New EIF Survey in Cooperation with BAE

Updated: Mar 9

Through new cooperations with Business Angels Europe - and in particular Business Angels Netzwerken Deutschland - EIF has increased its outreach for the new EIF Private Equity Mid-Market Survey - which currently represent the largest regular survey exercise among GPs in Europe. The EIF BA Survey is unique in its pan-European coverage and multi-country approach.

In addition to the sections on market sentiment, the impact of COVID-19 and market participants’ perception of policy responses, the latest 2020 EIF Survey looks into recent changes with respect to respondents’ human capital and their considerations related to ESG & impact investing.

Access the full survey here, read on for some key insights and graphs regarding angel investing.


All respondent groups are, on average, negatively impacted by the COVID-19 crisis. BA respondents showed a particularly pessimistic view, fewer VC respondents reported a negative impact – and a comparatively high percentage even stated a positive effect.

Among the positive factors, the BA respondents believe both healthcare and digitalisation play a similarly important role.

Customer acquisition and retention, COVID-19 related disruptions and securing financing / liquidity are the biggest challenges for respondents’ portfolio companies. VC and BA respondents face operational and financial challenges in roughly equal proportion.

Government support

Among all survey respondent groups, Business Angels are the least satisfied with the implementation of government programmes to support equity funding for startups.

The main factor that influenced the decision to apply for government support measures was the possibility to ease the financing burden of the portfolio company. For VCs and BAs, the second most important reason was the lack of access to finance from other sources for their portfolio companies.

Business Angels showed a particularly pessimistic view in several of the survey questions. Despite the negative impact of COVID-19 on these investors, BAs are the respondent group that is the least satisfied with the implementation of the COVID-19-related policy programs (both on a European and on a national/regional level) and the least prone to apply for support measures, mainly because of unsuitable requirements for target investments. A stronger fine-tuning of policy programs for the needs of this investor group and their portfolio companies could address these issues.

Access the full survey here