Invest Europe the voice of private capital annual report 2015-16

ANNUAL
REPORT
2015/2016
ANNUALREPORT2015/2016

Our members take a long-term approach to investing in
privately held companies, from start-ups to established
businesses. They inject not only capital but dynamism, innovation
and expertise. This commitment helps deliver strong and sustainable
growth, resulting in healthy returns for Europe’s leading pension funds
and insurers, to the beneﬁt of the millions of European citizens who
depend on them.
Invest Europe aims to make a constructive contribution to policy
affecting private capital investment in Europe. We provide information
to the public on our members’ role in the economy. Our research
provides the most authoritative data on trends and developments
in our industry.
Invest Europe is the guardian of the industry’s professional
standards, demanding accountability, good governance and
transparency from our members.
Invest Europe is a non-proﬁt organisation with 25 employees
based in Brussels, Belgium.
For more information please visit www.investeurope.eu
Invest Europe is the association representing
Europe’s private equity, venture capital and
infrastructure sectors, as well as their investors.
SECTION 1:
OVERVIEW
Chairman’s overview 04
Chief Executive’s report 05
SECTION 2:
HOW WE OPERATE
Governance structure 08
SECTION 3:
WHAT WE DO
Industry excellence 16
Political advocacy 18
Communications 20
Data & research 22
Events 24
SECTION 4:
FINANCIALS
Financial report 30
Financial statements 31
Auditor’s report 34
Invest Europe Annual Report 2015/2016

01www.investeurope.eu/AnnualReport2015/2016
OverviewHowweoperateWhatwedoFinancials
Central role for
private capital in Capital
Markets Union
Most comprehensive
set of guidelines on
professional standards
released
Launch of new
Invest Europe brand
HIGHLIGHTS
“We vigorously
promote and
protect our
members’ interests
in Europe and
around the world.”
Dörte Höppner Chief Executive
Read Dörte’s report on page 05

OVERVIEW
SECTION 1
Chairman’s overview 04
Chief Executive’s report 05

Eight years after the financial crisis, markets remain
volatile and many companies still struggle to access
finances. Our association’s new name and new brand
clearly states our essential work and how we help the
continent and its companies. It makes clear the scope
of what we do by aligning and giving equal weight to the
efforts of all members – venture capital, private equity,
infrastructure funds and long term investors. Just as
importantly, Invest Europe aligns our association with
European companies’ desire to invest in expansion
and success, as well as the European Commission’s
objectives to invest in innovation, jobs and growth.
In a period of considerable economic, political and
social uncertainty, Invest Europe is standing as
a unified force. Private capital investors and investment
managers can honestly be said to be pulling in the
same direction towards fostering a robust, professional,
ethical and transparent industry that can create
world-class businesses.
Our efforts and successes have not gone unnoticed.
We have invested €400bn into European businesses
employing over 8m people in the last eight years; 83%
of companies are SMEs – the engine room for economic
growth. As a result, private capital is at the top of the
economic agenda in Brussels for the first time – Capital
Markets Union and the European Fund for Strategic
Investment have a special place for private capital,
while the European Commission’s promises to reassess
risk weightings for venture capital, private equity and
infrastructure demonstrate an appreciation of private
capital not seen among policymakers before.
I am extremely proud to have chaired Invest Europe
through this momentous year and wish Gerry Murphy
well when he takes over as Chairman in June. I thank
Dörte Höppner for her considerable efforts this year
and during her past five years at the head of the Invest
Europe team. I wish her well when she steps down
in October and welcome Michael Collins as a worthy
successor. I also thank fellow board members, as well
as the association’s many members who give their time
and energy to Invest Europe. They are all responsible
for creating a peerless industry association and deserve
credit for its successes.
Strategic achievements have been complemented
by attention to detail on long-running projects.
We have made great strides towards completing
Europe’s largest private capital database, accessible to
our members and investors. It will set the benchmark
for industry data encompassing fundraising,
investment and divestments. In the future it will also
measure performance and economic impact data
to demonstrate the positive effect of our members’
investments on job creation, for instance.
We have cemented our global leadership on ESG
standards. Invest Europe’s Responsible Investment
Roundtable, comprising both limited partners and
general partners, is improving processes and has
integrated ESG throughout the 2015 Professional
Standards Handbook and Investor Reporting
Guidelines. This will ultimately create a more
transparent system that can allow investors to
compare managers and ensure that all strive to
achieve the highest standards.
We have travelled Europe to explain our work to our
members and gather feedback that can help Invest
Europe serve them better. I have particularly enjoyed
participating in the Chairman’s Dinners. These have
been a perfect way to engage with leading lights in
our industry across Europe to stimulate debate and
share ideas.
These events, like the achievements listed above,
are testament to the unique structure of Invest
Europe, which brings together investment managers
and investors to create industry consensus. Invest
Europe is more than a loose confederation of financial
institutions; it is a forum for ideas, best practice and real
progress in the private capital industry. Invest Europe
is engaged and relevant for members, investors, fund
managers, policymakers, press and companies across
the continent, and is more vital now than at any time in
its 33-year history.
For many years, the trade associations of the European Union
have represented a sea of acronyms all starting with the letter E.
Not any longer; Invest Europe has broken the mould.
Max Römer
Chairman
Chairman’s overview
A unified force
“Invest Europe
is standing as
a unified force.
Privatecapital
investors and
investment
managers can
honestly be said
to be pulling in the
same direction.”

