natgillin/translations-raw huggingface dataset:
Konklusioner og anbefalinger Evaluering af EU-interventionerne Udarbejdelse af en omfattende investeringsstrategi Gennemførelse af EU-interventionerne Bilag Bilag I - Typisk struktur for en venturekapitalfond Bilag II - Egenkapitalproduktet for EFSI's SMV-vindue Bilag III - Sammensætningen af de administrationsgebyrer, som Kommissionen betaler EIF vedrørende de enkelte instrumenter Akronymer og forkortelser Glossar Kommissionens svar Revisionsholdet Tidslinje 111-121 112-113 114-116 117-121 3 
Conclusions and recommendations Evaluation of the EU interventions Development of a comprehensive investment strategy Implementation of the EU interventions Annexes Annex I — Typical structure of a venture capital fund Annex II — The EFSI SMEW equity product Annex III — Composition of the management fees paid by the Commission to the EIF per instrument Acronyms and abbreviations Glossary Replies of the Commission Audit team Timeline 111-121 112-113 114-116 117-121 3
Resumé I Venturekapital fokuserer på finansiering af små, nye og innovative virksomheder, der vurderes at have stort vækstpotentiale, og betragtes ofte som en katalysator for jobskabelse og økonomisk vækst. 
Executive summary I Venture capital focuses on funding small, early-stage and innovative firms that are deemed to have high growth potential.
I over 20 år har Den Europæiske Union støttet små og mellemstore virksomheder med venturekapital for at hjælpe dem i gang. 
For over 20 years, the European Union (EU) has been providing small and medium-sized enterprises with venture capital to help get their businesses off the ground.
EU fremmer også et bæredygtigt europæisk økosystem for venturekapital. 
The EU also fosters a sustainable European venture capital ecosystem.
II Vi besluttede at undersøge venturekapitalmarkederne, fordi EU i stigende involverer sig på dette politikområde, som vi ikke har behandlet før. 
II We decided to look at venture capital markets because of the EU’s increasing involvement in this policy area which we have not covered before.
Vi reviderede den måde, hvorpå Kommissionen har gennemført de centralt forvaltede EU-interventioner inden for venturekapital. 
We audited the way the Commission has been implementing the centrally managed venture capital interventions.
Vi vurderede, om disse interventioners udformning var underbygget af konsekvensanalyser og evalueringer, og om de var blevet gennemført korrekt. 
We assessed whether the design of these interventions had been underpinned by impact assessments and evaluations and whether they had been properly implemented.
Vi undersøgte også, om der forelå en omfattende investeringsstrategi. 
We also considered whether there was a comprehensive investment strategy.
III Revisionen omfattede de seks centralt forvaltede interventioner, der er etableret siden 1998, og vi undersøgte desuden det efterfølgende instrument, der er foreslået til den næste flerårige finansielle ramme (2021-2027). 
III The audit covered the six centrally managed interventions that have been set up since 1998, and also considered the proposals for a successor instrument under the next multiannual financial framework (2021-2027).
Vi gennemgik relevant dokumentation og interviewede personale i Kommissionen og Den Europæiske Investeringsfond (EIF), interessenter fra den offentlige og private sektor og akademikere. 
We reviewed relevant documentation, and interviewed Commission and European Investment Fund (EIF) staff, stakeholders from the public and private sector, and academics.
Derudover gennemførte vi spørgeundersøgelser blandt venturekapitalfondsforvaltere. 
In addition, we conducted surveys among venture capital fund managers.
IV Vi konstaterede, at Kommissionen øgede sin støtte til venturekapitalmarkedet uden at foretage en fuld vurdering af markedsbehovene, som omfattede alle instrumenterne og absorptionskapaciteten. 
IV We found that the Commission increased its support to the venture capital market without fully assessing market needs covering all instruments and absorption capacity.
Vi fandt også kun begrænset dokumentation for virkningen af støtten. 
We also found limited evidence of the impact of its support.
V Kommissionens investeringsstrategi var ikke omfattende, og de centralt forvaltede EU-interventioner kom kun i beskedent omfang mindre udviklede venturekapitalmarkeder og sektorer til gode. 
V The Commission’s investment strategy was not comprehensive, and less developed venture capital markets and sectors of activity benefited little from the centrally managed EU interventions.
VI Kommissionen og andre (offentlige og private) investorer deltager på lige fod i venturekapitalfonde med samme fortjeneste og tab (i overensstemmelse med pari-passu-princippet). 
