, the trade associations of the European Union have represented a sea of acronyms all starting with the letter E. Not any longer; Invest Europe has broken the mould.

Max RömerChairman

Chairman’s overview

A unifi ed force

“ Invest Europe is standing as a unifi ed force. Private capital investors and investment managers can honestly be said to be pulling in the same direction.”


Overview

How

we operate

What w

e doFinancials

It has been a year of huge progress for Invest Europe and the private capital industry we serve – the achievements and highlights listed in this report are testament to that.

Chief Executive’s report

Safeguarding your licence to operate

2016/17 OBJECTIVES

• Push for removal of barriers to ensure fair implementation of AIFMD passport system

• Coordinate response to development of global OECD tax measures with international private capital and fi nancial associations

• Negotiate new EuVECA regime to benefi t more venture capital and smaller fund manager members

• Launch pan-European database; extend research capacity into fund performance and economic impact data

• Initiate new standardised, PRI-compliant ESG due diligence questionnaires for GPs and portfolio companies

• Launch inaugural edition of Invest Week series of events in Brussels to showcase the benefi ts of private capital investment to policymakers and investors

It has been a year of huge progress for Invest Europe and the private capital industry – the achievements listed in this report refl ect the energy we put into promoting our members’ interests.

The milestones of the last 12 months were not overnight successes. Like many of the managers and investors we represent – who have invested in more than 28,000 companies across Europe since the fi nancial crisis – our results stem from long term strategic planning, attention to detail, intense effort, and integrated and aligned operations spanning communications, events, data, and public affairs.

As always, Invest Europe aims to foster the best environment for our members to conduct their business; we vigorously promote and protect our members’ interests in Europe and around the world. More than that, we are building a community that serves our members with benefi ts that only the world’s largest private capital association can bring, such as networking at local and pan-European level, and education on policy and best practice where members are based. The result is an engaged and vibrant association that can better represent our industry thanks to its cohesive force.

This will be my last Annual Report and Annual Meeting as Chief Executive of Invest Europe as I leave to pursue new opportunities in October. I thank Max Römer for his support throughout this important year, as well as all Invest Europe’s members who have contributed to the successes during my fi ve years at the association. I also thank Invest Europe’s dedicated staff for their hard work on behalf of our members. I wish Michael Collins well when he takes over as Chief Executive and am assured that Invest Europe and the private capital industry in Europe will go from strength to strength.

“ We vigorously promote and protect our members’ interests in Europe and around the world.”

Dörte HöppnerChief Executive

HIGHLIGHTS 2015/16

• Invest Europe completes successful rebrand • Capital Markets Union Action Plan acknowledges

importance of private equity, venture capital, infrastructure and long term investment capital to European economy

• European Commission plans creation of public/private European venture capital fund of funds to help attract institutional investors

• Invest Europe releases most comprehensive best practice standards with 2015 Professional Standards Handbook and Investor Reporting Guidelines

• Completion of IT infrastructure for pan-European industry database

• Invest Europe secures participation of Commission Vice-President Jyrki Katainen and fi nancial markets Commissioner Jonathan Hill at roundtable discussions with our members

HOW WE OPERATE

SECTION 2

Governance structure 08

Overview

How

we operate

What w

e doFinancials



Invest Europe is committed to representing the interests of each segment of our membership fully and fairly. To achieve this, members are organised into four Platforms dedicated to supporting a specifi c member group – Limited Partner, Venture Capital, Mid-market and Large Buyout.

The Platforms are led by a Council composed of industry practitioners, elected by the membership. The Platform Chairman is elected among members of the Council and is ultimately responsible for delivering the Platform action plan and ensuring that the Platform best represents its sector and membership. Each Platform also puts forward a representative to the Public Affairs Executive.

The Platforms are overseen by the Invest Europe Board of Directors, which supersedes individual platforms on issues concerning the industry as a whole. All segments of our membership are equally represented on the Board of Directors and Public Affairs Executive.

In addition, Invest Europe’s Platforms steer a number of Platform Groups, also composed of industry practitioners and reporting to the Platforms and Board of Directors.

Finally, there are several roundtables such as the Infrastructure roundtable, representing certain sub-segments of one or more platforms.

Invest Europe is the voice of investors in privately-held companies in Europe. The industry that we represent includes private equity, infrastructure and venture capital as well as long-term investors such as pension funds and insurance companies.

Governance structure

GOVERNANCE STRUCTURE

BOARD OF DIRECTORSMaximum 3 members from each platform + Chair of the Board + Past-Chair (guest)*

MM COUNCIL(15 members)

EPER/LBO COUNCIL(3-10 members)

VC COUNCIL(15 members)

RoundtablesRepresent members

of a certain sub-segments of one

or more platforms. Current roundtables

include Infrastructure, Single Family Offi ce, Corporate Venture,

Capital, Growth Capital, Responsible Investment

and Turnaround

Professional Standards Committee

Shapes industry guidelines and

working practices

Public Affairs Executive

Public Affairs strategic decision

making body

Tax, Legal and Regulatory Committee

Supports Public Affairs and the PAE

CROSS PLATFORM GROUPS

Ad hoc working groups for special projects of a platform

PLATFORM GROUPS

LP COUNCIL(15 members)

* the Chair-Elect is the chair for the next fi nancial year and is chosen amongst the members of the Board of Directors

Venture Capital Platform

Limited Partners Platform

Mid-Market Platform

European PE Roundtable/Large Buyout Platform

Invest EuropeChief Executive

(Secretary General)

Invest EuropeSecretariat

Advisory Groups


Overview

How

we operate

What w

e doFinancials

BOARD OF DIRECTORS 2015/2016

Chair 2015-2016

Max Römer Quadriga Capital

Past-Chair 2014-2015

Anne Glover Amadeus Capital Partners

Chair-Elect 2016-2017

Gerry Murphy Blackstone

Treasurer Christian Strain Summit Partners

Vice-Chairs Craig Donaldson HgCapital Michael Lindauer Allianz Capital PartnersRory Macmillan The Carlyle Group Nenad Marovac DN Capital

