EIF Working Paper 2020/062: The Business Angel portfolio under the European Angels Fund: An empirical analysis

This working paper analyses the Business Angel (BA) portfolio of the European Angels Fund (EAF), which is an initiative of the European Investment Fund and engages in co-investment relationships with experienced business angels across Europe.

It uses the EIF’s proprietary database to shed light on a specific subset of the European BA sector. The study describes the basic characteristics of EAF’s BAs and their investment portfolio. It also covers BAs’ investment practices, such as the geographical and sectoral investment strategies, as well as investment timing and innovation support. The paper also includes a descriptive analysis of investees’ post-investment growth patterns.

The EIF Working Papers are designed to make available to a wider readership selected topics and studies in relation to EIF´s business. The Working Papers are edited by EIF's Research & Market Analysis and are typically authored or co-authored by EIF staff or are written in cooperation with EIF.