VI The Commission and other investors (public and private) participate on an equal footing in venture capital funds, sharing the same profits and losses (i.e. according to the pari passu principle).
Det lave investeringsafkast er én af grundene til de private investorers begrænsede interesse i EU-venturekapital. 
The low rate of return on their investment is one of the reasons for private investors’ low level of interest in EU venture capital.
Kommissionen tillader allerede non-pari passu-investeringer på det sociale område, men den har endnu ikke undersøgt muligheden for at give afkald på EU's investeringsafkast til fordel for private investorer. 4 
While the Commission already allows non-pari passu investments for social investments, it has not yet analysed the possibility of relinquishing the EU’s return on investments to private investors. 4
VII EIF forvalter primært midler for Kommissionen, Den Europæiske Investeringsbank og nationale organer. 
VII The EIF manages funds primarily for the Commission, the European Investment Bank and national bodies.
Den er blevet en vigtig aktør på EU's venturekapitalmarked. 
It has become an important player in the EU venture capital market.
Dens procedurer bør dog strømlines, da det kan tage mere end 12 måneder at godkende ansøgninger om midler. 
However, its procedures require streamlining, as it can take more than 12 months for fund applications to be approved.
Vi konstaterede, at EIF har haft svært ved at afslutte udløbne mandater. 
We found that the EIF has faced difficulties in closing expired mandates.
VIII Endelig indsamler Kommissionen ikke oplysninger om EIF's reelle omkostninger i forbindelse med gennemførelsen af EU-støttede instrumenter. 
VIII Lastly, the Commission does not gather information on the actual costs the EIF incurs in implementing EU-backed instruments.
Vi konstaterede, at de opstartsgebyrer, som Kommissionen betalte EIF ved lanceringen af nye instrumenter, steg over tid, og at der ikke blev opnået besparelser som følge af synergier eller knowhow, som EIF kunne have opbygget i de seneste to årtier. 
We found that the start-up fees paid by the Commission to the EIF for launching new instruments increased over time, and that there were no savings from any synergies or know-how the EIF might have built up over the last two decades.
Vi konstaterede også, at gebyrerne ikke fuldt ud var skræddersyet til at tilskynde til forfølgelse af de overordnede mål med midlerne. 
We also found that fees were not fully tailored to incentivise the pursuit of the overall objectives of the funds.
IX Vi fremsætter en række anbefalinger til Kommissionen om at øge merværdien af EU-interventioner på venturekapitalmarkedet. 
IX We make a number of recommendations for the Commission to improve the added-value of EU interventions in the venture capital market.
Vi anbefaler, at Kommissionen: i) udfører de fornødne analyser med henblik på at forbedre evalueringen af EU-interventionerne ii) udarbejder en omfattende investeringsstrategi iii) samarbejder med EIF om at strømline dennes forvaltning af EU-interventionerne. 5 
We recommend that the Commission: (i) perform the necessary analyses to improve the evaluation of the EU interventions; (ii) develop a comprehensive investment strategy; (iii) engage with the EIF to streamline its management of the EU interventions. 5
Indledning 01 Venturekapital kan fungere som en katalysator for innovation, jobskabelse og økonomisk vækst. 
Introduction 01 Venture capital can catalyse innovation, job creation and economic growth.
Et dynamisk venturekapitalmarked kan derfor skabe direkte økonomiske fordele. 
As a result, a vibrant venture capital market may bring direct economic benefits.
Forbindelsen mellem innovation, iværksætteri, venturekapital og økonomisk vækst anerkendes da også af eksperter og interessenter i EU, herunder Kommissionen. 
Indeed, experts and stakeholders in the EU, including the Commission, recognise the link between innovation, entrepreneurship, venture capital and economic growth.
Venturekapital: en form for private equity 02 Venturekapital er en form for private equity, der fokuserer på finansiering af små og innovative nye virksomheder eller opstartsvirksomheder, der vurderes at have stort vækstpotentiale. 
Venture capital: a type of private equity 02 Venture capital is a type of private equity focusing on funding small, early-stage, innovative emerging firms or start-ups that are deemed to have high growth potential.
Disse virksomheder starter ofte blot med en idé og en uafprøvet forretningsmodel, hvilket betyder, at der er et betydeligt risikoelement. 
These companies often start with just an idea and an untested business model, meaning there is a substantial element of risk.
Hvis idéen og forretningsmodellen bliver en succes, kan disse virksomheder imidlertid i sidste ende generere store afkast, så venturekapital og private equity på lang sigt kan være mere rentable end traditionelle investeringer. 
