Private equity and venture capital knowledge centre

Here you will find industry statistics and publications on Private Equity & Venture Capital.

2024

Baltic Private Equity and Venture Capital Report 2023

KPMG Baltics Deals team and the Baltic VCAs are honoured to present the Baltic Private Equity and Venture Capital Market Overview 2023. The report has been prepared for the fifth year running, previously with Deloitte and now for the second year with KPMG Baltics.  

Even though on a global scale 2023 will be remembered as a challenging year for the PE/VC space, the Baltic region showed strong resilience. Total cumulative capital raised by Baltic fund managers exceeded the €3 billion mark reaching a total of €3.4 billion, with close to €800m raised in 2023 alone. It was another strong year for VC fundraising as Baltic fund managers raised €542 million. By the end of 2023 the amount of dry powder still to be invested by Baltic PE/VC funds was close to €1.6 billion.

2023

EstVCA Members in Numbers 2022

In 2022 EstVCA member AUM has reached €3,08bn. In total €449m was invested in 296 companies, €195m of that invested by PE/VC funds. There is a total of 740 active portfolio companies with a number of employees reaching 23 800 people. In 2022, nineteen divestments were made by our members, thirteen of which by professional funds. The dry powder of EstVCA members as of 31.12.22 was €595m.

>> VIEW THE REPORT

Baltic Private Equity and Venture Capital Market Overview 2022

We are proud to present the freshly launched Baltic Private Equity and Venture Capital Market Overview 2022, which has been prepared by the KPMG Baltics Deals team and the Baltic VCAs and presents the 4th edition of the report.

Highlights in numbers:
  • 2.2B EUR raised since 2010
  • 298M EUR raised in 2022
  • 1.1B EUR dry powder as of the end of 2022
  • 212M EUR amount invested into Baltic companies in 2022
  • 222 deals closed during 2022
  • 50 exits made in 2022
  • 69M EUR outbound investments in 2022 alone
  • 153 investments outside of the Baltics in 2022
>> View the report here: https://www.balticpevcmarket.com

>> View the report event launch recording HERE


2022

Baltic Private M&A Deal Points Study 2022

The seventh edition of “Baltic Private M&A Deal Points Study” has been published. The report gives a detailed overview of the Baltic mergers and acquisitions (M&A) market in comparison with previous periods.

>> VIEW THE STUDY 

The State of European Tech 2022

THE BALTIC STARTUP SCENE: TODAY’S REALITIES, TOMORROW’S POSSIBILITIES

CIVITTA in collaboration with GOOGLE has prepared the most extensive report ever on the startup ecosystem in the Baltics. The results show that the growing number of startups is already generating a lot of economic growth, with the potential for an even bigger impact in the future. But the challenges of finding funding and talent are slowing the pace at which startups can scale.

>> VIEW THE FULL STARTUP REPORT
>> VIEW THE SHORT VERSION FOR A QUICK READ 

EIF Venture Capital Survey 2022: Market sentiment and impact of the current geopolitical & macroeconomic environment

This publication is based on the results of the 2022 VC Survey, conducted by the EIF with the support of Invest Europe with responses from 443 VC investors. The paper focuses on the market sentiment as well as the impact of the current geopolitical situation and difficult macroeconomic environment. The study looks at the current situation, developments in the recent past and expectations for the future. 

>> VIEW THE REPORT

Baltic Private Equity and Venture Capital Market Report 2021

EstVCA, together with the Latvian and Lithuanian VCAs and Deloitte are glad to present the freshly published Baltic Private Equity and Venture Capital Market Overview 2021. The report was compiled for the third year in a row and brings out the Baltic PE/VC market landscape, key players and largest deals and looks into fundraising, investments (both inbound and outbound), divestments and much more.

A few highlights from the report:
  • 1.76B EUR raised since 2010
  • 269M EUR raised in 2021
  • 821M EUR dry powder by the end of 2021
  • 138M EUR worth of investments made in 2021
  • 270 deals made in 2021
  • 57 exits made in 2021
  • 53M EUR outbound investments 2021 alone
  • 142 investments outside of Baltics in 2016-2021

>> View the REPORT: https://www.balticpevcmarket.com/
>> View the report launch WEBINAR RECORDING: link


Estonian Private Equity & Venture Capital Industry Report 2021

In 2021 EstVCA member AUM has reached €2,88bn. In total €290m was invested in 148 companies, €155m of that invested by PE/VC funds. There is a total of 484 active portfolio companies with a number of employees reaching 20 600 people. In 2021, nineteen divestments were made by our members, fourteen of which by professional funds. The dry powder of EstVCA members as of 31.12.21 was €624m.

