EIF Research & Market Analysis - Working Paper 2016/34 - The European venture capital landscape: an EIF perspective

Sep 22, 2026

EIF Research & Market Analysis working paper 2016/34 examines the European venture capital (VC) landscape through an EIF perspective, outlining how EIF supports the VC ecosystem and how its risk-finance activities contribute to market effects for SMEs. It provides context on EIF’s role as a specialist provider of risk finance, focusing on building sustainable VC infrastructure, working with VC funds, and supporting early-stage disruptive innovation. The document also includes a corrigendum and a non-technical summary discussing VC crowd-in and EIF’s VC business evolution.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages64

Reading Time2 h 41 min

AccessFree to download

Preface

EIF’s approach to venture capital ecosystem building

Non-technical Summary

Corrigendum

EIF Research & Market Analysis Working Paper 2016/34 The European venture capital landscape: an EIF perspective Volume I: The impact of EIF on the VC ecosystem Helmut Kraemer-Eis 􀀄 Simone Signore 􀀄 Dario Prencipe 􀀄 Helmut Kraemer-Eis heads EIF’s Research & Market Analysis. Contact: [h.kraemer-eis@eif.org](h.kraemer-eis@eif.org) Tel.: +352 248581 394 Simone Signore is Research Officer in EIF’s Research & Market Analysis team. Contact: [s.signore@eif.org](s.signore@eif.org) Tel.: +352 2485 81 636 Dario Prencipe worked at EIF’s Research & Market Analysis team. Corresponding author: Simone Signore. Contact: [s.signore@eif.org](s.signore@eif.org) Tel.: +352 2485 81 636 Editor Helmut Kraemer-Eis, Head of EIF’s Research & Market Analysis Contact: European Investment Fund 37B, avenue J. F. Kennedy, L-2968 Luxembourg Tel.: +352 248581 394 [http://www.eif.org/news_centre/research/index.htm](http://www.eif.org/news_centre/research/index.htm) Luxembourg, May 2018 Scan above to obtain a PDF version of this working paper Disclaimer: This Working Paper should not be referred to as representing the views of the European Investment Fund (EIF) or of the European Investment Bank Group (EIB Group) . Any views expressed herein, including interpretation(s) of regulations, reflect the current views of the author(s), which do not necessarily correspond to the views of EIF or of the EIB Group. Views expressed herein may differ from views set out in other documents, including similar research papers, published by EIF or by the EIB Group. Contents of this Working Paper, including views expressed, are current at the date of publication set out above, and may change without notice. No representation or warranty, express or implied, is or will be made and no liability or responsibility is or will be accepted by EIF or by the EIB Group in respect of the accuracy or completeness of the information contained herein and any such liability is expressly disclaimed. Nothing in this Working Paper constitutes investment, legal, or tax advice, nor shall be relied upon as such advice. Specific professional advice should always besought separately before taking any action based on this Working Paper. Reproduction, publication and reprint are subject to prior written authorisation. Corrigendum In a previous iteration of this work, we provided an incorrect interpretation of the coefficient α2 for model (1) in section 4 .3, which pertains to a conditional effect. All concerned statements and conclusion are thus retracted, and the correct interpretation is discussed in this reprint. This result, however, was not essential to support the main conclusion of our study, which remains largely unaffected. The authors wish to apologise for any inconvenience caused. Preface The European Investment Fund (EIF) is a specialist provider of risk finance to benefit small and medium-sized enterprises (SME) across Europe. By developing and offering targeted financial products to our intermediaries, such as banks, guarantee and leasing companies, micro-credit providers and private equity funds, we enhance SMEs access to finance. EIF is a leading institution in the European venture capital market. We focus on the establishment of a sustainable venture capital Ecosystem in Europe supporting innovation and entrepreneurship. We concentrate on building the necessary private sector venture capital infrastructure to address market gaps and opportunities with the aim to further enhance the attractiveness of European venture capital as an alternative asset class. How do we achieve this? We work with venture capital funds - acting as our intermediaries that invest into innovative high-tech SMEs in their early and growth phases. We focus particularly on disruptive early-stage technology enterprises which typically face financing challenges but also provide outstanding investment opportunities. We have built a strong expertise in the Lif

FAQs

What is the purpose of Working Paper 2016/34 from EIF Research & Market Analysis?

It analyzes the European venture capital landscape from an EIF perspective and explains EIF’s impact on the VC ecosystem, with particular attention to effects for SMEs.

How does EIF describe its role in supporting venture capital across Europe?

EIF positions itself as a provider of risk finance that builds a sustainable VC ecosystem by developing targeted products and working with venture capital funds investing in innovative early-stage and growth SMEs.

What does the corrigendum address in this document?

It retracts an incorrect interpretation of coefficient α2 for model (1) in section 4.3 and states that the correct interpretation is discussed in the reprint, while noting the main study conclusion remains largely unaffected.

Sep 22, 2026

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