It has been a year of huge progress for Invest Europe
and the private capital industry we serve – the achievements
and highlights listed in this report are testament to that.
Chief Executive’s report
Safeguarding your
licence to operate
2016/17 OBJECTIVES
• Push for removal of barriers to ensure fair
implementation of AIFMD passport system
• Coordinate response to development of global
OECD tax measures with international private
capital and financial associations
• Negotiate new EuVECA regime to benefit
more venture capital and smaller fund
manager members
• Launch pan-European database; extend
research capacity into fund performance
and economic impact data
• Initiate new standardised, PRI-compliant ESG
due diligence questionnaires for GPs and
portfolio companies
• Launch inaugural edition of Invest Week series
of events in Brussels to showcase the benefits
of private capital investment to policymakers
and investors
It has been a year of huge progress for Invest Europe
and the private capital industry – the achievements
listed in this report reflect the energy we put into
promoting our members’ interests.
The milestones of the last 12 months were not
overnight successes. Like many of the managers
and investors we represent – who have invested in
more than 28,000 companies across Europe since
the financial crisis – our results stem from long term
strategic planning, attention to detail, intense effort,
and integrated and aligned operations spanning
communications, events, data, and public affairs.
As always, Invest Europe aims to foster the best
environment for our members to conduct their
business; we vigorously promote and protect our
members’ interests in Europe and around the world.
More than that, we are building a community that
serves our members with benefits that only the
world’s largest private capital association can bring,
such as networking at local and pan-European level,
and education on policy and best practice where
members are based. The result is an engaged and
vibrant association that can better represent our
industry thanks to its cohesive force.
This will be my last Annual Report and Annual Meeting
as Chief Executive of Invest Europe as I leave to pursue
new opportunities in October. I thank Max Römer for
his support throughout this important year, as well as
all Invest Europe’s members who have contributed to
the successes during my five years at the association.
I also thank Invest Europe’s dedicated staff for their
hard work on behalf of our members. I wish Michael
Collins well when he takes over as Chief Executive and
am assured that Invest Europe and the private capital
industry in Europe will go from strength to strength.
“We vigorously
promote and
protect our
members’ interests
in Europe and
around the world.”
Dörte Höppner
Chief Executive
HIGHLIGHTS 2015/16
• Invest Europe completes successful rebrand
• Capital Markets Union Action Plan acknowledges
importance of private equity, venture capital,
infrastructure and long term investment capital
to European economy
• European Commission plans creation of public/
private European venture capital fund of funds
to help attract institutional investors
• Invest Europe releases most comprehensive best
practice standards with 2015 Professional Standards
Handbook and Investor Reporting Guidelines
• Completion of IT infrastructure for pan-European
industry database
• Invest Europe secures participation of Commission
Vice-President Jyrki Katainen and financial
markets Commissioner Jonathan Hill at roundtable
discussions with our members

HOW WE
OPERATE
SECTION 2
Governance structure 08

Invest Europe is committed to representing
the interests of each segment of our
membership fully and fairly. To achieve
this, members are organised into four
Platforms dedicated to supporting a specific
member group – Limited Partner, Venture
Capital, Mid-market and Large Buyout.
The Platforms are led by a Council composed
of industry practitioners, elected by the
membership. The Platform Chairman is
elected among members of the Council
and is ultimately responsible for delivering
the Platform action plan and ensuring that
the Platform best represents its sector and
membership. Each Platform also puts
forward a representative to the Public
Affairs Executive.
The Platforms are overseen by the Invest
Europe Board of Directors, which supersedes
individual platforms on issues concerning
the industry as a whole. All segments of our
membership are equally represented on the
Board of Directors and Public Affairs Executive.
In addition, Invest Europe’s Platforms steer
a number of Platform Groups, also composed
of industry practitioners and reporting to the
Platforms and Board of Directors.
Finally, there are several roundtables
such as the Infrastructure roundtable,
representing certain sub-segments of
one or more platforms.
Invest Europe is the voice of investors in privately-held
companies in Europe. The industry that we represent
includes private equity, infrastructure and venture capital
as well as long-term investors such as pension funds and
insurance companies.
Governance structure
GOVERNANCE STRUCTURE
BOARD OF DIRECTORS
Maximum 3 members from each platform + Chair of the Board + Past-Chair (guest)*
MM COUNCIL
(15 members)
EPER/LBO
COUNCIL
(3-10 members)
VC COUNCIL
(15 members)
Roundtables
Represent members
of a certain sub-
segments of one
or more platforms.
Current roundtables
include Infrastructure,
Single Family Office,
Corporate Venture,
Capital, Growth Capital,
Responsible Investment
and Turnaround
Professional
Standards
Committee
Shapes industry
guidelines and
working practices
Public Affairs
Executive
Public Affairs
strategic decision
making body
Tax, Legal and
Regulatory
Committee
Supports Public
Affairs and the PAE
CROSS PLATFORM GROUPS
Ad hoc working groups for
special projects of a platform
PLATFORM GROUPS
LP COUNCIL
(15 members)
* the Chair-Elect is the chair for the next financial year and is chosen amongst the
members of the Board of Directors
Venture Capital
Platform
Limited Partners
Platform
Mid-Market
Platform
European PE
Roundtable/Large
Buyout Platform
Invest Europe
Chief Executive
(Secretary General)
Invest Europe
Secretariat
Advisory Groups

BOARD OF DIRECTORS 2015/2016
Chair
2015-2016
Max Römer Quadriga Capital
Past-Chair
2014-2015
Anne Glover Amadeus Capital Partners
Chair-Elect
2016-2017
Gerry Murphy Blackstone
Treasurer Christian Strain Summit Partners
Vice-Chairs Craig Donaldson HgCapital
Michael Lindauer Allianz Capital Partners
Rory Macmillan The Carlyle Group
Nenad Marovac DN Capital
Members John Barber Bridgepoint
Alex Brabers Gimv
Anne Fossemalle European Bank for
Reconstruction and Development
Michael Lee Syngenta Ventures
Vanessa Maydon Cinven
Daniel Sánchez Nauta Capital
Helen Steers Pantheon
MICHAEL LINDAEUR
LIMITED PARTNERS PLATFORM
VICE-CHAIR
CRAIG DONALDSON
MID-MARKET PLATFORM
VICE-CHAIR
CHRISTIAN STRAIN
TREASURER
ANNE GLOVER
BOARD OF DIRECTORS
PAST-CHAIR
MAX RÖMER
BOARD OF DIRECTORS
CHAIR
GERRY MURPHY
BOARD OF DIRECTORS
CHAIR-ELECT
NENAD MAROVAC
VENTURE CAPITAL PLATFORM
VICE-CHAIR
RORY MACMILLAN
LARGE BUYOUT
VICE-CHAIR