Members John Barber Bridgepoint Alex Brabers GimvAnne Fossemalle European Bank for Reconstruction and Development Michael Lee Syngenta VenturesVanessa Maydon CinvenDaniel Sánchez Nauta Capital Helen Steers Pantheon

MICHAEL LINDAEURLIMITED PARTNERS PLATFORMVICE-CHAIR

CRAIG DONALDSONMID-MARKET PLATFORM VICE-CHAIR

CHRISTIAN STRAINTREASURER

ANNE GLOVERBOARD OF DIRECTORS PAST-CHAIR

MAX RÖMER BOARD OF DIRECTORSCHAIR

GERRY MURPHYBOARD OF DIRECTORSCHAIR-ELECT

NENAD MAROVACVENTURE CAPITAL PLATFORM VICE-CHAIR

RORY MACMILLANLARGE BUYOUT VICE-CHAIR


Governance structure continued

LIMITED PARTNERS PLATFORM COUNCIL

Vice-Chair Michael Lindaeur Allianz Capital Partners

Members George Anson HarbourVest PartnersJesse de Klerk Robeco GroupAnne Fossemalle European Bank for Reconstructionand DevelopmentMarleen Groen Stepstone Group Lori Hall-Kimm Canada Pension Plan Investment BoardJohn Holloway European Investment FundRune Jepsen QICDavid Lindstrom MetLife InvestmentsChristina Pamberg Alcyon Holding Marc Roijakkers Blue Sky GroupKlaus Bjorn Rühne ATP Private Equity PartnersHelen Steers Pantheon Claus Stenbaek Keyhaven Capital Partners Angela Willetts Capital Dynamics

MID-MARKET PLATFORM COUNCIL

Vice-Chair Craig Donaldson HgCapital

Members John Barber BridgepointRikkert Beerekamp Avedon Capital PartnersTrond Bjørnøy Norvestor Equity Christian Couturier AstorgManuel Hertweck capiton AGHenry Jackson OpCapita José María Muñoz MCH Private Equity InvestmentsJuha Peltola Vaaka Partners Fabien Prévost Omnes CapitalMax Römer Quadriga CapitalChristian Strain Summit Partners Nino Tronchetti Provera AmbientaWilliam Watson Value4Capital Ralph Wyss Gilde Buy Out Partners

VENTURE CAPITAL PLATFORM COUNCIL

Vice-Chair Nenad Marovac DN Capital

Members Max Bautin IQ Capital PartnersAlex Brabers GimvChristian Ehrenborg IKEA GreenTech Anne Glover Amadeus Capital PartnersHakan Goker MS VenturesChristoph Jung HV Holtzbrinck VenturesMichael Lee Syngenta VenturesJari Mieskonen Conor Venture Partners Stephan Morais CAIXA Capital Cem Sertoglu Earlybird Venture CapitalEkaterina Smirnyagina Capricorn Venture Partners Rainer Strohmenger Wellington PartnersJan Westerhues Robert Bosch Venture Capital

EUROPEAN PRIVATE EQUITY/LARGE BUYOUT PLATFORM COUNCIL

Vice-Chair Rory Macmillan The Carlyle Group

Members Tom Allen Advent International Geoffrey Bailhache BlackstoneLudo Bammens Kohlberg Kravis RobertsChristoper Crozier Permira AdvisersTherése Lennehag EQTVanessa Maydon CinvenGerry Murphy BlackstoneKlas Tikkanen NC Advisory


Venture Capital Platform

Limited Partners Platform

Mid-Market Platform

European PE Roundtable/Large Buyout Platform

Four platform groups

Members are organised into four Platforms dedicated to supporting a specifi c member group – Limited Partner, Venture Capital, Mid-market and Large Buyout.


Overview

How

we operate

What w

e doFinancials

Each platform is supported by sub-groups which deal with specifi c industry sectors.

MID-MARKET PLATFORM GROUPS

Central and Eastern European TaskforceThis taskforce undertakes initiatives specifi cally aimed at the development and promotion of private equity and venture capital in the Central and Eastern Europe (CEE) region. Among its accomplishments are special papers dedicated to annual statistics for 2005 to date.

Robert Manz Enterprise Investors Chair

VENTURE CAPITAL PLATFORM GROUPS

Digital Agenda TaskforceThis group promotes the digital media sector in Europe by highlighting compelling cases of successful investments and exits. It also strives to create networking opportunities for venture capitalists active in this sector.

Nenad Marovac DN Capital Chair

MedTech TaskforceThe group is working on a paper exploring the clinical and regulatory situation in European MedTech and the many advantages the sector has to offer investors. The MedTech Taskforce is also creating new networking opportunities for venture capitalists active in this sector.

Thom Rasche Earlybird Venture Capital Chair

Life Sciences TaskforceThis new group focuses on making a case for the European Life Sciences industry. Focusing on the economic impact of venture capital-backed companies, the taskforce also helps create networking opportunities for venture capitalists active in this sector.

Francesco de Rubertis Index Ventures Chair

PLATFORM GROUPSGOVERNANCE STRUCTURE

Ad hoc working groups for special projects of a platform

PLATFORM GROUPS


PUBLIC AFFAIRS EXECUTIVE

The PAE is the decision making body on political advocacy work of those EU fi les that have a direct impact on all market segments of the industry.

