The role of private equity in the recovery in France and Europe: an opportunity for investors

CONTENTS

Executive Summary – p3
Introduction – p4

I- THE ECONOMIC LANSCAPE IN DEVELOPING COUNTRIES: EUROPE LAGGING BEHIND AND FRANCE IN THE THROES OF DEINDUSTRIALISATION – p5

1. Europe is lagging behind: its global economic clout is diminishing – p5
2. France’s deficit: a symptom of deindustrialisation – p5
3. Inflation and interest rates set to stabilise over an 18-month horizon – p7

II- THE PRIVATE EQUITY LANDSCAPE IN FRANCE AND EUROPE: LAGGING BEHIND CHINA AND THE UNITED STATES 8

1. Private equity in Europe: a resilient and profitable asset class – p82. Covid-19 crisis and private equity in France: a technical decline followed by a return to normal – p9
3. The biotech sector: Europe overtaken by the United States and China – p12

III- WHAT POLICY WOULD JUMP-START SUSTAINABLE GROWTH IN FRANCE ? – p13

1. Building back with high-growth SMEs and midcaps – p13
2. Building back with private equity – p14

Conclusion – p17