continued
LIMITED PARTNERS PLATFORM COUNCIL
Vice-Chair Michael Lindaeur Allianz Capital Partners
Members George Anson HarbourVest Partners
Jesse de Klerk Robeco Group
Anne Fossemalle European Bank for Reconstruction
and Development
Marleen Groen Stepstone Group
Lori Hall-Kimm Canada Pension Plan Investment Board
John Holloway European Investment Fund
Rune Jepsen QIC
David Lindstrom MetLife Investments
Christina Pamberg Alcyon Holding
Marc Roijakkers Blue Sky Group
Klaus Bjorn Rühne ATP Private Equity Partners
Helen Steers Pantheon
Claus Stenbaek Keyhaven Capital Partners
Angela Willetts Capital Dynamics
MID-MARKET PLATFORM COUNCIL
Vice-Chair Craig Donaldson HgCapital
Members John Barber Bridgepoint
Rikkert Beerekamp Avedon Capital Partners
Trond Bjørnøy Norvestor Equity
Christian Couturier Astorg
Manuel Hertweck capiton AG
Henry Jackson OpCapita
José María Muñoz MCH Private Equity Investments
Juha Peltola Vaaka Partners
Fabien Prévost Omnes Capital
Max Römer Quadriga Capital
Christian Strain Summit Partners
Nino Tronchetti Provera Ambienta
William Watson Value4Capital
Ralph Wyss Gilde Buy Out Partners
VENTURE CAPITAL PLATFORM COUNCIL
Vice-Chair Nenad Marovac DN Capital
Members Max Bautin IQ Capital Partners
Alex Brabers Gimv
Christian Ehrenborg IKEA GreenTech
Anne Glover Amadeus Capital Partners
Hakan Goker MS Ventures
Christoph Jung HV Holtzbrinck Ventures
Michael Lee Syngenta Ventures
Jari Mieskonen Conor Venture Partners
Stephan Morais CAIXA Capital
Cem Sertoglu Earlybird Venture Capital
Ekaterina Smirnyagina Capricorn Venture Partners
Rainer Strohmenger Wellington Partners
Jan Westerhues Robert Bosch Venture Capital
EUROPEAN PRIVATE EQUITY/LARGE BUYOUT PLATFORM COUNCIL
Vice-Chair Rory Macmillan The Carlyle Group
Members Tom Allen Advent International
Geoffrey Bailhache Blackstone
Ludo Bammens Kohlberg Kravis Roberts
Christoper Crozier Permira Advisers
Therése Lennehag EQT
Vanessa Maydon Cinven
Gerry Murphy Blackstone
Klas Tikkanen NC Advisory
Venture
Capital
Platform
Limited
Partners
Platform
Mid-Market
Platform
European PE
Roundtable/
Large Buyout
Platform
Four platform groups
Members are organised into four Platforms dedicated
to supporting a speciﬁc member group – Limited Partner,
Venture Capital, Mid-market and Large Buyout.

Each platform is supported by
sub-groups which deal with speciﬁc industry sectors.
MID-MARKET PLATFORM GROUPS
Central and Eastern European Taskforce
This taskforce undertakes initiatives speciﬁcally aimed at the development
and promotion of private equity and venture capital in the Central and Eastern
Europe (CEE) region. Among its accomplishments are special papers dedicated
to annual statistics for 2005 to date.
Robert Manz Enterprise Investors Chair
VENTURE CAPITAL PLATFORM GROUPS
Digital Agenda Taskforce
This group promotes the digital media sector in Europe by highlighting compelling
cases of successful investments and exits. It also strives to create networking
opportunities for venture capitalists active in this sector.
Nenad Marovac DN Capital Chair
MedTech Taskforce
The group is working on a paper exploring the clinical and regulatory situation in
European MedTech and the many advantages the sector has to offer investors.
The MedTech Taskforce is also creating new networking opportunities for venture
capitalists active in this sector.
Thom Rasche Earlybird Venture Capital Chair
Life Sciences Taskforce
This new group focuses on making a case
for the European Life Sciences industry. Focusing on the economic impact of
venture capital-backed companies, the taskforce also helps create networking
opportunities for venture capitalists active in this sector.
Francesco de Rubertis Index Ventures Chair
PLATFORM GROUPSGOVERNANCE STRUCTURE
Ad hoc working groups for
special projects of a platform
PLATFORM GROUPS

PUBLIC AFFAIRS EXECUTIVE
The PAE is the decision making body on political advocacy work of those EU files that
have a direct impact on all market segments of the industry.
Chair Max Römer Quadriga Capital
Invest Europe Chair
Members Uli Fricke Triangle Venture Capital Group
Representing Invest Europe VC Platform
Ludo Bammens Kohlberg Kravis Roberts
Representing Invest Europe Large Buyout Platform
Håkan Dahlin Segulah
Representing Invest Europe Mid-Market Platform
Dörte Höppner
Representing Invest Europe
Tim Hames
Representing the BVCA (British Private Equity
and Venture Capital Association)
Ulrike Hinrichs
Representing the BVK (German Private Equity and
Venture Capital Association)
Sebastian Ippisch Allianz Capital Partners GmbH
Representing Invest Europe Limited Partners Platform
Paul Perpère
Representing the AFIC (Association Francaise
des Investisseurs en Capital)
Patricia Volhard P+P Pöllath + Partners
Representing Invest Europe Tax, Legal & Regulatory Committee
Paul Junck
Representing the LPEA (Luxembourg Private Equity
& Venture Capital Association) as the Presidency
of the Council of the EU (H2 2015)
Tjarda Molenaar
Representing the NVP (Nederlandse vereniging van
Participatiemaatschappijen) as the current presidency
of the council of the EU (H1 2016)
Guests Anne Glover Amadeus Capital Partners
Invest Europe Past-Chair
Phil Bartram Travers Smith
PROFESSIONAL STANDARDS COMMITTEE
The committee ensures that Invest Europe is at the forefront of creating and
maintaining strong professional conduct guidelines and working practices for
the industry.
Chair William Watson Value4Capital
Vice-Chair Marta Jankovic APG Asset Management
Members Margaret Chamberlain Travers Smith
Blaise Duault PAI Partners
Neil Harding 3i Group
Dan Kjerulf Danske Private Equity
David Lindstrom MetLife Investments
Jonathan Martin KPMG
Alain Parthoens Vesalius Biocapital Partners
Simon Powell Advent International
Sue Woodman Equistone Partners
Roundtables
Represent
members of
a certain sub-
segments of one
or more platforms
Professional
Standards
Committee
Shapes industry
guidelines
and working
practices
Public Affairs
Executive
Public Affairs
strategic decision
making body
Tax, Legal and
Regulatory
Committee
Supports public
affairs and the PAE
continued
Invest Europe’s Roundtables are cross-Platform initiatives which
are open to members from all segments.
Single Family Office Roundtable
The SFO Roundtable represents the interests of the SFO community within
Invest Europe. It works to increase SFO Invest Europe membership and provides
tailored training courses.
Christina Pamberg Alcyon Holding Chair
Corporate Venture Capital Roundtable
The Corporate Venture Roundtable gives a voice to the increasingly influential
corporate venture capital community. Its membership includes leading companies
who are active in Europe and it has strong ties with similar networks in other
countries, such as the US National Venture Capital Association’s Corporate
Venture Group.
Jan Westerhues Robert Bosch Venture Capital Chair
Growth Capital Roundtable
The Growth Capital Roundtable provides a platform for Invest Europe members
that are growth capital investors. The Roundtable facilitates the discussion and
sharing of best practices among its members and seeks to promote growth
capital as an asset class to institutional investors.
Christian Strain Summit Partners Chair
Responsible Investment Roundtable
The Responsible Investment Roundtable aims to promote responsible investment
practices and the consideration of ESG issues within the Invest Europe
membership and broader private equity community.
Marta Jankovic APG Asset Management Chair
Infrastructure Roundtable
The Infrastructure Roundtable provides a forum for members to address the
policy issues affecting their operations and to collect data on their investment
activities to inform future communications.
Alain Rauscher Antin Infrastructure Partners Chair
Turnaround Roundtable
The Turnaround Roundtable aims to raise awareness of the role of these
specialised investors and promote the asset class to institutional investors.
Henry Jackson OpCapita Co-Chair
Catherine Brossard Cerebrus Co-Chair
ROUNDTABLES

