1、THE INSIGHT:STATE OF THE EUROPE AN PRIVATE EQUIT Y INDUSTRYAre we at a turning point?4th editionI N PA R T N E R S H I P W I T H:2023CONTENTINTRODUCTION 31.FUNDRAISING MOMENTUM WEAKENS 62.CHALLENGING CONDITIONS IMPACT INVESTMENT 103.DIVESTMENT ROUTES CHANGING 144.INFLATION&INTEREST RATES CREATE LARG

2、EST HEADWINDS FOR PRIVATE EQUITY 165.REGULATION DRIVES ESG TRENDS&INVESTOR EXPECTATIONS 186.DIGITALIZATION AT FOREFRONT OF INCREASING OPERATIONAL FOCUS 20CONCLUSION 22ARTHUR D.LITTLEJONAS FAGERLUND Partner,Sweden GUILLAUME PICQPartner,France INVEST EUROPEJULIEN KRANTZResearch Director julien.krantzi

3、nvesteurope.euGeneral disclaimerADLs conclusions are the results of the exercise of its best professional judgment,based in part upon materials and information provided to ADL by Invest Europe,secondary research,and expert interviews conducted by ADL.Use of this Report by any third party for whateve

4、r purpose should not,and does not,absolve such third party from using due diligence in verifying the Reports contents.Any use that a third party makes of this document,or any reliance on it,or decisions to be made based on it,are the responsibility of such third party.Neither ADL nor Invest Europe a

5、ccepts any duty of care or liability of any kind whatsoever to any third party,and/or any responsibility for damages,if any,suffered by any third party as a result of decisions made,or not made,or actions taken,or not taken,based on this document.2There has been no let up in pressure in 2023,with pe

6、rsistent inflation,rising interest rates,and ongoing geopolitical issues weighing on Europes people,businesses,and economies.While these are conditions that the experienced private equity(PE)and venture capital(VC)industry are used to navigating,they are not ones to which it is immune.Arthur D.Littl