Chair Max Römer Quadriga Capital Invest Europe Chair

Members Uli Fricke Triangle Venture Capital Group Representing Invest Europe VC PlatformLudo Bammens Kohlberg Kravis Roberts Representing Invest Europe Large Buyout PlatformHåkan Dahlin Segulah Representing Invest Europe Mid-Market PlatformDörte Höppner Representing Invest Europe Tim Hames Representing the BVCA (British Private Equity and Venture Capital Association) Ulrike Hinrichs Representing the BVK (German Private Equity and Venture Capital Association)Sebastian Ippisch Allianz Capital Partners GmbH Representing Invest Europe Limited Partners PlatformPaul Perpère Representing the AFIC (Association Francaise des Investisseurs en Capital)Patricia Volhard P+P Pöllath + Partners Representing Invest Europe Tax, Legal & Regulatory CommitteePaul Junck Representing the LPEA (Luxembourg Private Equity & Venture Capital Association) as the Presidency of the Council of the EU (H2 2015)Tjarda Molenaar Representing the NVP (Nederlandse vereniging van Participatiemaatschappijen) as the current presidency of the council of the EU (H1 2016)

Guests Anne Glover Amadeus Capital Partners Invest Europe Past-ChairPhil Bartram Travers Smith

PROFESSIONAL STANDARDS COMMITTEE

The committee ensures that Invest Europe is at the forefront of creating and maintaining strong professional conduct guidelines and working practices for the industry.

Chair William Watson Value4Capital

Vice-Chair Marta Jankovic APG Asset Management

Members Margaret Chamberlain Travers SmithBlaise Duault PAI PartnersNeil Harding 3i GroupDan Kjerulf Danske Private EquityDavid Lindstrom MetLife InvestmentsJonathan Martin KPMGAlain Parthoens Vesalius Biocapital PartnersSimon Powell Advent InternationalSue Woodman Equistone Partners

RoundtablesRepresent

members of a certain sub-

segments of one or more platforms


Shapes industry guidelines

and working practices


Public Affairsstrategic decision

making body


Supports public affairs and the PAE


Governance structure continued


Invest Europe’s Roundtables are cross-Platform initiatives which are open to members from all segments.

Single Family Offi ce Roundtable The SFO Roundtable represents the interests of the SFO community within Invest Europe. It works to increase SFO Invest Europe membership and provides tailored training courses.

Christina Pamberg Alcyon Holding Chair

Corporate Venture Capital RoundtableThe Corporate Venture Roundtable gives a voice to the increasingly infl uential corporate venture capital community. Its membership includes leading companies who are active in Europe and it has strong ties with similar networks in other countries, such as the US National Venture Capital Association’s Corporate Venture Group.

Jan Westerhues Robert Bosch Venture Capital Chair

Growth Capital RoundtableThe Growth Capital Roundtable provides a platform for Invest Europe members that are growth capital investors. The Roundtable facilitates the discussion and sharing of best practices among its members and seeks to promote growth capital as an asset class to institutional investors.

Christian Strain Summit Partners Chair

Responsible Investment RoundtableThe Responsible Investment Roundtable aims to promote responsible investment practices and the consideration of ESG issues within the Invest Europe membership and broader private equity community.

Marta Jankovic APG Asset Management Chair

Infrastructure RoundtableThe Infrastructure Roundtable provides a forum for members to address the policy issues affecting their operations and to collect data on their investment activities to inform future communications.

Alain Rauscher Antin Infrastructure Partners Chair

Turnaround RoundtableThe Turnaround Roundtable aims to raise awareness of the role of these specialised investors and promote the asset class to institutional investors.

Henry Jackson OpCapita Co-ChairCatherine Brossard Cerebrus Co-Chair

ROUNDTABLES


Overview

How

we operate

What w

e doFinancials

TAX, LEGAL & REGULATORY COMMITTEE

The committee provides input for Invest Europe position papers, as well as responses to relevant EU level consultations with an impact to the industry.

Chair Patricia Volhard P+P Pöllath + Partners

Vice-Chair Phil Bartram Travers Smith

Platform Representatives

Gitte Bedford Robert Bosch Venture Capital Hugo Lauque ArdianRachel Thompson/Benjamin Marten BridgepointJay Modrall Norton Rose Fulbright

Regional Representatives

Ana Sofi a Batista Abreu AdvogadosFabio Brunelli Di Tanno e AssociatiMarco de Lignie Loyens & Loeff Piotr Dulewicz DentonsGilles Dusemon Arendt & Medernach Felix Haldner Partners GroupJakob Mosegaard Larsen Mazanti-Andersen Korsø JensenDavid Nicolson BridgepointMartin Nilsson Mannheimer Swartling Advokatbyra Robin Painter ProskauerBernard Peeters TiberghienStéphane Puel Gide Loyrette Nouel Isabel Rodríguez King & Wood MallesonsChristian Schatz King & Wood MallesonsJyrki Tähtinen Borenius Attorneys Sylvie Vansteenkiste King & Wood Mallesons



RoundtablesRepresent

members of a certain sub-

segments of one or more platforms


Shapes industry guidelines

and working practices


Public Affairsstrategic decision

making body


Supports public affairs and the PAE

WHAT WE DOSECTION 3

Industry excellence 16

Political advocacy 18

Communications 20

Data & research 22

Events 24


Overview

How

we operate

What w

e doFinancials


In 2015, we reached new landmarks, including the publication of the 2015 Invest Europe Professional Standards Handbook and Investor Reporting Guidelines. With it, we cemented Europe’s leadership role in setting transparency and responsible investing standards. In addition to updates refl ecting changes in the European regulatory framework surrounding the industry, such as the Alternative Investment Fund Managers Directive (AIFMD), the Handbook incorporated enhanced guidance on ESG practices and disclosure throughout the text, covering the entire private capital lifecycle.

Moreover, we have been working on harmonising ESG standards for investors and fund managers. In particular, we have been making efforts to standardise due diligence questionnaires on ethical and responsible investing, for both general partners and limited partners, the latter being driven by the Principles for Responsible Investment (PRI) Association.