>> VIEW THE REPORT

2021

Baltic Private Equity and Venture Capital Market Report 2020

Welcome to the Baltic PE / VC 2020 report!

Deloitte and the Baltic Private Equity and Venture Capital Associations are honoured to present the Private Equity and Venture Capital Market Overview 2020, which has been prepared by the parties for the second year running.

>> VIEW REPORT

Estonian Private Equity & Venture Capital Industry Report 2020

In 2020 EstVCA member AUM has reached €2,4bn. In total €286m was invested in 105 companies, €90m of that invested by PE/VC funds. There is a total of 429 active portfolio companies with a number of employees reaching 18 900 people. In 2020, nineteen divestments were made by our members, fifteen of which by professional funds. The dry powder of EstVCA members as of 31.12.20 was €486m.

>> VIEW REPORT


Women in private equity and venture capital in the Baltics 2021

We are thrilled to present the first-ever report featuring interviews with the most inspiring and successful women shaping and leading the private equity and venture capital industry in the Baltics! 
 
The project is dedicated to analysing the gender diversity situation in the Baltic private equity and venture capital market as well as to promoting and championing female professionals of the industry. We hope it will serve as an encouragement to many younger generation females for building a career in PE/VC industry.

  • Read the report HERE


2020

Baltic Private M&A Deal Points Study 2020

EstVCA and 6 leading Baltic law firms – Sorainen, COBALT, Ellex, Eversheds Sutherland, WALLESS and TGS Baltics - have prepared the „Baltic Private M&A Deal Points Study 2020“ report. The M&A teams of the law firms analysed 122 private M&A transactions completed during the period January 2018 – March 2020 across the Baltics. The report explains which sectors had the most active M&A activity in the past 2+ years, which sellers sold and where did the investors come from. The report also analyses deal points regarding transaction forms, payment terms, liability provisions, etc.
  • Download the report (in PDF) HERE
  • View the report launch event recording HERE (in Estonian, held on November 26, 2020)

Baltic Startup Funding Report 2020

Our member Change Ventures has launched their first Baltic Startup Funding Report, a comprehensive set of data on venture funding of startups from Estonia, Latvia, and Lithuania, including pre-seed and seed round valuation data.
  • Read the report HERE

H1 2020 European Private Equity Activity

The Invest Europe's H1 2020 activity data report provides a semi-annual review of fundraising, investment and divestment trends for European private equity and venture capital activity. 
  • Download the report HERE
  • All Invest Europe's activity reports can be found HERE

Estonian Private Equity & Venture Capital Industry Report 2019

In 2019 EstVCA member AUM has reached €2,3bn. In total €200m was invested in 112 companies, €108m of that invested by PE/VC funds. There are a total of 295 active portfolio companies with a number of employees reaching 18 700 people and a combined turnover of €1,8bn. In 2019, five divestments at cost €12m were made by our members.

VIEW REPORT

Central and Eastern Europe Statistics 2019

Invest Europe report on private equity and venture capital markets of Central and Eastern Europe in 2019 and prior years.

VIEW REPORT

Baltic Private Equity and Venture Capital Market overview 2010-2019

For the first time, a report covering 10 years of Baltic PE/VC market has been compiled and launched. The report, prepared by Deloitte in cooperation with Baltic PE/VC associations, provides detailed results and analysis of the Private Equity and Venture Capital funds that operate in the Baltics, their capital raised, investments and divestments.

VIEW REPORT

WEBINAR RECORDING

Investing in Europe: Private Equity activity 2019

With data on more than 1,400 European private equity firms, covering 86% of the €782bn in capital under management in Europe, Invest Europe offers the most comprehensive review of fundraising, investment and divestment trends for European private equity and venture capital activity.

VIEW REPORT

2019

Estonian Private Equity & Venture Capital Industry Report 2018

In 2018 EstVCA member AUM has reached €1,8bn. In total €45m was invested in 47 companies. There are 110 active portfolio companies with total number of employees reaching 13 500 people and combined turnover is €1,5bn.


2018

Estonian Private Equity & Venture Capital Industry Report 2017

In 2017 EstVCA members invested €72m which is comparable to previous year. Out of that €53m was invested by BIF funds. EstVCA member AUM has reached €1,3bn. There are 100 active portfolio companies with total number of employees reaching 14 000 people and combined turnover is €1,6bn.

Baltic Innovation Fund - Fact Book

Baltic Innovation Fund (BIF) is a €130m fund of funds initiative created by European Investment Fund and the Governments of Estonia, Latvia and Lithuania in 2012. 5 underlying funds have raised in total €335m. Out of that €138m has been already invested into 29 companies across the Baltics.



