Demystifying Private Markets: EIF’s new tools for transparency and insight

In an era marked by economic uncertainty and market volatility, understanding the dynamics of private equity (PE) and venture capital (VC) has never been more critical. The European Investment Fund (EIF) is stepping up its efforts to make these markets more accessible and transparent — not just for institutional investors, but for the wider public. Two new initiatives are at the heart of this mission: the VC/PE Barometer and TrackVC.

Quarterly VC/PE Barometer: real-time market sentiment

The first of these initiatives is the launch of a quarterly VC/PE Barometer, a new format within the EIF’s long-running equity surveys. This tool is designed to capture market sentiment more frequently and with greater granularity, reflecting the fast-changing conditions of today’s investment landscape.

“We are navigating exceptional market conditions, characterised by unprecedented uncertainty and heightened volatility. These turbulent times require more regular market insight,” indicates EIF Chief Executive Marjut Falkstedt.

The Barometer surveys fund managers across Europe, gathering their perspectives on key indicators such as:

• Fundraising activity
• Exit opportunities
• Valuation trends
• Access to external finance
• New investments
• Deal flow

📊 Summary of the Q1 2025 Barometer

The survey indicates a mixed outlook:

• Fundraising remains challenging, with many managers reporting delays or downsizing.
• Valuations are under pressure, especially in later-stage deals.
• Deal flow is steady but selective, with increased scrutiny on fundamentals.
• Access to finance is tightening, particularly for first-time funds.
• Exit activity is subdued, though some managers expect improvement in H2 2025.
• US policy impact is seen as a wildcard, with potential regulatory and capital flow implications.

TrackVC: unlocking performance data for all

Complementing the Barometer is TrackVC, a groundbreaking platform developed in collaboration with BlackRock. For the first time, performance data on European VC and PE funds is being made publicly accessible — information that previously was only available to paying clients.

TrackVC is hosted on a neutral domain (trackvc.eu) and features:

• 10 years of historical performance data
• Key metrics: IRR, DPI, TVPI
• Coverage: Over 1,000 anonymised funds, including EIF’s own portfolio
• Semi-annual updates
• Freemium access with a 6-month data lag

The data is sourced from the eFront Insight platform and reflects cashflow-based benchmarks reported by fund managers across Europe. All data is anonymised and aggregated to ensure privacy and compliance.

“TrackVC changes the game by offering validated, representative performance data — sourced from a broad base of limited partners — to help investors, policymakers, and the public better understand private markets,” says Marjut.

This initiative is not just about transparency — it’s about building trust, lowering entry barriers, and supporting the Capital Markets Union by encouraging broader participation in private markets.

In case you missed our TrackVC blog from March 2025, read it here: Tracking venture capital, unlocking investment, fuelling innovation

Connecting the Dots: insight meets access

Together, the VC/PE Barometer and TrackVC form a powerful duo:

• The Barometer offers forward-looking sentiment and qualitative insights.
• TrackVC provides retrospective performance benchmarks and quantitative data.

By combining these tools, the EIF is creating a more complete picture of the European VC and PE ecosystem. One that is timely, transparent, and accessible. Moreover, over time, further pillars from new market intelligence sources can be added to this picture.

Whether you’re an investor, policymaker, entrepreneur, or simply curious about private markets, these initiatives are designed to help you navigate the complexities of VC and PE with confidence.