EUROPE – US interest in European offers co-invest opportunities but increases valuations

т€˜The sign of a bubble is when the IPO market goes from push to pull,т€™ said Gerard Lopez this morning at the Benelux unquote" Private Equity Congress in Luxembourg. The Skype backer explained that valuation levels are increasing and cited the example that in the first quarter of the year five early stage deals were done that saw pre-money valuations of at least EUR 40m, despite generating no revenues. He cited interest of US firms in European venture as part of the reason for this, but added that on the plus side, their presence offers co-investment opportunities previously unavailable.