Our work to create best practice guidelines is supplemented with a full programme of training courses to educate professionals on these matters, as well as regulatory issues and other areas of interest to our members, such as fi nancial modelling or fund structuring.

The successes of 2015 were only possible thanks to the collaboration of Invest Europe’s members in the Professional Standards Committee and its sub-Committees (the Responsible Investment Roundtable and the Working Group on Accounting Standards, Valuation and Reporting), not to mention the engagement of Invest Europe’s broad membership in supporting and implementing the guidelines and standards set. Professional Standards Committee Chair William Watson and Vice-Chair Marta Jankovic deserve special thanks for their input into the Handbook, as does Jonathan Martin for leading the work to update the reporting guidelines. The very fact that our committees driving these processes are formed of limited partners and general partners, as well as advisers, helps achieve consensus and secure industry support.

The effect is extremely benefi cial to Invest Europe and to the private capital industry. The Professional Standards Handbook has been an immense piece of work which enhances our reputation in Brussels among policymakers. It underlines our message that private capital providers are positive, proactive, responsible and committed to investment in companies in Europe. It also lifts our profi le globally, with fellow associations in the Americas and Asia seeking our Handbook and following the advice we set in Europe.

Industry excellence

PROFESSIONAL STANDARDS

HANDBOOK

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Edition November 2015

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5,000copies sent and downloaded of 2015 Professional Standards Handbook

11Tailored training courses for each type of industry participant

+200Over 200 attendees at training courses

Invest Europe is the guardian of the European private capital industry’s professional standards, and as such we are always pushing advances in best practice in fi elds including fund management, investor reporting and environmental, social and governance (ESG) measures.


HIGHLIGHTS 2015/16

Publication of 2015 Professional Standards Handbook, including renewed Investor Reporting Guidelines

Handbook integrates extensive guidance on ESG and sets benchmark for transparency and investor reporting

Initiated general partner ESG questionnaire, helped shape the limited partner questionnaire in line with PRI standards

11 training courses for members, including new courses on fund structuring and fi nancial modelling

Over 200 attendees at courses, training course revenues up 21%

2016/17 OBJECTIVES

Update 2015 Professional Standards Handbook, addressing special sectors including venture capital, infrastructure and turnaround investing

Finalise the update of Invest Europe’s supplementary guidance for placement advisers

Production of a “Training the Trainers” presentation on the Handbook

Introduce new training courses, such as negotiations in private equity

Implement courses rebrand as Invest Europe Training

Overview

How

we operate

What w

e doFinancials



In the past year political projects designed to boost investment across the European Union have taken a huge leap forward. Moreover, the tone of the European Commission, the driving force behind many of these measures, has become much more conducive to private capital as one source of this investment.

Capital Markets Union, which seeks to promote a broad range of fi nancing options for European businesses, is front and centre for our industry. The action plan – a roadmap of sorts – envisages numerous measures that can make it easier for private capital groups to raise and invest capital, such as a reassessment of risk weightings under Solvency II, a commitment to make initial public offerings easier for smaller companies, and a commitment to investigate barriers that impede cross-border capital fl ows and run counter to the Alternative Investment Fund Managers Directive (AIFMD) and EU Venture Capital Regulation (EuVECA) passport systems.

The proposal to revise the Institutions for the Occupational Retirement Provision (IORP) directive on pension funds has also been positive for private capital with no new risk weights envisaged in the text currently under negotiation. Our focus on demonstrating the highest professional standards continues to play an important role in positioning our industry before policymakers.

Some discussions nonetheless present challenges, not least the OECD’s base erosion and profi t shifting (BEPS) initiative which has the aim of shoring up the tax base and addressing the implications of tax avoidance strategies. It is an area where high-profi le coverage of offshore activity – such as the leak of law fi rm Mossack Fonseca’s so-called Panama Papers – has generated huge public and political scrutiny. Changes to tax rules now seem inevitable and are already happening in many Member States, but Invest Europe will use its open channels with policymakers to work for rules that do not discriminate against private capital or hinder our industry’s critical role in delivering investment.

Political advocacy

“ The tone of the European Commission has become much more conducive to private capital.”Michael Collins Deputy Chief Executive and Public Affairs Director

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BREXIT Technical and legal implications for private equity if the UK votes to leave the EU


Overview

How

we operate

What w

e doFinancials

+100More than 100 meetings with policymakers, including Commissioners, MEPs and Finance Ministers

25More than 25 speaking engagements at international policy debates

HIGHLIGHTS 2015/16

Central role for private capital and long term investors in Capital Markets Union Action Plan

Commission plans for creation of a venture capital fund of funds to attract private investment into SME fi nance

Immediate reassessment of risk weightings on infrastructure investment by insurers

Commitment to reassess venture capital and private equity risk weightings for insurers, already reduced to 39% from 49% in 2015

Place for venture capital funds within €315bn European Fund for Strategic Investments, which had generated €82bn for investment by April 2016

Commitment to revise Prospectus Directive to make initial public offerings easier for smaller companies

Commitment to investigate barriers to cross border capital fl ows that impede fair AIFMD passport implementation

23Responded to 23 consultations from 9 different public bodies

European venture capital fund of fundsVenture capital has been an area of signifi cant focus for the European Commission over the past year as it looks for ways to stimulate business innovation that can accelerate job creation and economic growth. A commitment to establish pan-European venture capital funds of funds represents a signifi cant win for Invest Europe as this is a solution we have been proposing and working on for many years.

The Commission has embraced the proposal and is now working on a funds of funds proposal that will be backed with public money that is then matched by the private sector. A number of renowned fund managers have expressed their interest in running the new investment vehicle, which would complement the European Investment Fund.

