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

This working paper, from member EIF, 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.

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.