EUROPE - EVCA adopts new governing structure

The PAE is a consensual body chaired by the EVCA chairman and includes representatives from the major national associations, plus the association of the country holding the EU presidency. The PAE structure brings together all industry representatives only on matters of pan-industry, EU- level significance.

Another significant feature of the new structure is the increased importance of the EVCA's platforms - venture capital, mid market and large buyout - which will now set their own priorities and directly elect their own platform councils. Each council will be accountable to its members and bear the responsibility for ensuring its action plan is met.

This is expected to ensure each member constituent has a more direct and democratic involvement in EVCA's activities as well as shortening decision-making lines. In addition, a new 'LP' platform has been established to directly represent the interests of EVCA's community of institutional investment members.

Certain elected members of each platform council will constitute EVCA's Board, while EVCA's executive committee will be disbanded. A councillor from each platform will also sit on the PAE.

Richard Wilson, senior partner at buyout house Apax Partners, is due to succeed 3i's Jonathan Russell as chairman of the EVCA in the coming weeks.

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