VC, PE &
Family
Offices

Ownership shapes the conditions under which companies develop. It links the provision of capital to decisions about strategy, growth and the distribution of returns. Venture capital, private equity and family offices differ in their investment horizons, objectives and forms of involvement. These differences help explain why the same ambition to create value can lead to different choices about a company’s future.

This issue examines these relationships in the context of private capital in Europe. It brings together questions arising from the financing of young companies, the development of established businesses and the management of wealth across generations: how are risk and control distributed, what constitutes value creation, and under which conditions can investment returns support the continued development of a company? The role of private credit, institutional investors and regulation extends this inquiry beyond the relationship between an investor and an individual business.

Who owns tomorrow’s market is therefore also a question of who can shape it. The allocation of capital, the exercise of control and the choice of investment horizons connect today’s investment decisions to tomorrow’s economic structures. Understanding these connections is the starting point of this issue.