2017

Estonian Private Equity & Venture Capital Industry Review 2016

In 2016 EstVCA members invested €74m compared to €19,2m in 2015. 385% growth in investments is driven by Baltic Innovation Fund. BIF funds have raised €325m with €132m coming from local pension funds. EstVCA member AUM is €636m. There are 93 active portfolio companies with total number of employees reaching 12 383 people and combined turnover is €1,3bn.

Download PDF

2016

Estonian Private Equity & Venture Capital Industry Review 2015

BIF funds have attracted €264,5m with €102m coming from domestic pension funds. In 2015 ESTVCA members invested €19,2m in 37 companies. There are 88 active portfolio companies with total number of employees reaching 7535 people and combined turnover is €0,7bn.

Download PDF

2016 M&A DEAL POINTS STUDY

The survey analysed 168 Baltic M&A transactions done in the period of July 2013 to December 2015, a record number of deals ever viewed by the study. The most active economic sectors in the Baltic M&A market were construction and real estate, technology, financial services, and energy and utilities. The value of a typical Baltic M&A transaction remains in the EUR 1-5 million bracket.

Survey (PDF)

2015

Central & Eastern Europe Statistics 2014

Total private equity and venture capital fundraising increased more than three-fold to €1.5bn, the highest total since 2008 and the fourth best result ever. Divestments increased by 32% in 2014 to €1.3bn (at historical investment cost), the second-highest level recorded in the region. A record 290 companies in Central and Eastern Europe received private equity and venture capital investment (up 20% year on year).

> Download (PDF)

Estonian Private Equity & Venture Capital Industry Review 2014

Local investors, including Private Equity & Venture Capital funds, Family Offices and Business Angels invested total of €22,7m in 95 companies in Estonia and elswhere in Europe and US in 2014. Estonian companies attracted total of €48,2m investments, 77% of capital coming from abroad. Fundraising totalled €81,5m.

> Download (PDF)

European Private Equity Activity 2014

Private equity investment in European companies increased by 14% to €41.5 billion in 2014, as the number of companies receiving buyout, growth and venture capital investments reached its highest level in the past five years. European private equity fundraising enjoyed another strong year in 2014. Fundraising reached €44.6 billion, its second highest level in the past five years.

> Download (PDF)

European Private Equity Activity Data 2007-2014

The most comprehensive source for European Private Equity & Venture Capital Fundraising, investment and divestment data. With data on more than 1200 European Private Equity Firms, the 2014 statistics cover 91% of the €548bn capital under management of the European Market.

> Donwload (xlsx)

2014

Estonian Private Equity & Venture Capital Activity 2013 review

Report includes the overview of Estonian Private Equity & Venture Capital Association's 2013 activities and its member statistics.

> Download (PDF)


Central & Eastern Europe Statistics 2013

Fundraising totalled €433m across Central and Eastern Europe in 2013, down from €673m in 2012; both growth capital and venture capital fundraising increased. Investments totalled €783m with 241 CEE companies financed by private equity in 2013. Exits totalled €741m, which was the third best on record despite a decline of 33% year-on-year, and comprised 88 companies divested - an increase of 35% from 2012.

> Download (PDF)

Pan-European Private Equity Performance Benchmarks Study

Report by EVCA and Thomson Reuters based on a survey opened to Private Equity & Venture Capital fund managers in Europe. The results will present aggregate investment performance data for various types of European Private Equity  Venture Capital Funds.

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European Private Equity Activity 2013

In 2013 the total fundraising of € 53,6 bn was more than twice the volume of 2012.  Overall investments in European companies remained stable. More than 5 000 companies were backed in 2013 as in the previous year. Equity investments decreased by 3 % to € 35,7 bn. A total of 2 290 European companies were exited representing former equity investments of € 33,2 bn.

> Download (PDF)

European Private Equity Activity Data 2007-2013

The most comprehensive source for European Private Equity & Venture Capital Fundraising, investment and divestment data. With data on more than 1200 European Private Equity Firms, the 2013 statistics cover 90% of the €555bn capital under management of the European Market.

> Download (xlsx)

2013

Exploring the impact of Private Equity on Economic Growth in Europe

This study explores the contribution of the Private Equity industry to the economic growth in Europe, namely in innovation, productivity & competitiveness. Report prepared for EVCA.

>Download (PDF)

Estonian Private Equity & Venture Capital Industry Review 2012

Report includes the overview of Estonian Private Equity & Venture Capital Association's 2012 activities and its member statistics.

>Download (PDF)

Central & Eastern Europe Statistics 2012

An EVCA Special Paper on Private Equity & Venture Capital Activity in Central & Eastern Europe. This report provides annual activity statistics for Private Equity & Venture Capital Markets of Central & Eastern Europe in 2012 and prior years.

>Download (PDF)
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