TAX, LEGAL & REGULATORY COMMITTEE
The committee provides input for Invest Europe position papers, as well as responses
to relevant EU level consultations with an impact to the industry.
Chair Patricia Volhard P+P Pöllath + Partners
Vice-Chair Phil Bartram Travers Smith
Platform
Representatives
Gitte Bedford Robert Bosch Venture Capital
Hugo Lauque Ardian
Rachel Thompson/Benjamin Marten Bridgepoint
Jay Modrall Norton Rose Fulbright
Regional
Representatives
Ana Soﬁa Batista Abreu Advogados
Fabio Brunelli Di Tanno e Associati
Marco de Lignie Loyens & Loeff
Piotr Dulewicz Dentons
Gilles Dusemon Arendt & Medernach
Felix Haldner Partners Group
Jakob Mosegaard Larsen Mazanti-Andersen Korsø Jensen
David Nicolson Bridgepoint
Martin Nilsson Mannheimer Swartling Advokatbyra
Robin Painter Proskauer
Bernard Peeters Tiberghien
Stéphane Puel Gide Loyrette Nouel
Isabel Rodríguez King & Wood Mallesons
Christian Schatz King & Wood Mallesons
Jyrki Tähtinen Borenius Attorneys
Sylvie Vansteenkiste King & Wood Mallesons
Roundtables
Represent
members of
a certain sub-
segments of one or
more platforms
Professional
Standards
Committee
Shapes industry
guidelines
and working
practices
Public Affairs
Executive
Public Affairs
strategic decision
making body
Tax, Legal and
Regulatory
Committee
Supports public
affairs and the PAE

WHAT WE DO
SECTION 3
Industry excellence 16
Political advocacy 18
Communications 20
Data & research 22
Events 24

In 2015, we reached new landmarks,
including the publication of the 2015 Invest
Europe Professional Standards Handbook
and Investor Reporting Guidelines. With
it, we cemented Europe’s leadership role
in setting transparency and responsible
investing standards. In addition to updates
reflecting changes in the European regulatory
framework surrounding the industry, such as
the Alternative Investment Fund Managers
Directive (AIFMD), the Handbook incorporated
enhanced guidance on ESG practices and
disclosure throughout the text, covering the
entire private capital lifecycle.
Moreover, we have been working on
harmonising ESG standards for investors and
fund managers. In particular, we have been
making efforts to standardise due diligence
questionnaires on ethical and responsible
investing, for both general partners and
limited partners, the latter being driven by
the Principles for Responsible Investment
(PRI) Association.
Our work to create best practice guidelines
is supplemented with a full programme of
training courses to educate professionals
on these matters, as well as regulatory
issues and other areas of interest to our
members, such as financial modelling or
fund structuring.
The successes of 2015 were only possible
thanks to the collaboration of Invest Europe’s
members in the Professional Standards
Committee and its sub-Committees (the
Responsible Investment Roundtable and the
Working Group on Accounting Standards,
Valuation and Reporting), not to mention
the engagement of Invest Europe’s broad
membership in supporting and implementing
the guidelines and standards set. Professional
Standards Committee Chair William Watson
and Vice-Chair Marta Jankovic deserve
special thanks for their input into the
Handbook, as does Jonathan Martin for
leading the work to update the reporting
guidelines. The very fact that our committees
driving these processes are formed of limited
partners and general partners, as well as
advisers, helps achieve consensus and secure
industry support.
The effect is extremely beneficial to Invest
Europe and to the private capital industry.
The Professional Standards Handbook
has been an immense piece of work which
enhances our reputation in Brussels among
policymakers. It underlines our message
that private capital providers are positive,
proactive, responsible and committed to
investment in companies in Europe. It also lifts
our profile globally, with fellow associations in
the Americas and Asia seeking our Handbook
and following the advice we set in Europe.
Industry excellence
PROFESSIONAL
STANDARDS
HANDBOOK
MEMBERSERVICES
Edition November 2015
ANDARDSHANDBOOK
5,000copies sent and downloaded
of 2015 Professional
Standards Handbook
11Tailored training courses
for each type of
industry participant
+200Over 200 attendees
at training courses
Invest Europe is the guardian
of the European private
capital industry’s professional
standards, and as such we are
always pushing advances in best
practice in fields including fund
management, investor reporting
and environmental, social and
governance (ESG) measures.

HIGHLIGHTS 2015/16
Publication of 2015 Professional
Standards Handbook, including
renewed Investor Reporting Guidelines
Handbook integrates extensive guidance
on ESG and sets benchmark for
transparency and investor reporting
Initiated general partner ESG
questionnaire, helped shape the
limited partner questionnaire in line
with PRI standards
11 training courses for members,
including new courses on fund structuring
and ﬁnancial modelling
Over 200 attendees at courses, training
course revenues up 21%
2016/17 OBJECTIVES
Update 2015 Professional Standards
Handbook, addressing special sectors
including venture capital, infrastructure
and turnaround investing
Finalise the update of Invest Europe’s
supplementary guidance for
placement advisers
Production of a “Training the Trainers”
presentation on the Handbook
Introduce new training courses,
such as negotiations in private equity
Implement courses rebrand as Invest
Europe Training

In the past year political projects designed to
boost investment across the European Union
have taken a huge leap forward. Moreover,
the tone of the European Commission, the
driving force behind many of these measures,
has become much more conducive to private
capital as one source of this investment.
Capital Markets Union, which seeks to
promote a broad range of financing options
for European businesses, is front and centre
for our industry. The action plan – a roadmap
of sorts – envisages numerous measures
that can make it easier for private capital
groups to raise and invest capital, such as
a reassessment of risk weightings under
Solvency II, a commitment to make initial
public offerings easier for smaller companies,
and a commitment to investigate barriers
that impede cross-border capital flows and
run counter to the Alternative Investment
Fund Managers Directive (AIFMD) and
EU Venture Capital Regulation (EuVECA)
passport systems.
The proposal to revise the Institutions for the
Occupational Retirement Provision (IORP)
directive on pension funds has also been
positive for private capital with no new risk
weights envisaged in the text currently under
negotiation. Our focus on demonstrating the
highest professional standards continues
to play an important role in positioning our
industry before policymakers.
Some discussions nonetheless present
challenges, not least the OECD’s base
erosion and profit shifting (BEPS) initiative
which has the aim of shoring up the tax
base and addressing the implications of
tax avoidance strategies. It is an area where
high-profile coverage of offshore activity
– such as the leak of law firm Mossack
Fonseca’s so-called Panama Papers –
has generated huge public and political
scrutiny. Changes to tax rules now seem
inevitable and are already happening in
many Member States, but Invest Europe
will use its open channels with policymakers
to work for rules that do not discriminate
against private capital or hinder our industry’s
critical role in delivering investment.
Political advocacy
“The tone of
the European
Commission
has become
much more
conducive to
private capital.”
Michael Collins
Deputy Chief Executive
and Public Affairs Director
MEMBERSERVICES
BREXITTechnical and legal implications for private equity
if the UK votes to leave the EU

