Event overview
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The purpose behind EIF's event
The current state of affairs
In VC, PE and PD
A Masterclass
Fireside chat with female investors
What it means to be a woman in investment
And wrap up of the day
Time to Empower Equity
The purpose behind the EIF's event
Achieving gender equality and empowering all women and girls to live equitable lives is fundamental to a peaceful, prosperous, and sustainable world – and is a very real goal under the UN’s SDGs.
So how does this objective play out in the European entrepreneurial & investment space?
It’s no secret that female representation in this sphere has a long way to go.
So how can we empower women to access the resources they need to back ideas and thrive – thereby making for a more diverse and inclusive European ecosystem?
This was the purpose of the EIF’s Empowering Equity event, held on the 5th and 6th of December in Luxembourg, where the EIF’s investment experts were joined by over 160 representatives from female-led and mixed teams – in person and online – (as well as female champions from the European Commission, the EIB and the European Institute of Innovation & Technology) to discuss the current and future landscape.
The event was notably supported by EIB Advisory Hub and powered by the EU’s flagship investment programme: InvestEU – which importantly comes with a new set of gender smart criteria, to help advance in the right direction.
Taking the temperature
What is the current state of affairs for gender equality in investment?
Whilst the European private equity scene continues from strength to strength (and shows resilience even in the face of crisis), diversity in the equity markets is not evolving at the same pace.
Women are not only widely underrepresented in managerial positions, with only 34% representation at EU level, but are also – as investors – receiving only a fraction of the capital flow. And yet we also know that there is a positive correlation between female representation in business & investment, and better performance.
Despite this austere picture, there are some very real EU-fuelled changes ongoing.
Female representation itself at the top echelons of the EU architecture is shifting, with profiles such as Ursula von der Leyen (President of the European Commission) and Mariya Gabriel (Commissioner for Innovation, Research & Culture) gracing the news on an almost daily basis.
President von der Leyen has championed the Gender Equality Strategy 2020-2025, whereby a major breakthrough for gender balance was achieved just recently in November 2022 when the Directive on gender balance in corporate boards was adopted; meaning that by 2026 listed companies will have to have 40% of the underrepresented sex at non-executive directors, and 33% at director level.
Over on the financial arm of the EU, three powerhouse Vice Presidents sit on the EIB’s management committee: Lilyana Pavlova, Teresa Czerwińska and Gelsomina Vigliotti and a new Chief Executive of the EIF – Marjut Falkstedt – will take the reins of the Group’s investment arm, the EIF, in January 2023.
Turning to investment itself, the EU’s new flagship investment programme (2021 – 2027): InvestEU - amongst other objectives - seeks to support investment teams who have strong female representation in leadership positions.
"Out of every euro spent in VC, 1 cent goes to female teams, 9 cents to mixed teams, and 90 cents to all male – and yet it doesn’t lead to optimum returns. We know that female and mixed teams perform better"
Astrid Bartels
Head of Unit , DG for Internal Market, Industry, Entrepreneurship and SMEs - European Cmmission
"Change doesn't happen overnight, but with InvestEU we are taking big steps. At the same time, we can nurture the ecosystem and create a safe space for partnership & dialogue – and this is what this event is all about – so we can build this together with you all"
Silvia Manca
Head of Social Impact Programmes , European Investment Fund
Deep dive into EIF’s activity
A detailed look at EIF's Venture Capital, Private Equity and Private Debt activity
A good moment then to segway into the main focus of the event: the audience was presented with two deep dive sessions from the EIF.
Session 1: EIF activity
EIF’s investment managers presented the funds activity across Europe in venture capital, private equity and private debt and to – as EIF’s Elodie Donjon put it “lift the lid on what we do everyday".
A common thread that Elodie (Venture Capital), Sarah (Private Equity) and Richard (Private Debt) touched upon was the sizeable support to first time and emerging teams, which represent a strong proportion of deals across all three business lines.
Check out the session's Q&A
"We have a strong catalytic effect in the market. We will come in where other institutional investors may be more hesitant."
