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In this document, we examine the European and Portuguese Private Equity markets through
a descriptive analysis of funds raised, investments and exits. The analysis relies on the data
made available through the 2015 Invest Europe Yearbook. The main findings of the analysis
are: (1) in Europe, the Private Equity market is concentrated in few countries; (2) the
peripheral countries have experienced only a marginal increase in their Private Equity
market; (3) in Portugal, the overall Private Equity market is undeveloped compared to other
countries; (4) however, in Portugal, Venture Capital investments have experienced a
significant development in the last years.
We run an exploratory quantitative analysis finding that Private Equity investments: (1) have
a positive impact on GDP; (2) whereas they increase the unemployment rate in the short run,
they do not affect the long run unemployment rate.
Finally, we look at the most recent regulatory initiatives affecting the European Private
Equity market. It is clear that these initiatives benefit investors and market stability, but at
the same time, they entail high compliance costs, which do not seem to be justified by the
systemic risk profile of the sector.