+100More than 100 meetings with
policymakers, including Commissioners,
MEPs and Finance Ministers
25More than 25 speaking
engagements at international
policy debates
HIGHLIGHTS 2015/16
Central role for private capital and long
term investors in Capital Markets Union
Action Plan
Commission plans for creation of a
venture capital fund of funds to attract
private investment into SME finance
Immediate reassessment of risk
weightings on infrastructure investment
by insurers
Commitment to reassess venture capital
and private equity risk weightings for
insurers, already reduced to 39% from
49% in 2015
Place for venture capital funds within
€315bn European Fund for Strategic
Investments, which had generated
€82bn for investment by April 2016
Commitment to revise Prospectus
Directive to make initial public offerings
easier for smaller companies
Commitment to investigate barriers to
cross border capital flows that impede fair
AIFMD passport implementation
23Responded to 23 consultations
from 9 different public bodies
European venture capital fund
of funds
Venture capital has been an area of
significant focus for the European
Commission over the past year as it looks
for ways to stimulate business innovation
that can accelerate job creation and
economic growth. A commitment to
establish pan-European venture capital
funds of funds represents a significant
win for Invest Europe as this is a solution
we have been proposing and working on
for many years.
The Commission has embraced the
proposal and is now working on a funds
of funds proposal that will be backed with
public money that is then matched by the
private sector. A number of renowned
fund managers have expressed their
interest in running the new investment
vehicle, which would complement the
European Investment Fund.
Invest Europe will continue to engage
with the European Commission to put
flesh on the proposal’s bones and ensure
that the planned funds of funds meets its
objectives: supporting European venture
capital in attracting global institutional
capital. The progress of this project over
the last 12 months is another illustration
of the Commission’s recognition of the
importance of private capital in providing
finance for growing companies.
2016/17 OBJECTIVES
Oversee positive development of
Capital Markets Union proposals
envisaged in Action Plan
Ensure that international and EU work
on combating tax avoidance does not
undermine private capital investment
Negotiate new EuVECA regulation to
enable significantly more Invest Europe
members to benefit from the regime
Initiate new research projects on the
impact of AIFMD and Solvency II risk
weightings to strengthen long term
case for reduced capital requirements
Collaborate on the creation of detailed
plans for European venture capital fund
of funds
Foster greater engagement with
members on policy issues through
papers, calls and updates on
breaking news
Push for successful outcomes on
legislation with indirect impact on the
industry, including Shareholders Rights
Directive, Prospectus Directive and new
insolvency regime

The rebranding of Invest Europe in October
last year was an opportunity to put our
integrated communications strategy to the
test. It involved a broad array of efforts to
increase engagement with top-level print,
online and TV press, and enhance the
association and the industry’s reputation
among key policymakers, thanks in part to
a name that resonates clearly with their own
political aims and moves away from a simple
description of who we represent. This work
has a bigger aim to establish Invest Europe
as a thought-leader – not only on private
capital but also on key European financial
topics, including Capital Markets Union –
which in turn can shine a beneficial light
on our industry.
Roundtable events have enhanced our
positioning with the EU’s top politicians.
A first event in London with EU Commissioner
Jonathan Hill was recently followed
by a roundtable in Brussels, attended
by the European Commission’s Vice-
President for Jobs, Growth, Investment
and Competitiveness, Jyrki Katainen, and
the chair of the European Parliament’s
Economic and Monetary Affairs Committee
Roberto Gualtieri. They met with member
firms and investee company CEOs to learn
about the true positive impact of private
capital investment – the event brought the
recognition that our industry is not niche
but instead a strategic sector for the future
of Europe.
We leveraged the launch of the Invest
Europe Professional Standards Handbook
and Investor Reporting Guidelines for 2015
to secure widespread coverage about our
leading position in creating and implementing
best practice. It was one of a number of
successful campaigns centred on key
publications, such as the annual private equity
and venture capital activity data report and
industry hot topics including Capital Markets
Union. Our series of short videos filmed with
entrepreneurs and venture capital executives,
including Skype founder Niklas Zennström,
has been viewed more than 5,000 times.
Their messages about funding innovation are
resonating with key European policymakers
who will ultimately design and approve
a Capital Markets Union plan.
Taken together, our campaigns demonstrate
how we are employing a wide range of
communications tools, including social media
and thought leadership initiatives to improve
our reach and impact. Over the longer term
our strategy will deliver increased awareness
and engagement with members, policymakers
and press on issues important to them.
Communications
“Our campaigns
demonstrate
how we are
employing a
wide range of
communication
tools to improve
our reach and
impact.”
Lynn Nicholson
Communications Director
publications, 10 videos, 15 blogs aimed at
different audiences including policymakers,
members and public at large.
15

100%100% increase in social media
followers: Twitter 4870 (2,343);
LinkedIn: 5129 (2,484)
500Over 2000 press interactions
and over 500 positive pieces
of press
2016/17 OBJECTIVES
Fully imbed new brand and take
leadership positions on industry hot
topics and wider EU themes, such as
Digital Single Market, Single Market
Strategy, Juncker Plan and Capital
Markets Union, including private equity
and venture capital in the debate
Establish Invest Week programme of
events and communications to support
key positioning of Invest Europe as
thought leader
Improve impact of member
communications with new channels,
better design, content and tone;
develop tools that allow members
stronger feedback to Invest Europe.
INVEST WEEK
In line with last year’s rebrand, in 2015
we started preparation for a concentrated
programme of events in Brussels that
will elevate Invest Europe’s standing
with policymakers even further through
discussion and research on the central topic
of investment in European businesses. Our
aim is to tap into the investment ecosystem
that exists in Brussels to position Invest
Europe and our industry as a source of
expertise, as well as capital, for growing
businesses and jobs in Europe.
We constructed an outline for Invest
Week and are now advancing concrete
plans for a week-long series of events
and communications under that banner.
The programme is intended to bring
policymakers into contact with our
members and their businesses in order
to observe and understand what private
capital providers are doing in Europe. Plans
include roundtables, a reception and a VIP
dinner. Invest Week will ensure that our
industry and association remains front-
of-mind as Brussels politicians continue
to advance projects for Capital Markets
Union and the European Fund for Strategic
Investments. There will be a dedicated
website and social media presence.
Welookforwardtosharingfurther
informationwithmembersaboutthis
pioneeringprogrammethroughouttheyear.
HIGHLIGHTS 2015/16
Launch of Invest Europe brand
with widespread press coverage and
policymaker engagement
Reached several hundred million
potential audience through media
including the Economist, Financial Times,
Sky News, Bloomberg TV, Frankfurter
Allgemeine Zeitung and Forbes
Hosted two successful roundtable
events in Brussels and London with
Commissioners Katainen and Hill
Produced 15 publications targeted at
members, policymakers and public
Enhanced social media activities including
100% increase in Twitter and LinkedIn
followers, the greatest increase of any
trade association
“In a sign that the region is developing its own
‘late-stage’ tech companies like Uber and Airbnb,
investments of so-called growth equity — which lies
between venture capital and leveraged buyouts —
reached €6.5bn in 2015, an 11 per cent increase
on a year earlier, Invest Europe said.”
Dörte Höppner departs
Invest Europe
Outlets we had coverage with in 2015/16 include:

