EIF Equity Survey Q3 2026 (Invest Europe)

Summary

• The EIF Equity Survey Q3 2026 collected market insights from 682 VC and PE mid-market fund managers across Europe.p.2
• Current perception of the fundraising environment stood at a net balance of -46%, marking a deterioration of 7 p.p. compared to Q2 2026.p.3
• Current perception of deal flow remained net positive at 19%, although momentum slowed by 16 p.p. relative to Q2 2026.p.3
• Half (50%) of surveyed managers reported investing in a company that generated at least 25% of a fund's value.p.5
• Only 11% of respondents reported an investment generating at least 100% of a fund's value, known as a 'fund returner'.p.5
• Among the most successful European fund returners, 31% are currently headquartered in the US, compared to 8% at founding.p.8

Key insights

1. Only 1% of respondents with a fund returner initially ranked their most successful standout company as the fund's single most promising investment at the outset.p.2
2. Fundraising remains the top concern for GPs, with capital increasingly concentrated among larger, more experienced managers and later-stage funds.p.3
3. Geopolitical tensions continue to impact managers directly, with almost 7 in 10 reporting negative effects from the Middle East conflict.p.4
4. Fund returners significantly aid future fundraising, with 91% of managers reporting a positive fundraising impact and 26% stating it was a key factor in raising their next fund.p.5
5. First investments in fund returners were primarily made at early stages, with total cumulative investment typically remaining under EUR 5m.p.6
6. IPOs were the exit route for 23% of fund returners, compared to 13% for high-value investments overall.p.6
7. While 55% of GPs believe Europe can produce fund returners, 67% of those who disagree point to insufficient fund scale or follow-on capital as a main obstacle.p.7
8. GPs view an exceptional founding team (74%) and superior technology or products (48%) as the primary drivers of fund-returning investments.p.8