FIVE report provides impetus for a deeper Capital Markets Union
Statement by GDV CEO Jörg Asmussen on the publication of the FIVE report.
“The FIVE report is an important contribution to the Capital Markets Union. The initiative is intended in particular to improve access to private capital for scale-ups in Europe. Many innovative companies currently face difficulties in securing sufficient capital in later stages of development.
From the perspective of insurers, the proposed development of functioning exit and secondary markets for venture capital investments could significantly improve the financing of scale-ups during their growth phase. Even though insurers are long-term investors, they require a minimum level of liquidity. A secondary market would ensure that venture capital holdings can be sold even during the holding period. So far, these investments are hardly tradable or only at high cost. This would make investments in fast-growing companies more attractive for insurance companies.”
Background
The FIVE initiative (Financing Innovative Ventures in Europe), led by Jörg Kukies and Christian Noyer, is a Franco-German cooperation aimed at strengthening the financing of innovative companies in Europe. It was launched in summer 2025 by Finance Ministers Lars Klingbeil (Germany) and Éric Lombard (France). On 19 January 2026, the initiative publicly presented its report to the public in Berlin.
