Chair, Invest Europe & Director, Equity Funds at the European Bank for Reconstruction and Development (EBRD)
This is a dark hour indeed for Ukraine and its people.
As the association representing Europe’s private equity, venture capital, and infrastructure sectors, as well as their investors, we utterly condemn the invasion of Ukraine by the Russian Federation on February 24, and stand in full support of the Ukrainian people.
We are profoundly saddened by the tragic loss of life and human suffering in Ukraine. Any consideration of economic losses is, of course, irrelevant compared to the worry for our fellow European citizens in Ukraine, including our colleagues and the tens of thousands of employees of companies they back.
Invest Europe has taken a number of steps to recognize and do what it currently can to address the terrible situation currently unfolding in Ukraine.
Last week we reached out to our Ukrainian members to offer our sympathy and support, and we stand behind our Ukrainian colleague whose concerns are very real for us all.
Invest Europe has taken the decision to donate, on behalf of its members, €100,000 to support the work of the International Committee of the Red Cross in Ukraine. We call on all 610 of our members, including national associations, to please boost this donation further; indeed EU-funded humanitarian assistance in Ukraine is in part delivered by the ICRC.
A statement outlining our position and donation has been approved by the Board, published on our website and all national associations who choose to can submit their logos in expression of support; they will be displayed on a dedicated webpage. A communications package containing the statement and dedicated social media content can be downloaded by our members and national associations here.
We have created a dedicated workstream to address the challenges raised by the crisis, which includes sanctions and how they impact GPs, this in order to ensure portfolios respect and apply said sanctions as quickly as possible. More long-term, we’ll look to create a taskforce to focus on how to support private equity and venture capital activity in the countries neighbouring Ukraine – given the dramatic changes to their investment environments.
Lastly, Russian LPs and GPs with links to the Russian state will no longer be permitted, until further notice, to participate in our trainings or attend the events we deliver throughout the year, including the Investors’ Forum in Geneva on March 23-24rd.
Europe’s private equity and venture capital industry are more than just observers of political events: we are investors, partners to entrepreneurs, employers and a continuous force for growth in markets and people.
Security, predictability and accountability are the cornerstones of a vibrant private equity and venture capital market, framed by the laws and regulations in which the market operates, as part of global value-chains. From a narrow – and in these early days barely relevant – industry perspective, we are saddened to see a blooming economy, private equity and venture market in Ukraine wilt under the weight of war. We stand behind the people of Ukraine.
We stand together as an industry.
See full statement here: https://bit.ly/347L9if