Invest Europe will continue to engage with the European Commission to put fl esh on the proposal’s bones and ensure that the planned funds of funds meets its objectives: supporting European venture capital in attracting global institutional capital. The progress of this project over the last 12 months is another illustration of the Commission’s recognition of the importance of private capital in providing fi nance for growing companies.

2016/17 OBJECTIVES

Oversee positive development of Capital Markets Union proposals envisaged in Action Plan

Ensure that international and EU work on combating tax avoidance does not undermine private capital investment

Negotiate new EuVECA regulation to enable signifi cantly more Invest Europe members to benefi t from the regime

Initiate new research projects on the impact of AIFMD and Solvency II risk weightings to strengthen long term case for reduced capital requirements

Collaborate on the creation of detailed plans for European venture capital fund of funds

Foster greater engagement with members on policy issues through papers, calls and updates on breaking news

Push for successful outcomes on legislation with indirect impact on the industry, including Shareholders Rights Directive, Prospectus Directive and new insolvency regime


The rebranding of Invest Europe in October last year was an opportunity to put our integrated communications strategy to the test. It involved a broad array of efforts to increase engagement with top-level print, online and TV press, and enhance the association and the industry’s reputation among key policymakers, thanks in part to a name that resonates clearly with their own political aims and moves away from a simple description of who we represent. This work has a bigger aim to establish Invest Europe as a thought-leader – not only on private capital but also on key European fi nancial topics, including Capital Markets Union – which in turn can shine a benefi cial light on our industry.

Roundtable events have enhanced our positioning with the EU’s top politicians. A fi rst event in London with EU Commissioner Jonathan Hill was recently followed by a roundtable in Brussels, attended by the European Commission’s Vice-President for Jobs, Growth, Investment and Competitiveness, Jyrki Katainen, and the chair of the European Parliament’s Economic and Monetary Affairs Committee Roberto Gualtieri. They met with member fi rms and investee company CEOs to learn about the true positive impact of private capital investment – the event brought the recognition that our industry is not niche but instead a strategic sector for the future of Europe.

We leveraged the launch of the Invest Europe Professional Standards Handbook and Investor Reporting Guidelines for 2015 to secure widespread coverage about our leading position in creating and implementing best practice. It was one of a number of successful campaigns centred on key publications, such as the annual private equity and venture capital activity data report and industry hot topics including Capital Markets Union. Our series of short videos fi lmed with entrepreneurs and venture capital executives, including Skype founder Niklas Zennström, has been viewed more than 5,000 times. Their messages about funding innovation are resonating with key European policymakers who will ultimately design and approve a Capital Markets Union plan.

Taken together, our campaigns demonstrate how we are employing a wide range of communications tools, including social media and thought leadership initiatives to improve our reach and impact. Over the longer term our strategy will deliver increased awareness and engagement with members, policymakers and press on issues important to them.

Communications

“ Our campaigns demonstrate how we are employing a wide range of communication tools to improve our reach and impact.”Lynn Nicholson Communications Director

publications, 10 videos, 15 blogs aimed at different audiences including policymakers, members and public at large.

15


Overview

How

we operate

What w

e doFinancials

100%100% increase in social media followers: Twitter 4870 (2,343); LinkedIn: 5129 (2,484)

500Over 2000 press interactions and over 500 positive pieces of press

2016/17 OBJECTIVES

Fully imbed new brand and take leadership positions on industry hot topics and wider EU themes, such as Digital Single Market, Single Market Strategy, Juncker Plan and Capital Markets Union, including private equity and venture capital in the debate

Establish Invest Week programme of events and communications to support key positioning of Invest Europe as thought leader

Improve impact of member communications with new channels, better design, content and tone; develop tools that allow members stronger feedback to Invest Europe.

INVEST WEEKIn line with last year’s rebrand, in 2015 we started preparation for a concentrated programme of events in Brussels that will elevate Invest Europe’s standing with policymakers even further through discussion and research on the central topic of investment in European businesses. Our aim is to tap into the investment ecosystem that exists in Brussels to position Invest Europe and our industry as a source of expertise, as well as capital, for growing businesses and jobs in Europe.

We constructed an outline for Invest Week and are now advancing concrete plans for a week-long series of events and communications under that banner. The programme is intended to bring policymakers into contact with our members and their businesses in order to observe and understand what private capital providers are doing in Europe. Plans include roundtables, a reception and a VIP dinner. Invest Week will ensure that our industry and association remains front-of-mind as Brussels politicians continue to advance projects for Capital Markets Union and the European Fund for Strategic Investments. There will be a dedicated website and social media presence.

We look forward to sharing further information with members about this pioneering programme throughout the year.

HIGHLIGHTS 2015/16

Launch of Invest Europe brand with widespread press coverage and policymaker engagement

Reached several hundred million potential audience through media including the Economist, Financial Times, Sky News, Bloomberg TV, Frankfurter Allgemeine Zeitung and Forbes

Hosted two successful roundtable events in Brussels and London with Commissioners Katainen and Hill

Produced 15 publications targeted at members, policymakers and public

Enhanced social media activities including 100% increase in Twitter and LinkedIn followers, the greatest increase of any trade association

“ In a sign that the region is developing its own ‘late-stage’ tech companies like Uber and Airbnb, investments of so-called growth equity — which lies between venture capital and leveraged buyouts — reached €6.5bn in 2015, an 11 per cent increase on a year earlier, Invest Europe said.”

Dörte Höppner departs Invest Europe

Outlets we had coverage with in 2015/16 include:


Data provision is one of the foundations upon which Invest Europe is built. Our association has become the go-to source for authoritative and comprehensive European data on private equity and venture capital for our members, investors, European and international policymakers, press and academics.

In the past year we have taken further leaps forward in the quality and scope of the information we provide. We have driven great advances in the pan-European database, which is nearing completion. In addition, we have launched an online library of private capital industry research to provide our members with an accessible and valuable repository of information about our industry.