Sarah Stein, Head of DACH - Lower Mid Market investments
"Our DNA is to support SMEs and midcaps, for almost 30 years we have done this – with changing times, crises, market trends, investor mix evolution and policy goals – and we will keep doing this into the future"
Elodie Donjon, Investment Manager, Investments, Technology & Innovation
Session 2: EIF Investment Masterclass
Moving on, the audience welcomed Patric, Cindy and Priscilla to the stage to “open the blackbox” of EIF’s investment and selection process.
All investment proposals sent to the EIF are looked at following the same Investment Triangle thesis that the EIF has developed over years of experience.
The presenters took the audience through each level of assessment, imparting helpful tips and tricks for teams along the way to stay true to their investment strategy – “ the DNA of your proposal” as it was put – and present a strong and coherent thesis.
EIF's Investment Triangle
The four key takeaways from the session were:
- Expect an iterative process: EIF treats investment proposals as an active exchange, at each step they will reach out and explore a new level of your proposal with you (and give you the tools to prepare with)
- Don’t be intimidated: yes, the EIF has backed big powerhouse names and the process can seem daunting but don’t be afraid of sending your pitch, they are always happy to open a discussion
- Act on feedback: rejection will often come because there is not sufficient connectivity and coherence within your proposal to support your investment strategy. This does not mean that your relationship with the EIF ends, but rather it is an opportunity to adapt and evolve.
- Be transparent: failure to share information can cause a break in trust which is then difficult to rebuild
Fireside chat with female investors
What is it like to be a female investor in the equity space?
After a very detailed investment masterclass, attention turned to a new set of guests on stage: three pioneer female GPs, Anne Osdoit (Sofinnova Partners), Simona Gemeneanu (Morphosis Capital) & Barbara Ellero (Anthilia Capital Partners).
The speakers shared their experiences as women in the investment space: from pregnancy during fundraising, to being treated differently in pitches. What followed this sharing of experiences was an interesting conversation about the importance of role models for women – as well as thought-provoking views on the flourishing European pipeline of female founders.
“Men will typically be asked promotion questions (how great will things be) during investment meetings. However as women we get prevention questions (how terrible things will be) which will automatically put us in defensive mode. Until we give up our biases, we won’t see real change. One of the reasons why there is so little funding for female founders is because there is a different approach to them”
Simona Gemeneanu
Partner at Morphosis Capital
Barbara Ellero
Partner at Anthilia Capital Partners
“Look at the challenges that women are facing. We see more educated women onboarded at junior level. But when family life is pitted against work, they are forced to quit or accept ‘lesser’ positions. We need to create the flexible conditions to retain women. We need to continue to have role models. We have to face gender stereotypes as well: such as ‘men take charge and women take care’ or that female leaders are either too hard or too soft – never just right. Competent or liked – never both”
"The issue is also that bad examples are promoted. The legacy of the Elizabeth Holmes debacle meant that I had to constantly question the way in which I “sold” our investment pitches in meetings, just because I too was a blonde woman in the healthcare industry. Personally, if I open a founder pitch and see no women in the team, I close it again – I know it’s brutal but change needs to happen”
Anne Osdoit
Partner at Sofinnova Partners
Further support for women in business & wrap up
An overview of some existing and new initiatives
To close the day, Agnieska (European Commission) and Amparo (European Institute of Innovation & Technology) were invited on stage to share some new initiatives and programmes that will help mentor and support female entrepreneurs.
The European Commission's agenda for gender equality is of course very broad, covering everything from equal pay & equal pensions to social rights. Zooming in on entrepreneurship & access to finance, Agnieska highlighted a range of initiatives geared towards empowering women in business - complemented also by the information that Amparo shared on EIT's Supernovas programme.
Event videos
Meet the experts: the EIF's Venture Capital, Private Equity and Private Debt activity
With the EIF's Elodie Donjon, Sarah Stein & Richard Rudner
Meet the experts: a Masterclass on EIF's investment & assessment process
With the EIF's Patric Gresko, Cindy Daniel & Priscilla Schnepper
Fireside chat: with female investors from the industry - sharing experiences
With Anne Osdoit (Sofinnova Partners), Simona Gemeneanu (Morphosis Capital) & Barbara Ellero (Anthilia Capital Partners)
