欧洲风险投资 - 2024 年的前进之路

The European venture capital market experienced a significant decline in transactional activity in 2023/24, with international capital markets closed to new issuance in Europe for the longest period on record following the start of the Russia-Ukraine conflict. Rapid and steep interest rate hikes, inflationary pressures, and market uncertainty also contributed to the downturn. The product mix between high-yield and Term Loan B borrowings remained in line with past trends, with high-yield bonds contracting the most. The report identifies 10 key European venture capital themes for 2023/24, including the increasing importance of sustainability and ESG factors in investment decisions, the growing role of female founders and investors, and the increasing focus on later-stage investments. The report also provides an overview of key deal terms, including valuations, funding structures, and exit strategies.