Our activities have also included the production of exhaustive private equity and venture capital activity reports – the Invest Europe 2015 European Private Equity Activity Report, as well as the Central and Eastern European Statistics 2014, based on PEREP_Analytics data. The data gathered and analysed for these reports has formed the basis of numerous speaking engagements and presentations at key investment conferences across Europe.

Invest Europe data is a vital resource for the broad community of members that we serve. We process up to 50 member requests for data every month on a range of topics that has included corporate venture, trends in growth capital, regional trends and investment size analysis. Our data also informs the workstreams of our association’s platforms and committees. Moreover, Invest Europe has become a preferred and trusted partner for policy research into our industry. Projects include assessments into EuVECA regulation and the proposed venture capital fund of funds, as well as the OECD’s annual 2015 Entrepreneurship at a Glance report.

HIGHLIGHTS 2015/16

Completion of IT infrastructure and agreed methodology for pan-European database

Launch of members-only online library with over 50 academic reports and industry studies

50 member data requests handled per month

High-profi le speaking engagements at European investment conferences

Data provided for keynote addresses at Invest Europe conferences and Events

Data and research provided to European Commission for studies into EuVECA and VC Fund of Funds, and OECD 2015 Entrepreneurship at a Glance report

Data & research

“ Invest Europe data is a vital resource for the broad community of members that we serve.”Cornelius Mueller Research Director

CREATING LASTING VALUE

EUROPEAN PRIVATE EQUITY &

VENTURE CAPITAL ASSOCIATION

European pension funds’

perceptions of private equity

A study conducted by Greenwich Associates

Commissioned by the European Private Equity

and Venture Capital Association March 2015

750Downloads of annual statistics per month

10,000Visits to Invest Europe Data & Research web pages per year


Overview

How

we operate

What w

e doFinancials

Pan-European DatabaseThe creation of a pan-European database for private equity and venture capital started in earnest in 2014 with investment by Invest Europe and partner national private equity and venture capital associations. New IT infrastructure was established to support the gathering of data across all EU geographies, as well as non-EU states including Norway and Switzerland.

As we fi nalise this year’s Annual Report, that endeavour is now nearing completion. It has been a great endeavour to standardise data collection techniques and methodology, and one that will ultimately deliver truly robust and insightful data for all of Europe. What really makes this achievement special is that Invest Europe has been able to unite Europe’s national associations to create one joint database for the fi rst time.

We now begin the work of populating the database with historic European activity data, and engaging with fund managers who will input their own fi gures into the

database. It goes without saying that security is of the utmost importance to ensure that this is a trusted and accurate tool. When live, the database will simplify and standardise data on our industry across Europe, ultimately making life easier for investors and fund managers with one central repository of information.

Our next major step will be to create modules for performance data and economic impact data. Not only will we show how much private equity and venture capital has invested in Europe, but we will also be able demonstrate its returns to pension funds, insurers and other investors, as well as our industry’s impact on job creation.

The pan-European database positions Invest Europe and its members at the forefront of industry data collection and industry transparency. It will help us to increase engagement and relevance with our membership and long-term investors, as well as policymakers in Brussels and around the globe.

33Data captured for 33 countries in Europe

€564bnData covers over 1,200 fi rms, representing 91% of €564bn in capital under management in Europe.

2016/17 OBJECTIVES

Launch pan-European Database, including new and historic private equity and venture capital activity data

Establish pan-European Database modules for collecting performance and economic impact data

Harmonise historic data and prepare database for full year of use in 2017

Increase engagement with members and policy partners for bespoke data requests

Roll out more content on research library

Enhance positioning of Invest Europe as authoritative source of European private capital data through conference engagements, annual activity reports and Invest Europe event keynotes

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2015201420132012201120102009200820072006200520042003200220012000

OVERVIEW – ALL PRIVATE EQUITY – FUNDRAISING, INVESTMENTS & DIVESTMENTS

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Invest Europe’s conferences and events were given an enhanced focus in 2015, resulting in a rise in revenues and attendance at our key events. As a non-profi t organisation, this ultimately means more revenues fl owing back into the association to invest in other essential work on behalf of our members. Furthermore, in the past year we created a new role focusing on member events to refl ect the level of engagement and service Invest Europe strives to give its broad membership.

The result is that our events agenda is more aligned with Invest Europe’s strategic positioning for the industry, and more relevant and essential to our membership than ever before. In the past year, our events have involved speeches and discussions on live policy issues; they have included presentations of exclusive proprietary data; and they have featured topics selected by our members that showcase industry expertise and educate our audiences on important issues. Altogether, they have refl ected the way we think about our association and our industry, and how we position ourselves to the outside world.

We have also made efforts to be more engaged with our members and offer services that enhance their experiences. We have built on Invest Europe’s expertise and growing social media following to create social platforms that enable members to build their own networks before, during and after events, ensuring that our programme has year-round presence and impact.

HIGHLIGHTS 2015/16

Increased revenues for all major Invest Europe conferences: Investors’ Forum, Investors’ Seminar Asia, CFO Forum, VC Forum

Specialist events held for family offi ces, women in private equity, and corporate venture capital

Improved conference programmes with content designed by members and relevant to members’ needs

Events demonstrated industry experience, policy expertise, exclusive data, association and industry positioning

Enhanced social media coverage to create “buzz” around events

Sponsorship and attendance targets exceeded for major events

14% increase in attendees at Invest Europe conferences

48% increase in attendees from non-member fi rms and a 5% increase in member-fi rm participation

Events

“ Our events agenda is now more aligned with Invest Europe’s strategic positioning, and more relevant and essential to our membership.”Dörte Höppner Chief Executive

21%increase in conference revenues

14%Increase in attendees at Invest Europe conferences Almost 1,000 delegates participated in key conferences