However, if the idea and business model turn out to be a success, these companies can eventually generate high returns, allowing the long-term returns of venture capital and private equity to outperform traditional investments.
03 Nye virksomheder og opstartsvirksomheder har brug for finansiering til at udvikle deres nye teknologi/innovation. 
03 Innovative emerging firms and start-ups need funding to develop their new technology/innovation.
Samtidig er deres første indtægter meget begrænsede. 
At the same time, they have little initial income to report.
Fordi de kan have svært ved at stille tilstrækkelig sikkerhed, kan det derfor være vanskeligt for disse firmaer at opnå tilstrækkelig finansiering fra banker. 
Therefore, because they can struggle to provide the required levels of collateral, these firms may face difficulties accessing sufficient funding from banks.
Ventureinvestorer dækker dette finansieringshul, fordi de er villige til at acceptere større risici end banker på grund af mulighederne for store afkast eller af strategiske årsager. 
Venture capitalists fill this financing gap because they are willing to accept more risks than banks on account of the return opportunities or for strategic reasons.
04 Nye virksomheder går gennem forskellige udviklingsfaser som illustreret i figur 1. - Seedfasen: Seedkapital finansierer indledende aktiviteter såsom markeds-og produktundersøgelser eller udvikling af forretningsplanen. 
04 New companies go through different development stages, as Figure 1 illustrates. — The seed stage: seed capital supports preliminary activities such as market and product research or business plan development.
Seedkapital tilføres primært af virksomhedens ejer(e), såkaldte "business angels" og/eller familie og venner. - Tidlige og senere venturefaser: Der er brug for mere kapital til at udvikle og gennemføre forretningsmodellen. 
It comes mostly from the business owner(s), business angels and/or family and friends. — The early and later venture stage: more capital is needed to develop and implement the business model.
Det er hovedsagelig i denne fase, at ventureinvestorer kommer i spil. 
It is mainly at this stage that venture capitalists come into play.
Hen imod slutningen af denne fase begynder succesfulde virksomheder så småt at blive rentable. 6 
Towards the end of this phase, successful companies slowly start becoming profitable. — The growth and scale-up stage: successful companies will increase revenue and profits.
Hvis ventureinvestorer har investeret i sådanne virksomheder, vil de begynde at forsøge at sælge virksomhederne ("exit") for at opnå et afkast af deres investering. 
If venture capitalists have invested in such companies, they will start seeking to sell (or “exit”) these companies to get a return on their investment.
Figur 1 - Opstartsfaser og udvikling i indtægter og fortjeneste 7 seed tidlige og senere venturefaser vækst og opskalering exit indtægter fortjeneste Kilde: dødens dal Revisionsretten. break-even tid 05 Venturekapitalinvesteringer foretages typisk via en fond, som er en pulje af kapital fra flere investorer (kommanditister), der forvaltes af en fondsforvalter (komplementar). 
Figure 1 – Start-up phases and evolution of revenue and profit 7 seed early and later venture stages growth and scale up exit revenue profit valley of death Source: ECA. break even time 05 Venture capital investments are typically made through a fund, which is a pool of capital from multiple investors (limited partners) that is managed by a fund manager (general partner).
Venturekapitalfonde bygger på princippet om diversificering: De er bredt eksponeret med en alsidig portefølje (typisk 10-20 investeringsaftaler), hvilket bidrager til bedre styring af risiciene (jf. tekstboks 1, som beskriver de primære karakteristika ved en venturekapitalinvestering i Europa). 
Venture capital funds rely on the principle of diversification: they have broad exposure across a diverse portfolio (typically from 10 to 20 investment deals), which helps better manage the risks (see Box 1 for the main characteristics of a venture capital investment in Europe).
Bilag I viser den typiske struktur i en venturekapitalfond. 
Annex I presents the typical structure of a venture capital fund.
06 Venturekapitalfonde kan også tilbyde ekspertise, hvilket ofte efterspørges af iværksættere, der ønsker vækst i deres virksomhed. 
06 Venture capital funds can also offer expertise, which is regularly sought by entrepreneurs looking to grow their company.
Denne værdifulde service kan omfatte finpudsning af en strategi og markedsføring af innovation, udvikling af nye produkter og tjenesteydelser eller introduktion af en virksomhed på det globale marked. 
This valuable service can cover topics such as refining a strategy and commercialising innovation, new product and service development, or bringing a business to the global market.
