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Scale-up financing and IPOs: Evidence from three surveys

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  • Botsari, Antonia
  • Kiefer, Kilian
  • Lang, Frank
  • Pal, Kristian

Abstract

In light of recent EU policy initiatives such as the Capital Markets Union (CMU) action plan, this working paper provides unique insights from Venture Capital (VC) general partners/management companies, Private Equity Mid-Market (PE MM) managers and Business Angels (BA). Specifically, based on the first 2020 waves of the EIF VC, PE MM and BA Surveys, the report focuses on generating insights around three main topics of SME financing: Scale-up financing, Exit environment & Initial Public Offerings (IPOs) and policy-related implications of the above. The study attempts to piece together evidence from the three surveys, provides market insights from respondents in light of recent policy initiatives, and serves as an informative instrument to policy-makers and practitioners.

Suggested Citation

  • Botsari, Antonia & Kiefer, Kilian & Lang, Frank & Pal, Kristian, 2021. "Scale-up financing and IPOs: Evidence from three surveys," EIF Working Paper Series 2021/69, European Investment Fund (EIF).
    • Handle: RePEc:zbw:eifwps:202169
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    References listed on IDEAS

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    1. Rudy Aernoudt, 2017. "Executive Forum: the scale-up gap: and how to address it," Venture Capital, Taylor & Francis Journals, vol. 19(4), pages 361-372, October.
    2. Botsari, Antonia & Crisanti, Andrea & Lang, Frank, 2019. "EIF VC Survey 2019: Fund managers' market sentiment and policy recommendations," EIF Working Paper Series 2019/59, European Investment Fund (EIF).
    3. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2017. "European Small Business Finance Outlook: December 2017," EIF Working Paper Series 2017/46, European Investment Fund (EIF).
    4. Hellmann, Thomas F & Durufle, Gilles & Wilson, Karen, 2017. "From Start-up to Scale-up: Examining Public Policies for the Financing of High-Growth Ventures," CEPR Discussion Papers 12004, C.E.P.R. Discussion Papers.
    5. Kwon, Sungjoung & Lowry, Michelle & Qian, Yiming, 2020. "Mutual fund investments in private firms," Journal of Financial Economics, Elsevier, vol. 136(2), pages 407-443.
    6. Kraemer-Eis, Helmut & Lang, Frank & Torfs, Wouter & Gvetadze, Salome, 2017. "European Small Business Finance Outlook: June 2017," EIF Working Paper Series 2017/43, European Investment Fund (EIF).
    7. Kraemer-Eis, Helmut & Botsari, Antonia & Lang, Frank & Pal, Kristian & Pavlova, Elitsa & Signore, Simone & Torfs, Wouter, 2020. "The market sentiment in European private equity and venture capital: Impact of COVID-19," EIF Working Paper Series 2020/64, European Investment Fund (EIF).
    8. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2019. "European Small Business Finance Outlook: December 2019," EIF Working Paper Series 2019/61, European Investment Fund (EIF).
    9. Helmut Kraemer-Eis & Frank Lang, 2017. "Access to Funds: How Could CMU Support SME Financing?," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 86(1), pages 95-110.
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    Cited by:

    1. Krämer-Eis, Helmut & Botsari, Antonia & Lang, Frank & Mandys, Filip, 2021. "EIF Private Equity Mid-Market Survey: Fund managers' perception of EIF's value added," EIF Working Paper Series 2021/77, European Investment Fund (EIF).
    2. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2021. "European Small Business Finance Outlook 2021," EIF Working Paper Series 2021/75, European Investment Fund (EIF).
    3. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2022. "European Small Business Finance Outlook 2022," EIF Working Paper Series 2022/84, European Investment Fund (EIF).

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