1、Contents04THE VIEW FROM GP BULLHOUND05KEY TAKEAWAYS082022 A WATERSHED YEARQuality European tech companiescontinue to attract international capitalEXPERT VIEW11Peter Bialo,Docplanner14VC ROUNDTABLEGuillaume Santamaria,Infravia Capital PartnersMartijn Hamann,Endeit CapitalFlorian Reichert,Picus Capita

2、l18MISPERCEPTION OF RISK?Technology sector exhibits lower default ratesEXPERT VIEW21Timothy Gravely,Aquiline28DISCLAIMER12THE SHAPE OF EUROPESTECH LENDING MARKETGreater geographic dispersion andsignificant shift towards energy22INSTITUTIONAL INVESTORSStable allocations to private debtEXPERT VIEW25He

3、nry Coates,Aon27ABOUT OUR DATA PARTNERSAND GP BULLHOUND3The viewPARTNER,HEAD OF CREDITOlya KlueppelFROM GP BULLHOUNDMedia headlines on European technology companies were almost uniformlynegative in 2022:falling valuations,even bankruptcies.The failure of SiliconValley Bank in March 2023 has also sha

4、ken confidence.However,we firmlybelieve that another important word to characterise the tech sector isresilience.Great companies have continued to grow and attract capital,asevidenced by the c.100bn invested in European tech companies in 2022,higherthan in any of the past 10 years except 2021.As we

5、leave the excesses of the low-interest rate environment behind,at GPBullhound we argue that technology from cloud tech to AI,from new vaccines toenergy efficiency breakthroughs will continue to drive the global economy andhelp us solve many of the issues society faces today.Capital availability for

6、technology companies changed dramatically in 2022.Inmany cases,this is positive,as unsustainable and unprofitable business modelsare no longer being funded.The pivot away from growth at all costs is a healthydevelopment that both debt and equity investors should welcome.Debt financinghas transformed