En gennemarbejdet strategi og tidlig synlighed på det globale marked er afgørende for højteknologiske virksomheders og andre opstartsvirksomheders succes. indtægter og fortjeneste 
A refined strategy and early visibility on the global market are vital to the success of high-tech companies and other start-ups. revenue and profit
8 Tekstboks 1 Primære karakteristika ved en venturekapitalinvestering i Europa - Gennemsnitlig investering på 2-3 millioner euro - Langsigtet finansiel investering (tidshorisont på 10-15 år) - Illikvid investering (vanskelig exit, fordi der ikke er noget marked) - Aktivt ejerskab med henblik på at hjælpe opstartsvirksomheder til at vokse - Forventning om et højt investeringsafkast på grund af høj risiko og/eller en strategisk interesse - Gebyr til investeringsforvalteren (20 % af investeringen) - Særlige kompetencer og dedikeret ledelse. 07 En venturekapitalfond opnår et afkast, når den sælger en virksomhed ("exit"). 
8 Main characteristics of a venture capital investment in Europe — Average investment of €2 to €3 million — Long-term financial investment (10-15 year horizon) — Illiquid investment (difficult to exit as there is no transferable market) — Active ownership to help growing start-ups — Expectation of high return on investment due to high risk and/or a strategic interest — Fee payable to investment manager (20 % of investment) — Specialised skills and dedicated management team Box 1 07 A venture capital fund earns a return once it sells (or “exits”) a company.
Exit finder sted enten ved børsintroduktion (IPO) eller ved salg af virksomheden til enten en industriel investor (trade sale) eller en anden venturekapitalfond eller et private equity-selskab. 
Exiting takes place through either an initial public offering (IPO) on the stock market, or a sale of the company to either an industrial investor (trade sale) or another venture capital fund or private equity firm.
Når et porteføljeselskab ikke har nogen restværdi, afskrives dets bogførte værdi efter de gældende regnskabsprincipper. 
When a portfolio company has no remaining value, its book value is written-off according to applicable accounting standards.
Kommissionens involvering på venturekapitalmarkedet 08 Europa 2020-strategien er EU's aktuelle dagsorden for vækst og beskæftigelse. 
Commission involvement in the venture capital market 08 The Europe 2020 strategy is the EU's current agenda for growth and jobs.
Den lægger vægt på intelligent, bæredygtig og inklusiv vækst som et middel til at overvinde de strukturelle svagheder i Europas økonomi, forbedre konkurrenceevnen og produktiviteten og understøtte en bæredygtig social markedsøkonomi1. 
It emphasises smart, sustainable and inclusive growth as a way to overcome the structural weaknesses in Europe's economy, improve its competitiveness and productivity, and underpin a sustainable social market economy1.
Da venturekapital er en katalysator for innovation, jobskabelse og økonomisk vækst, bevilger EU penge til at forbedre adgangen for europæiske virksomheder i opstartsfasen og vækstfasen. 
As venture capital is a catalyst for innovation, job creation and economic growth, the EU provides money to improve access for European businesses in the start-up and growth stages.
EU fremmer også et bæredygtigt europæisk økosystem for venturekapital2. 
The EU also fosters a sustainable European venture capital ecosystem in Europe2.
Meddelelse fra Kommissionen - EUROPA 2020 En strategi for intelligent, bæredygtig og inklusiv vækst (KOM(2010) 2020 endelig af 3.3.2010). 
Communication from the Commission, EUROPE 2020 - A strategy for smart, sustainable and inclusive growth (COM(2010) 2020 final of 3.3.2010).
1 2 http://www.eif.org/what_we_do/equity/venture/index.htm. 
1 2 http://www.eif.org/what_we_do/equity/venture/index.htm.
09 EU-interventioner mobiliserer yderligere private og offentlige midler til finansiel støtte for at maksimere EU-budgettets effektivitet. 
09 EU interventions mobilise additional private and public funds in financial support to maximise the effectiveness of the EU budget.
Disse direkte investeringer i venturekapitalfonde kommer fra forskellige dele af EU-budgettet. - Centralt forvaltede interventioner finansieres under forskellige budgetområder, f.eks. erhverv, industri og forskning. 
These direct investments in venture capital funds come from different parts of the EU budget. — Centrally managed interventions are financed from various budgetary areas, such as enterprise, industry and research.
Kommissionen er direkte involveret i udformningen og udviklingen af disse instrumenter og deres investeringsstrategi, og den fastlægger EU-bidragets omfang. - Interventioner under delt forvaltning3 anvendes inden for samhørighedspolitikken og finansieres af de europæiske struktur-og investeringsfonde (ESI-fondene). 
