Research & Market Analysis

Research & Market Analysis (RMA) is a key element of our strategic development. RMA supports EIF’s strategic decision-making, product development and mandate management processes through applied research and market analyses. RMA works as internal advisor, participates in international fora and maintains liaison with many organisations, universities, and institutions.

Recent highlights

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. The Working Papers are edited by RMA. They are typically authored or co-authored by EIF staff and are usually published in English and in electronic format (PDF).

Would you like to be informed by email when a new EIF Working Paper is available?
Subscribe to our mailing list


Date Title
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.
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
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.
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
18/04/2023 EIF Working Paper 2023/88, Fairness in algorithmic decision systems: a microfinance perspective
09/02/2023 EIF Working Paper 2023/87, Female access to finance: a survey of literature
18/01/2023 EIF Working Paper 2023/86, Determinants of EU Greentech investments: the role of financial market conditions
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”
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
09/08/2022 EIF Working Paper 2022/81, EIF Business Angels Survey 2021/22: Market sentiment
12/05/2022 EIF Working Paper 2022/80, EIF Private Debt Survey 2021 - ESG considerations in the lending strategy of private debt funds
10/02/2022 EIF Working Paper 2022/079: EIF Private Debt Survey 2021 - Private Debt for SMEs - Market overview
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
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
17/05/2021 EIF Working Paper 2021/073: EIF VC Survey Autumn 2020: Regional analysis
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
04/01/2021 EIF Working Paper 2021/069: Scale-Up Financing and IPOs: Evidence From Three Surveys
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
28/08/2020 EIF Working Paper 2020/065: The social return on investment (SROI) of four microfinance projects
30/07/2020 EIF Working Paper 2020/064: The market sentiment in European Private Equity and Venture Capital: Impact of COVID-19
22/06/2020 EIF Working Paper 2020/063: ESG considerations in Venture Capital and Business Angel investment decisions: Evidence from two pan-European surveys
03/02/2020 EIF Working Paper 2020/062: The Business Angel portfolio under the European Angels Fund: An empirical analysis
18/12/2019 EIF Working Paper 2019/061: European Small Business Finance Outlook, December 2019
20/11/2019 EIF Working Paper 2019/060: EIF Business Angels Survey 2019 - Market sentiment, public intervention and EIF’s value added.
17/09/2019 EIF Working Paper 2019/059: EIF VC Survey 2019 - Fund managers’ market sentiment and policy recommendations
15/07/2019 EIF Working Paper 2019/058: The EIF SME Access to Finance Index June 2019 update
04/07/2019 EIF Working Paper 2019/057: European Small Business Finance Outlook, June 2019
24/06/2019 EIF Working Paper 2019/056: The real effects of EU loan guarantee schemes for SMEs: a pan European assessment
17/04/2019 EIF Working Paper 2019/055: The economic impact of VC investments supported by the EIF.
05/02/2019 EIF Working Paper 2019/054: Econometric study on the impact of EU loan guarantee financial instruments on growth and jobs of SMEs
17/12/2018 EIF Working Paper 2018/053: European Small Business Finance Outlook, December 2018
03/12/2018 EIF Working Paper 2018/052: "The effects of EU-funded guarantee instruments of the performance of Small and Medium Enterprises - Evidence from France"
27/09/2018 EIF Working Paper 2018/051: "EIF VC Survey 2018 - Fund managers’ perception of EIF’s Value Added" - September 2018
02/07/2018 EIF Working Paper 2018/50: European Small Business Finance Outlook - June 2018
12/06/2018 EIF Working Paper 2018/49: EIF SME Access to Finance Index - June 2018 update
26/04/2018 EIF Working Paper 2018/48 - EIF VC Survey 2018 - Fund managers’ market sentiment and views on public intervention
23/01/2018 EIF Working Paper 2018/47 - EIF SME Access to Finance Index, January 2018
18/12/2017 EIF Working Paper 2017/046 – European Small Business Finance Outlook, December 2017
13/12/2017 EIF Working Paper 2017/045 – The value of innovation for EIF-backed startups - Volume IV of "The European venture capital landscape: an EIF perspective"
19/09/2017 EIF Working Paper 2017/044, “Financing Micro Firms in Europe: An Empirical Analysis”, September 2017
02/07/2017 EIF Working Paper 2017/43, "European Small Business Finance Outlook”, June 2017
02/06/2017 EIF Working Paper 2017/42, "Credit Guarantee Schemes for SME lending in Western Europe”