Data provision is one of the foundations upon
which Invest Europe is built. Our association
has become the go-to source for authoritative
and comprehensive European data on private
equity and venture capital for our members,
investors, European and international
policymakers, press and academics.
In the past year we have taken further
leaps forward in the quality and scope of
the information we provide. We have
driven great advances in the pan-European
database, which is nearing completion. In
addition, we have launched an online library
of private capital industry research to provide
our members with an accessible and valuable
repository of information about our industry.
Our activities have also included the
production of exhaustive private equity
and venture capital activity reports – the
Invest Europe 2015 European Private Equity
Activity Report, as well as the Central and
Eastern European Statistics 2014, based on
PEREP_Analytics data. The data gathered
and analysed for these reports has formed
the basis of numerous speaking engagements
and presentations at key investment
conferences across Europe.
Invest Europe data is a vital resource for
the broad community of members that
we serve. We process up to 50 member
requests for data every month on a range
of topics that has included corporate venture,
trends in growth capital, regional trends
and investment size analysis. Our data also
informs the workstreams of our association’s
platforms and committees. Moreover, Invest
Europe has become a preferred and trusted
partner for policy research into our industry.
Projects include assessments into EuVECA
regulation and the proposed venture capital
fund of funds, as well as the OECD’s annual
2015 Entrepreneurship at a Glance report.
HIGHLIGHTS 2015/16
Completion of IT infrastructure
and agreed methodology for pan-
European database
Launch of members-only online
library with over 50 academic reports
and industry studies
50 member data requests handled
per month
High-proﬁle speaking engagements at
European investment conferences
Data provided for keynote addresses at
Invest Europe conferences and Events
Data and research provided to European
Commission for studies into EuVECA
and VC Fund of Funds, and OECD 2015
Entrepreneurship at a Glance report
Data & research
“Invest Europe
data is a vital
resource for the
broad community
of members that
we serve.”
Cornelius Mueller
Research Director
CREATING LASTING VALUE
EUROPEAN PRIVATE EQUITY &
VENTURE CAPITAL ASSOCIATION
European pension funds’
perceptions of private equity
A study conducted by Greenwich Associates
Commissioned by the European Private Equity
and Venture Capital Association March 2015
750Downloads of annual statistics
per month
10,000
Visits to Invest Europe Data &
Research web pages per year

Pan-European Database
The creation of a pan-European database
for private equity and venture capital
started in earnest in 2014 with investment
by Invest Europe and partner national
private equity and venture capital
associations. New IT infrastructure was
established to support the gathering of data
across all EU geographies, as well as non-EU
states including Norway and Switzerland.
As we finalise this year’s Annual Report, that
endeavour is now nearing completion. It has
been a great endeavour to standardise data
collection techniques and methodology, and
one that will ultimately deliver truly robust
and insightful data for all of Europe. What
really makes this achievement special is
that Invest Europe has been able to unite
Europe’s national associations to create one
joint database for the first time.
We now begin the work of populating the
database with historic European activity
data, and engaging with fund managers
who will input their own figures into the
database. It goes without saying that
security is of the utmost importance to
ensure that this is a trusted and accurate
tool. When live, the database will simplify
and standardise data on our industry across
Europe, ultimately making life easier for
investors and fund managers with one
central repository of information.
Our next major step will be to create
modules for performance data and
economic impact data. Not only will we show
how much private equity and venture capital
has invested in Europe, but we will also be
able demonstrate its returns to pension
funds, insurers and other investors, as well
as our industry’s impact on job creation.
The pan-European database positions
Invest Europe and its members at the
forefront of industry data collection and
industry transparency. It will help us to
increase engagement and relevance with
our membership and long-term investors,
as well as policymakers in Brussels and
around the globe.
33Data captured for
33 countries in Europe
€564bnData covers over 1,200 firms, representing
91% of €564bn in capital under management
in Europe.
2016/17 OBJECTIVES
Launch pan-European Database,
including new and historic private
equity and venture capital activity data
Establish pan-European Database
modules for collecting performance
and economic impact data
Harmonise historic data and prepare
database for full year of use in 2017
Increase engagement with members
and policy partners for bespoke
data requests
Rolloutmorecontentonresearchlibrary
Enhance positioning of Invest Europe
as authoritative source of European
private capital data through conference
engagements, annual activity reports
and Invest Europe event keynotes
0
20
40
60
80
100
120
2015201420132012201120102009200820072006200520042003200220012000
OVERVIEW – ALL PRIVATE EQUITY – FUNDRAISING, INVESTMENTS & DIVESTMENTS
48
35
9
40
24
13
2828 2729
14
27
37
20
72
47
30
112
71
33
80
73
27
80
55
14
19
25
12
22
43
20
42
47
31
25
38
22
54
38
35
48
4240
4847
41
11
€billion