The Commission is directly involved in designing and developing these instruments, their investment strategy and determining the scale of the EU contribution. — Shared management3 interventions, used in cohesion policy, are financed by the European Structural and Investment Funds (ESIF).
Hver intervention skal gennemføres inden for rammerne af et operationelt program, der forvaltes af en forvaltningsmyndighed i en medlemsstat. 
Each intervention must be implemented within the framework of an operational programme managed by a managing authority in a Member State.
Forvaltningsmyndigheden er ansvarlig for at udforme det finansielle instrument og træffe afgørelse om dets økonomiske størrelse. 
The managing authority is responsible for designing the financial instrument and determining its financial size.
10 Mange af de strukturelle faktorer, der enten kan fremme eller begrænse anvendelsen af venturekapital i Europa, henhører stadig i vid udstrækning under medlemsstaternes kompetence. 
10 Many of the structural factors that can either boost or restrict venture capital across Europe are still largely the preserve of the Member States.
Den nationale skattelovgivning kan f.eks. hindre udviklingen af venturekapitalmarkedet4, selskabs-og arbejdsmarkedslovgivningen kan hæmme ansættelsen af personale, og de lovgivningsmæssige rammer kan svække investorernes risikovillighed og begrænse kapitalrejsningen5. 
For instance, national fiscal laws may hinder venture capital market development4, corporate and labour laws may obstruct the hiring of staff, and the regulatory environment could dampen investors’ risk appetite and constrain fundraising5.
Venturekapitalmarkedet i Europa 11 Siden 2012 er de europæiske venturekapitalfondes kapitalrejsning steget støt. 
The venture capital market in Europe 11 Since 2012 there has been a continuous increase in fundraising by European venture capital funds.
Det aktuelle niveau ligger over førkriseniveauet i 2007. 
The current level exceeds the pre-crisis level in 2007.
Kommissionen forventes i 2022 at have bevilget over 3,3 milliarder euro til venturekapitalinvesteringer siden 2014. 
By 2022, the Commission is due to have allocated more than €3.3 billion to venture capital investments since 2014.
12 Som vist i figur 2 øgede de statslige myndigheder6 deres støtte til de europæiske venturekapitalfonde betydeligt fra 2015 til 2017. 
12 As shown in Figure 2, from 2015 to 2017 government agencies6 significantly increased their support for European venture capital funds.
Støtten faldt i 2018. 
Support fell in 2018.
I 2018 leverede de statslige myndigheder 14 % af den samlede kapitalrejsning, hvilket er væsentligt lavere end i de to foregående år, men stadig højere end førkriseniveauet i 2007. 
In 2018 governmental agencies provided 14 % of overall fundraising, which is a significantly lower share compared with the two previous years, but still higher than the pre-crisis level of 2007.
Figur 2 - Offentlige midler som andel af de europæiske venturekapitalfondes samlede kapitalrejsning (i milliarder euro og som procentdel) Kilde: Data udleveret til Revisionsretten af Invest Europe. 
Figure 2 – Share of public funds in total funds raised by European venture capital funds (in billion euro and as percentage) Source: Data provided to the ECA from Invest Europe.
13 Figur 3 viser en tilsvarende tendens vedrørende virksomhedsinvesteringerne. 
13 Figure 3 shows a similar trend in investments in companies.
De europæiske venturekapitalfondes investeringer er steget i de seneste ti år og nåede i 2018 deres højeste niveau med 8,2 milliarder euro. 
In the last decade, investments by European venture capital funds have increased, peaking at €8.2 billion in 2018.
Det aktuelle investeringsniveau ligger også over førkriseniveauet i 2007. 
Furthermore, the current level of investment exceeds the pre-crisis level of 2007.
14 Siden finanskrisen har værdien og antallet af de europæiske venturekapitalfondes exits ligget relativt stabilt. 
14 Since the financial crisis, the value and number of exits by European venture capital funds have been relatively stable.
I 2018 afhændede venturekapitalfondene 1 193 opstartsvirksomheder for et samlet beløb på 2,0 milliarder euro, men de er ikke vendt tilbage til førkriseniveauet i 2007, hvor de afhændede 1 629 opstartsvirksomheder for et samlet beløb på 3,1 milliard euro. 
In 2018, venture capital funds exited 1 193 start-ups, for a value of €2.0 billion, yet there has been no return to the pre-crisis level of 2007, when 1 629 start-ups were exited for a value of €3.1 billion.
Jf. figur 3. 
See Figure 3.