Overview

How

we operate

What w

e doFinancials

KEY EVENTS2016/17 OBJECTIVES

Increase revenues via sponsorship and attendance at events

Identify and bring new members to Invest Europe through tailored programmes and events

Consolidate Invest Europe’s position as a thought-leader through stimulating, relevant and exclusive content

Cooperate with Invest Europe platforms on preparation of Invest Week

CFO Forum02 - 03 June 2015 Brussels

107 delegates

Investors’ Forum16 – 17 March 2016 Geneva

400 delegates

Investors’ Seminar Asia02 - 03 December 2015 Toyko and Seoul

132 local investors

VC Forum 22 October 2015 Berlin

223 delegates

Investors’ ForumGeneva 2016


Member eventsIt has always been important to us to be close to our members in order to hear their concerns, gather feedback and learn ways to help more on the ground. Invest Europe’s member events have been an essential connection enabling us to achieve this. We would like to offer even more. So we are boosting the number of events, and improving their focus, to help our members truly benefi t from access to Invest Europe’s unrivalled professional network.

Our programme of member events includes formal Chairman’s Dinners for senior executives, and more relaxed Next Generation and VC After Work get-togethers for all private equity industry and venture capital professionals. We have also held a number of Policy Update Breakfast Briefi ngs to inform our members about the latest policies affecting the local European private equity and venture capital industries. These events allow our public affairs team to listen to concerns about the regulatory framework in specifi c jurisdictions. All events offer our members a valuable opportunity to meet with key Invest Europe staff and to establish local networks of industry contacts.

We have established a busy programme of member events – on average two per month – and travel around Europe to meet with our members. Over the past year we have visited 12 cities including Madrid, Warsaw, Paris, Stockholm and Frankfurt. And over the coming months we will be going to Berlin, London, Milan, Amsterdam, Barcelona and Riga, among others. Such efforts are having a noticeable effect on creating a vibrant Invest Europe community, both locally and on a pan-European basis, and will serve to heighten Invest Europe’s engagement with members by being present where they are.

HIGHLIGHTS 2015/16

Creation of Invest Europe Member Events as a distinct service for members

Regular programme of multiple monthly member events to boost member engagement through local event co-ordination

Creation of policy breakfast content tailored to local private equity managers and investors

Increased number of member events by 50% to 15 last year

12 cities visited, average of 25-30 attendees per member event

15member networking events 50% increase

25-30Average attendees per event

2016/17 OBJECTIVES

To increase member attendance and awareness for all networking and policy events

Increase following for Next Generation networking

Collaborate with Communications team on social media to create “buzz” around member events

Work with local associations where necessary to recruit more potential attendees and members

Events continued


Overview

How

we operate

What w

e doFinancials

MEMBER EVENTS

12Cities visited

Next Generation Munich 23/03/16

Paris 15/10/15

Breakfast Briefi ng Warsaw 22/01/16

VC After Work Munich 26/11/15

Helsinki 25/11/15

London 28/10/15

Chairman’s Dinner Madrid 18/03/16

Warsaw 21/01/16

Paris 05/11/15

Zurich 04/11/15

Luxembourg 14/10/15

Amsterdam 22/09/15

Stockholm 02/09/15

Oslo 01/09/15

Frankfurt 16/04/15

MADRID PARIS ZURICH

LUXEMBOURG

AMSTERDAM

OSLO STOCKHOLM

MUNICH WARSAW

LONDON

HELSINKI

FRANKFURT

FINANCIALSSECTION 4

Financial report 30

Financial statements 31

Auditor’s report 34

Overview

How

we operate

What w

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inancials



Profi t and LossOperating expenses were €6,689,542 in 2015, 4% lower than 2014’s total of €6,938,051. Operating revenues increased by 2% to reach €7,292,963 in 2015, compared to €7,164,756 in 2014.

The 2015 net operating profi t before exceptional results was €603,420. This was due, in part, to some projects being moved and transferred into the 2016 budget.

Projects initiated in 2014 have been fi nalised in 2015 for a total cost of €112,322, below initial budget.

Invest Europe funded the fi nalisation of three one-off special projects which will enhance Invest Europe’s positioning and its services for its members. These were the creation of the new Invest Europe brand, the pan-European database, and the IPO index for venture capital-backed companies. The total expenses were €474,932, with an authorised budget overrun of €346,921.

The 2015 net accounting profi t was €16,178.

Balance Sheet The balance sheet total was €4,610,418 as at December 31, 2015, while the cash position was €3,757,228 at the same date, compared to €3,944,675 a year earlier. Reserves increased from €3,334,597 to €3,350,775 due to the net accounting profi t.

Budget 2016For 2016, Invest Europe proposes a balanced budget before exceptional projects.

Budgets have also been allocated to the Professional Standards Committee and the Tax, Legal and Regulatory Committee within Invest Europe. There are also various task forces, working groups and roundtables managed by the secretariat.

As in previous years, the board will closely monitor the fi nancial situation throughout the year.

Financial report

HISTORIC EVOLUTION (¤m)

€5.6m2015 Membership revenues, 2% above budget

€1.5m2015 Events and Sponsorship revenues, 12% above budget

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Expenses

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Reserves

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Overview

How

we operate

What w

e doF

inancials

PROFIT AND LOSS (¤)