Invest Europe’s conferences and events were
given an enhanced focus in 2015, resulting
in a rise in revenues and attendance at our
key events. As a non-profit organisation, this
ultimately means more revenues flowing back
into the association to invest in other essential
work on behalf of our members. Furthermore,
in the past year we created a new role
focusing on member events to reflect the level
of engagement and service Invest Europe
strives to give its broad membership.
The result is that our events agenda is
more aligned with Invest Europe’s strategic
positioning for the industry, and more
relevant and essential to our membership
than ever before. In the past year, our events
have involved speeches and discussions
on live policy issues; they have included
presentations of exclusive proprietary data;
and they have featured topics selected by our
members that showcase industry expertise
and educate our audiences on important
issues. Altogether, they have reflected the
way we think about our association and our
industry, and how we position ourselves to
the outside world.
We have also made efforts to be more
engaged with our members and offer
services that enhance their experiences.
We have built on Invest Europe’s expertise
and growing social media following to create
social platforms that enable members to build
their own networks before, during and after
events, ensuring that our programme has
year-round presence and impact.
HIGHLIGHTS 2015/16
Increased revenues for all major Invest
Europe conferences: Investors’ Forum,
Investors’ Seminar Asia, CFO Forum,
VC Forum
Specialist events held for family offices,
women in private equity, and corporate
venture capital
Improved conference programmes
with content designed by members
and relevant to members’ needs
Events demonstrated industry
experience, policy expertise,
exclusive data, association and
industry positioning
Enhanced social media coverage
to create “buzz” around events
Sponsorship and attendance targets
exceeded for major events
14% increase in attendees at Invest
Europe conferences
48% increase in attendees from non-
member firms and a 5% increase in
member-firm participation
Events
“Our events
agenda is now
more aligned
with Invest
Europe’s
strategic
positioning,
andmorerelevant
and essential to
our membership.”
Dörte Höppner
Chief Executive
21%increase in conference revenues
14%Increase in attendees at Invest Europe
conferences Almost 1,000 delegates
participated in key conferences

KEY EVENTS2016/17 OBJECTIVES
Increase revenues via sponsorship
and attendance at events
Identify and bring new members
to Invest Europe through tailored
programmes and events
Consolidate Invest Europe’s position as
a thought-leader through stimulating,
relevant and exclusive content
Cooperate with Invest Europe platforms
on preparation of Invest Week
CFO Forum
02 - 03 June 2015
Brussels
107delegates
Investors’ Forum
16 – 17 March 2016
Geneva
400delegates
Investors’ Seminar Asia
02 - 03 December 2015
Toyko and Seoul
132local investors
VC Forum
22 October 2015
Berlin
223delegates
Investors’ Forum
Geneva2016

Member events
It has always been important to us to be
close to our members in order to hear their
concerns, gather feedback and learn ways
to help more on the ground. Invest Europe’s
member events have been an essential
connection enabling us to achieve this.
We would like to offer even more. So we
are boosting the number of events, and
improving their focus, to help our members
truly benefit from access to Invest Europe’s
unrivalled professional network.
Our programme of member events includes
formal Chairman’s Dinners for senior
executives, and more relaxed Next Generation
and VC After Work get-togethers for all
private equity industry and venture capital
professionals. We have also held a number
of Policy Update Breakfast Briefings to
inform our members about the latest policies
affecting the local European private equity
and venture capital industries. These events
allow our public affairs team to listen to
concerns about the regulatory framework
in specific jurisdictions. All events offer our
members a valuable opportunity to meet with
key Invest Europe staff and to establish local
networks of industry contacts.
We have established a busy programme of
member events – on average two per month –
and travel around Europe to meet with
our members. Over the past year we have
visited 12 cities including Madrid, Warsaw,
Paris, Stockholm and Frankfurt. And over
the coming months we will be going to Berlin,
London, Milan, Amsterdam, Barcelona and
Riga, among others. Such efforts are having
a noticeable effect on creating a vibrant
Invest Europe community, both locally and
on a pan-European basis, and will serve to
heighten Invest Europe’s engagement with
members by being present where they are.
HIGHLIGHTS 2015/16
Creation of Invest Europe Member
Events as a distinct service for members
Regular programme of multiple
monthly member events to boost
member engagement through local
event co-ordination
Creation of policy breakfast content
tailored to local private equity managers
and investors
Increased number of member events
by 50% to 15 last year
12 cities visited, average of 25-30
attendees per member event
15member networking events
50% increase
25-30
Average attendees
per event
2016/17 OBJECTIVES
To increase member attendance
and awareness for all networking
and policy events
Increase following for Next Generation
networking
Collaborate with Communications
team on social media to create “buzz”
around member events
Work with local associations where
necessary to recruit more potential
attendees and members
Events continued

MEMBER EVENTS
12Cities visited
Next Generation Munich 23/03/16
Paris 15/10/15
Breakfast Brieﬁng Warsaw 22/01/16
VC After Work Munich 26/11/15
Helsinki 25/11/15
London 28/10/15
Chairman’s Dinner Madrid 18/03/16
Warsaw 21/01/16
Paris 05/11/15
Zurich 04/11/15
Luxembourg 14/10/15
Amsterdam 22/09/15
Stockholm 02/09/15
Oslo 01/09/15
Frankfurt 16/04/15
MADRID PARIS ZURICH
LUXEMBOURG
AMSTERDAM
OSLO STOCKHOLM
MUNICH WARSAW
LONDON
HELSINKI
FRANKFURT

FINANCIALS
SECTION 4
Financial report 30
Financial statements 31
Auditor’s report 34

Profit and Loss
Operating expenses were €6,689,542 in 2015,
4% lower than 2014’s total of €6,938,051.
Operating revenues increased by 2% to reach
€7,292,963 in 2015, compared to €7,164,756
in 2014.
The 2015 net operating profit before
exceptional results was €603,420. This was
due, in part, to some projects being moved
and transferred into the 2016 budget.
Projects initiated in 2014 have been finalised
in 2015 for a total cost of €112,322, below
initial budget.
Invest Europe funded the finalisation of three
one-off special projects which will enhance
Invest Europe’s positioning and its services
for its members. These were the creation
of the new Invest Europe brand, the pan-
European database, and the IPO index for
venture capital-backed companies. The total
expenses were €474,932, with an authorised
budget overrun of €346,921.
The 2015 net accounting profit was €16,178.
Balance Sheet
The balance sheet total was €4,610,418 as
at December 31, 2015, while the cash position
was €3,757,228 at the same date, compared
to €3,944,675 a year earlier. Reserves
increased from €3,334,597 to €3,350,775
due to the net accounting profit.
Budget 2016
For 2016, Invest Europe proposes a balanced
budget before exceptional projects.
Budgets have also been allocated to the
Professional Standards Committee and the
Tax, Legal and Regulatory Committee within
Invest Europe. There are also various task
forces, working groups and roundtables
managed by the secretariat.
As in previous years, the board will closely
monitor the financial situation throughout
the year.
Financial report
HISTORIC EVOLUTION (¤m)
€5.6m2015 Membership revenues,
2% above budget
€1.5m2015 Events and Sponsorship revenues,
12% above budget
9.34
7.20
9.47
7.72
8.46
8.79
7.94
7.22
7.16
7.29
1
2
3
4
5
6
7
8
9
10
07 08 09 10 11 12 13 14 15 16
Actual Budget
Revenue
1
2
3
4
5
6
7
8
9
10
07 08 09 10 11 12 13 14 15 16
Actual Budget
Expenses
9.33
7.47
9.47
8.04
7.52
8.59
7.75
6.89
7.33
7.28
1
2
3
4
5
6
7
8
9
10
07 08 09 10 11 12 13 14 15 16
Actual Budget
Reserves
2.14
3.12
2.15
1.82
2.77
2.97
3.16
3.49
3.33
3.35

