EIF Equity Survey 2025 (Invest Europe)

Summary

• A total of 1,201 VC and PE mid-market fund managers contributed their insights to the annual EIF Equity Survey 2025.p.2
• In Q3 2025, expectations for deal flow reached a net balance of 60%, showing a 21 p.p. improvement compared to Q1/2 2025.p.3
• The current fundraising environment is perceived as challenging, with a net balance score of -46% in Q3 2025.p.3
• Among fund managers operating in the EU only, 80% anticipate an adverse impact on their portfolio companies from tariffs and trade disruptions.p.5
• Germany tops the list of countries where respondents expect to increase their European equity exposure at 19% of respondents.p.9
• The typical deal size for non-EU GPs investing in the EU ranges between 3 and 10 million EUR.p.10

Key insights

1. Optimism among general partners re-emerged in the third quarter of 2025 driven by decreasing market volatility.p.2
2. The fundraising environment and exit opportunities remain the weakest sentiment areas across all surveyed indicators.p.3
3. Securing financing and liquidity remains the primary challenge facing early-stage start-up investees.p.5
4. Fund managers broadly agree that the exit environment represents the most significant structural weakness in the EU equity ecosystem.p.7
5. More than half of surveyed fund managers confirm having increased or intending to increase exposure to venture capital markets in the EU.p.9
6. Non-EU general partners investing in Europe typically expect investee companies to increase sales outside the EU.p.10