10/04/2017 EIF Working Paper 2017/41, Liquidity events and returns of EIF-backed VC investments - Volume III of "The European venture capital landscape: an EIF perspective"
06/03/2017 EIF Working Paper 2017/40, "Financing Patterns of European SMEs Revisited : An Updated Empirical Taxonomy and Determinants of SME Financing Clusters"
23/02/2017 EIF Working Paper 2017/39: “Guaranteeing Social Enterprises – The EaSI way”
16/12/2016 EIF Working Paper 2016/38 - Growth patterns of EIF-backed startups - Volume II of "The European venture capital landscape: an EIF perspective"
14/12/2016 EIF Working Paper 2016/37- European Small Business Finance Outlook, December 2016
29/11/2016 Breaking Down Investment Barriers at Ground Level
25/07/2016 EIF Working Paper 2016/36 - The role of cooperative banks and smaller institutions for the financing of SMEs and small midcaps in Europe, July 2016
29/06/2016 EIF Working Paper 2016/35 - European Small Business Finance Outlook, June 2016
01/06/2016 EIF Working Paper 2016/34 - The impact of EIF on the Venture Capital ecosystem - Volume I of “The European venture capital landscape: an EIF perspective”.
11/01/2016 EIF Working Paper 2016/33 - Evaluating the impact of European microfinance. The foundations
14/12/2015 EIF Working Paper 2015/32 - European Small Business Finance Outlook, December 2015
02/12/2015 EIF Working Paper 2015/31 - SME Securitisation – at a crossroads?
16/11/2015 EIF Working Paper 2015/30 - Financing patterns of European SMEs: An Empirical Taxonomy
20/07/2015 EIF Working Paper 2015/29 - The Economic Impact of EU Guarantees on Credit to SMEs - Evidence from CESEE Countries
30/06/2015 EIF Working Paper 2015/28 - European Small Business Finance Outlook, June/2015
27/05/2015 EIF Working Paper 2015/27 - Bridging the University Funding Gap
18/12/2014 EIF Working Paper 2014/26 - European Small Business Finance Outlook, December 2014
21/10/2014 EIF Working Paper 2014/25 - Institutional non-bank lending and the role of debt funds
19/06/2014 EIF Working Paper 2014/24 - European Small Business Finance Outlook, June 2014
05/06/2014 EIF Working Paper 2014/23 - Pricing Default Risk: The good, the bad, and the anomaly
08/04/2014 EIF Working Paper 2014/22 - Guidelines for SME Access to Finance Market Assessments (GAFMA)
20/01/2014 EIF Working Paper 2014/21 - Financing the Mobility of Students in European Higher Education
12/12/2013 EIF Working Paper 2013/20 - European Small Business Finance Outlook
31/10/2013 EIF Working Paper 2013/19 - SME Loan Securitisation 2.0: Market Assessment and Policy Options
03/06/2013 EIF Working Paper 2013/18 - European Small Business Finance Outlook
27/05/2013 EIF Working Paper 2013/17 - Forecasting distress in European SME portfolios
12/12/2012 EIF Working Paper 2012/16 - European Small Business Finance Outlook
22/08/2012 EIF Working Paper 2012/15 – The importance of leasing for SME finance
29/05/2012 EIF Working Paper 2012/14 - European Small Business Finance Outlook, May 2012
20/01/2012 EIF Working Paper 2012/13 – Progress for microfinance in Europe
09/12/2011 EIF Working Paper 2011/12 – The European Small Business Finance Outlook, Dec. 2011
08/11/2011 EIF Working Paper 2011/11 – Business Angels in Germany - EIF’s initiative to support the non-institutional financing market
10/06/2011 EIF Working Paper 2011/10 - The European Small Business Finance Outlook
17/05/2011 EIF Working Paper 2011/9 – The performance and prospects of European Venture Capital
12/11/2010 EIF Working Paper 2010/8 – Impact of Legislation on Credit Risk. How different are the UK and Germany?
07/10/2010 EIF Working Paper 2010/7 – SME Loan Securitisation – an important tool to support European SME lending
19/08/2010 EIF Working Paper 2010/6 – Drivers of Private Equity Investment Activity: are Buyout and Venture Investors Really So Different?
01/06/2010 EIF Working Paper 2010/5 – Private Equity Market Outlook- a summary of the macroeconomic outlook and current issues.
29/04/2010 EIF Working Paper 2010/4 – Private Equity and Venture Capital Indicators. A research of EU-27 Private Equity and Venture Capital Markets
24/02/2010 EIF Working Paper 2010/3 - The Private Equity market in Europe. Rise of a new cycle or tail of the recession?”
10/12/2009 EIF Working Paper 2009/2 - Financing Technology Transfer
23/11/2009 EIF Working Paper 2009/1 - Microfinance in Europe - A market overview
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 21st 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.




Note: Following the recent withdrawal of the United Kingdom from the European Union, we are updating the relevant EIF.org pages.

 
 

Copyright ©

 European Investment Fund   – The European Investment Fund is not responsible for the content of external internet sites.