PROFIT AND LOSS (¤)
Financial statements
ACTUAL 2015 BUDGET 2015 ACTUAL 2014
Membership 1 5,608,824 5,475,000 5,578,314
Events 2 1,242,925 1,141,345 1,216,982
Sponsoring 2 259,000 199,000 237,000
Service fees 60,000 60,000 60,000
Bank interest and miscellaneous 28,947 17,500 25,631
Other revenue 93,266 37,000 46,828
Total Revenue 7,292,963 6,929,845 7,164,756
Personnel costs 3,202,821 3,214,000 3,262,705
Professional services 1,414,896 1,610,830 1,492,252
Housing costs 228,014 240,431 229,627
Accommodation events 363,754 324,836 425,811
Travel and representation 3 542,256 499,240 489,826
Communications 86,496 95,900 88,693
Printing and audio-visuals 179,099 152,350 201,082
Various office costs 440,166 502,058 412,022
Finance costs 46,276 29,000 31,037
Provision for doubtful debtors 136,000 155,000 163,536
Provisions/other costs 49,764 106,200 141,460
Total Expenses 6,689,542 6,929,845 6,938,051
NET OPERATING RESULTS EXCL. NON CASH CREDIT ENTRIES 603,420 0 226,705
Long term provisions 0 0 241,889
Non Cash Credit Entries 0 0 241,889
NET OPERATING RESULTS INCL. NON CASH CREDIT ENTRIES 603,420 0 468,594
Projects from previous year completed in current year 112,322 227,000 329,975
Long term investment – European database project 4 122,500 24,000 176,000
Long term investment – Brand project 5 324,221 79,000 127,068
Long term investment – IPO index 28,200 25,000 0
Total exceptional expenses 587,242 355,000 633,043
NET RESULT 16,178 -355,000 -164,449
Notes
1. Level of membership above expectations
2. Events registrations and sponsoring above expectations
3. Increased networking activities throughout Europe to meet members and non-members
4. An additional budget of €100,000 was approved to finalise the project
5. An additional budget of €245,000, approved by the General Meeting in June 2015, was required to finalise the project

Financial statements continued
BUDGET 2016 ACTUAL 2015
Membership 1 5,620,000 5,608,824
Events 1,233,515 1,242,925
Sponsoring 260,000 259,000
Service fees 60,000 60,000
Bank interest and miscellaneous 15,000 28,947
Other revenue 51,500 93,266
Total Revenue 7,240,015 7,292,963
Personnel costs 3,261,000 3,202,821
Professional services 2 1,713,340 1,414,896
Housing costs 285,824 228,014
Accommodation events 368,855 363,754
Travel and representation 604,970 542,256
Communications 83,875 86,496
Printing and audio-visuals 178,980 179,099
Various ofﬁce costs 446,631 440,166
Finance costs 22,200 46,276
Provision for doubtful debtors 155,000 136,000
Provisions/other costs 119,340 49,764
Total Expenses 7,240,015 6,689,542
NET OPERATING RESULTS 0 603,420
Projects from previous year completed in current year 230,000 112,322
Long term investment – European database project 0 122,500
Long term investment – Brand project 0 324,221
Long term investment – IPO index 0 28,200
Total exceptional expenses 230,000 587,242
NET RESULT -230,000 16,178
Notes
1. Net Membership aligned to 2015
2. The increase of “Professional services” is mainly explained by fees related to speciﬁc platforms projects. In 2015, these budgets were underspent
PROFIT AND LOSS (¤)

31 DEC 2015 31 DEC 2014
FIXED ASSETS
At cost, less depreciation 7,942 16,132
FINANCIAL ASSETS
Shares in EDC GmbH (33%) 8,329 8,329
CURRENT ASSETS
Receivables 278,643 143,792
Deposits and prepayments 8,481 8,481
VAT 58,837 53,226
Deferred charges 1 473,767 297,372
Accrued income 17,191 8,009
Cash at bank 2 3,757,228 3,944,675
TOTAL CURRENT ASSETS 4,594,147 4,455,555
TOTAL ASSETS 4,610,418 4,480,016
31 DEC 2015 31 DEC 2014
GENERAL RESERVES
Opening balance 3,334,597 3,499,047
Attribution of profit (+)/loss (-) 16,178 -164,449
Closing balance 3,350,775 3,334,597
PROVISIONS 6,372 6,800
CURRENT LIABILITIES
Suppliers 420,575 360,289
VAT 15,879 21,826
Payroll accruals 441,058 494,376
Deferred income 3 355,760 238,127
Capital contribution to leasehold improvement 4 20,000 24,000
TOTAL CURRENT LIABILITIES 1,253,271 1,138,618
TOTAL LIABILITIES 4,610,418 4,480,016
Notes
1. 2016 events accommodation contracts signed in 2015
2. Cash balance aligned year on year given current financial result
3. Deferred income includes services (Investors Forum 2016) invoiced in 2015 to be delivered in 2016
4. Landlord capital contribution for the amount of €36,000 related to the office move and amortised on the period of the lease (9 years) since 2012
ASSETS (¤)
LIABILITIES (¤)

AUDITOR’S REPORTSUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
Fixed assets
Fixed assets are stated at cost less
accumulated depreciation. Depreciation is
provided over the estimated useful lives of
assets using the straight line method.
Cash or cash equivalent
Cash and cash equivalent are carried at
nominal value
Receivables
Receivable are carried at nominal value.
Provisions are made for all receivables
during the year if no explicit confirmation
or certainty about payment is available.
Change from 2015: The board of Directors
has decided to set up a provision for
unpaid receivables related to conferences
and training if unpaid during the year.
The impact onfinancialstatements2015
amountsto€17,000.
Provisions
Provisions are recognised for probable
obligations when a reliable estimate of the
amount can be made.
Liabilities
Trade payables and payroll liabilities are
carried at nominal value.
Revenue recognition
Revenue is recognised to the extent that it
is probable that the economic benefits will
flow to the company and the revenue can
be reliably measured. With respect to the
rendering of services, revenue is recognised
by reference to the stage of completion.

www.investeurope.eu/AnnualReport2015/2016

Invest Europe Bastion Tower
Place du Champ de Mars 5
B-1050 Brussels, Belgium
T +32 2 715 00 20
F +32 2 725 07 04
info@investeurope.eu
www.investeurope.eu

Invest Europe the voice of private capital annual report 2015-16

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