On 2 March 2026, the European Commission (Commission) launched a targeted consultation exploring how to improve private equity exit opportunities and enhance access to capital for private companies across the EU. This initiative is part of the broader EU Savings and Investments Union (SIU) strategy, which aims to deepen the EU capital markets and stimulate private investment to boost productivity, innovation, and long‑term competitiveness.
The Commission notes in the consultation paper that it acknowledges the importance of private markets as a complement to public capital markets. It is looking at ways to make the EU private markets more attractive for institutional investors. The Commission understands that one of the reasons why private equity investors do not choose to invest in private markets in the EU is the difficulty of exiting their investments. Moreover, the Commission indicates that structural fragmentation across EU capital markets and limited cross‑border liquidity contribute to the underdevelopment of Europe’s venture capital and private equity landscape.
The targeted consultation consists of 82 questions and is looking at three main topics within the private markets regulatory landscape: possible barriers or issues for existing private equity investments; merits and possible design features of a platform for the intermittent, multilateral secondary trading of private company shares; and the merits of an extended use of such a platform.
- Potential barriers and challenges affecting existing private equity investments
The first part of the consultation invites stakeholder feedback on the barriers and challenges currently affecting private equity investments and examines whether these issues impact the ability of private equity investors to invest in private companies, and the ability of private companies to secure financing to grow. It also seeks views on potential regulatory measures to alleviate existing burdens, as well as other actions that could facilitate investment in private companies.
- Merits and possible design features of a platform for the intermittent multilateral secondary trading of private company shares
The Commission is seeking input on the possible creation of a platform that would facilitate the intermittent secondary trading of shares in private companies. According to the Commission, such a platform could provide private equity investors with exit opportunities. The consultation questions focus on identifying design features that would prevent the platform from functioning like a traditional trading venue or becoming an alternative to public listings. Stakeholders are asked to provide views on the possible benefits and risks of such a platform. In addition, feedback is requested on the platform’s potential structure, eligible participants to such a platform and applicable disclosure requirements for participating private companies. The Commission also requests views on whether the platform should operate as a temporary or permanent regulatory sandbox allowing for derogations from certain existing rules, or whether it should instead be governed by a separate, dedicated regulatory framework.
- Consideration of the Potential Broader Use of a Secondary Trading Platform for Private Company Shares
The final part of the consultation explores whether the proposed platform for the intermittent multilateral secondary trading of private company shares could also be used for raising new capital. Specifically, the Commission is considering enabling private companies to issue new shares through the platform, for example through closed auctions. Respondents are invited to comment on the regulatory implications of such an expansion and whether a bespoke EU‑level regulatory framework for private capital raising would be appropriate.
Next steps
The consultation is open until 27 April 2026. According to the Commission’s March 2025 SIU Communication, the Commission intends to publish an initiative on private investment exits in Q3 2026.