Project detail

Evaluation of EIB Group equity & quasi equity support to SMEs and mid-caps

The evaluation assesses the EIB Group support to SMEs through equity and quasi-equity instruments between 2010 and 2020 in the European Union. The study focuses on the rationale of EIB  intervention, the adequacy of the financing mix alongside the risk-capital J curve, the relevance in the post-COVID context, the financial performance and profitability of these investments, and their impact on the performance of the supported SMEs. The evaluation is based on qualitative and qualitative tools (case studies, literature review, survey, portfolio analysis, interviews and counterfactual analysis).

CSIL team is responsible for performing the quantitative analysis that includes a counterfactual analysis to assess impacts on beneficiary SMEs in terms of crowding-in effects at transaction and market levels and beneficiary companies’ performance (growth and innovation). CSIL also carries out a literature review, explores and tests different methodologies combining multiple data sources (Orbis, Orbis IP, Dealroom, Crunchbase, Invest EU), maps EIBG equity support (sector, maturity and geographical coverage) and estimates the profitability (IRR and investment multiples) at operation and mandate levels using Python and Matlab.

 

Client: European Investment Bank, Operations Evaluation Division
Client type: public
Year: 2022
Consortium: Technopolis (leader)
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