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Andrea Crisanti

Andrea is the lead analyst of this project and works in EIF’s Research & Market Analysis division. He holds an MSc in Economics from Bocconi University.

Since the start of this exercise, he has drunk 483 cups of coffee.

Julien Krantz

Julien is the head of Invest Europe’s research department. He holds an MA in International Economics & Finance from Brandeis International Business School and MSc in Management from Institut Mines-Télécom Business School.

Over the course of this collaboration, he spent 31 hours and two lunch breaks inside conference rooms.

Elitsa Pavlova

Elitsa is part of EIF’s Research & Market Analysis division. She holds an MSc in Economics and Public Policy from the Paris School of Economics.

During this project, her computer crashed 17 times.

Many thanks to...

We are deeply indebted to Simone Signore for offering insightful suggestions, generous guidance and technical expertise throughout the execution of the project. We would also like to thank EIF’s Marketing team and in particular, Ana Gaman, Josephine Shillito, Reka Mazur and Daragh Brown, for designing this report. Their creative vision and patience proved invaluable. We are grateful to Ariane Mortelmans from Invest Europe for her support as well as Dr Cornelius Müller for putting his trust in this piece of research. Last but not least, we would like to express our special thanks to Dr Helmut Krämer-Eis and the rest of EIF’s Research & Market Analysis team for their help and encouragement.

Get in touch if you are interested in a print version of the report.


The European Investment Fund (EIF) is Europe’s leading risk finance provider for small and medium sized enterprises (SMEs) and mid-caps, with a central mission to facilitate their access to finance. As part of the European Investment Bank (EIB) Group, EIF designs, promotes and implements equity and debt financial instruments which specifically target the needs of these market segments.

In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment. EIF manages resources on behalf of the EIB, the European Commission, national and regional authorities and other third parties. EIF support to enterprises is provided through a wide range of selected financial intermediaries across Europe. EIF is a public-private partnership whose tripartite shareholding structure includes the EIB, the European Union represented by the European Commission and various public and private financial institutions from European Union Member States and Turkey. For further information, please visit

Research & Market Analysis (RMA) supports EIF’s strategic decision-making, product development and mandate management processes through applied research and market analyses. RMA works as internal advisor, participates in international fora and maintains liaison with many organisations and institutions.


This report should not be referred to as representing the views and opinions of the European Investment Fund (EIF) or of Invest Europe. Therefore, any views expressed herein, including interpretation(s) of regulations, only reflect the current views of the author(s), which do not necessarily correspond to the views of the EIF or of Invest Europe. Views expressed herein may differ from views set out in other documents, including similar research publications, published by the EIF or by Invest Europe. The material information contained in this report are current at the date of publication set out above, and may be subject to change without notice. No representation or warranty, explicit or implied, is or will be made and no liability or responsibility is or will be accepted by the EIF or by Invest Europe with respect to the accuracy or completeness of the information contained herein and any such liability is expressly disclaimed. This report is not intended to be comprehensive and nothing in this report shall be construed as an investment, legal, or tax advice, nor shall be relied upon as such advice. Each recipient should seek for specific professional advice before taking any action based on this report. Reproduction and publication of this report are subject to the prior written authorisation of the EIF and Invest Europe.