EIF Equity Barometer Survey Q2 2026 (European Investment Fund)

Summary

• Around 70% of respondents reported that the escalation of the conflict in the Middle East negatively affected their business during Q2.p.2
• More than 70% of respondents invest in AI, with 1 in 2 identifying AI as either a core strategic priority or an important growth area.p.2
• Nearly 90% of respondents believe global AI valuations are overheated, including 56% who consider them highly overvalued.p.2
• Fundraising remains the weakest market indicator at a net balance of -39% in Q2 2026, though expectations improved by 33 p.p. to 12%.p.3
• More than half (53%) of respondents anticipate AI investments to generate material fund-level returns within 3 to 5 years.p.5

Key insights

1. All market sentiment indicators improved in Q2 2026, returning to or exceeding levels recorded at the end of 2025.p.3
2. Escalation of the Middle East conflict negatively impacted 69% of surveyed VC and PE fund managers.p.4
3. Uncertainty regarding future AI valuations negatively affected 49% of survey respondents.p.4
4. A total of 56% of fund managers view global AI asset valuations as highly overvalued, compared to 17% for EU AI asset valuations.p.5
5. Financing availability for AI-enabled companies is seen as adequate by 45% of respondents for buyout investments.p.5
6. Value concentration risk is ranked as the primary concern about AI as an investment theme by 47% of respondents.p.7