Financial statements

ACTUAL 2015 BUDGET 2015 ACTUAL 2014

Membership 1 5,608,824 5,475,000 5,578,314

Events 2 1,242,925 1,141,345 1,216,982

Sponsoring 2 259,000 199,000 237,000

Service fees 60,000 60,000 60,000

Bank interest and miscellaneous 28,947 17,500 25,631

Other revenue 93,266 37,000 46,828

Total Revenue 7,292,963 6,929,845 7,164,756

Personnel costs 3,202,821 3,214,000 3,262,705

Professional services 1,414,896 1,610,830 1,492,252

Housing costs 228,014 240,431 229,627

Accommodation events 363,754 324,836 425,811

Travel and representation 3 542,256 499,240 489,826

Communications 86,496 95,900 88,693

Printing and audio-visuals 179,099 152,350 201,082

Various offi ce costs 440,166 502,058 412,022

Finance costs 46,276 29,000 31,037

Provision for doubtful debtors 136,000 155,000 163,536

Provisions/other costs 49,764 106,200 141,460

Total Expenses 6,689,542 6,929,845 6,938,051

NET OPERATING RESULTS EXCL. NON CASH CREDIT ENTRIES 603,420 0 226,705

Long term provisions 0 0 241,889

Non Cash Credit Entries 0 0 241,889

NET OPERATING RESULTS INCL. NON CASH CREDIT ENTRIES 603,420 0 468,594

Projects from previous year completed in current year 112,322 227,000 329,975

Long term investment – European database project 4 122,500 24,000 176,000

Long term investment – Brand project 5 324,221 79,000 127,068

Long term investment – IPO index 28,200 25,000 0

Total exceptional expenses 587,242 355,000 633,043

NET RESULT 16,178 -355,000 -164,449

Notes1. Level of membership above expectations2. Events registrations and sponsoring above expectations3. Increased networking activities throughout Europe to meet members and non-members4. An additional budget of €100,000 was approved to fi nalise the project5. An additional budget of €245,000, approved by the General Meeting in June 2015, was required to fi nalise the project


Financial statements continued

BUDGET 2016 ACTUAL 2015

Membership 1 5,620,000 5,608,824

Events 1,233,515 1,242,925

Sponsoring 260,000 259,000

Service fees 60,000 60,000

Bank interest and miscellaneous 15,000 28,947

Other revenue 51,500 93,266

Total Revenue 7,240,015 7,292,963

Personnel costs 3,261,000 3,202,821

Professional services 2 1,713,340 1,414,896

Housing costs 285,824 228,014

Accommodation events 368,855 363,754

Travel and representation 604,970 542,256

Communications 83,875 86,496

Printing and audio-visuals 178,980 179,099

Various offi ce costs 446,631 440,166

Finance costs 22,200 46,276

Provision for doubtful debtors 155,000 136,000

Provisions/other costs 119,340 49,764

Total Expenses 7,240,015 6,689,542

NET OPERATING RESULTS 0 603,420

Projects from previous year completed in current year 230,000 112,322

Long term investment – European database project 0 122,500

Long term investment – Brand project 0 324,221

Long term investment – IPO index 0 28,200

Total exceptional expenses 230,000 587,242

NET RESULT -230,000 16,178

Notes1. Net Membership aligned to 20152. The increase of “Professional services” is mainly explained by fees related to specifi c platforms projects. In 2015, these budgets were underspent

PROFIT AND LOSS (¤)


Overview

How

we operate

What w

e doF

inancials

31 DEC 2015 31 DEC 2014

FIXED ASSETS

At cost, less depreciation 7,942 16,132

FINANCIAL ASSETS

Shares in EDC GmbH (33%) 8,329 8,329

CURRENT ASSETS

Receivables 278,643 143,792

Deposits and prepayments 8,481 8,481

VAT 58,837 53,226

Deferred charges 1 473,767 297,372

Accrued income 17,191 8,009

Cash at bank 2 3,757,228 3,944,675

TOTAL CURRENT ASSETS 4,594,147 4,455,555

TOTAL ASSETS 4,610,418 4,480,016

31 DEC 2015 31 DEC 2014

GENERAL RESERVES

Opening balance 3,334,597 3,499,047

Attribution of profi t (+)/loss (-) 16,178 -164,449

Closing balance 3,350,775 3,334,597

PROVISIONS 6,372 6,800

CURRENT LIABILITIES

Suppliers 420,575 360,289

VAT 15,879 21,826

Payroll accruals 441,058 494,376

Deferred income 3 355,760 238,127

Capital contribution to leasehold improvement 4 20,000 24,000

TOTAL CURRENT LIABILITIES 1,253,271 1,138,618

TOTAL LIABILITIES 4,610,418 4,480,016

Notes1. 2016 events accommodation contracts signed in 20152. Cash balance aligned year on year given current fi nancial result3. Deferred income includes services (Investors Forum 2016) invoiced in 2015 to be delivered in 20164. Landlord capital contribution for the amount of €36,000 related to the offi ce move and amortised on the period of the lease (9 years) since 2012

ASSETS (¤)

LIABILITIES (¤)


AUDITOR’S REPORTSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Fixed assetsFixed assets are stated at cost less accumulated depreciation. Depreciation is provided over the estimated useful lives of assets using the straight line method.

Cash or cash equivalentCash and cash equivalent are carried at nominal value

ReceivablesReceivable are carried at nominal value. Provisions are made for all receivables during the year if no explicit confi rmation or certainty about payment is available.

Change from 2015: The board of Directors has decided to set up a provision for unpaid receivables related to conferences and training if unpaid during the year. The impact on fi nancial statements 2015 amounts to €17,000.

ProvisionsProvisions are recognised for probable obligations when a reliable estimate of the amount can be made.

LiabilitiesTrade payables and payroll liabilities are carried at nominal value.

Revenue recognitionRevenue is recognised to the extent that it is probable that the economic benefi ts will fl ow to the company and the revenue can be reliably measured. With respect to the rendering of services, revenue is recognised by reference to the stage of completion.

www.investeurope.eu/AnnualReport2015/2016

Invest Europe Bastion TowerPlace du Champ de Mars 5B-1050 Brussels, Belgium

T +32 2 715 00 20F +32 2 725 07 [email protected]

Invest Europe the voice of private capital annual report 2015-16

Economy & Finance

Transcript of Invest Europe the voice of private capital annual report 2015-16