A new report on the European investment scene gives startups on the continent some things to cheer and some things to fear.

According to Invest Europe, a Belgium-based private equity association, investment by PE firms across Europe grew 14 percent to $54 billion in 2015. The group’s latest report tracks about 5,000 companies and measures everything from venture capital to buyout funds.

Within that overall PE investment, the group says venture capital investment only grew 5 percent to $4.33 billion. That’s good, but not great.

More worrisome, the total amount raised for PE funds in 2015 dipped slightly to $54 billion from $55 billion in 2014. Venture capital funds, however, fared better in 2015, reaching $6 billion compared to $5.6 billion in 2014.

Finally, the report says about 2,500 European companies saw some kind of exit in 2015 (acquisition or IPO). Those exits totaled in value $46.1 billion, which matches the total for 2014.

One the one hand, flat is not great. On the other hand, the group says 2014 was a record at the time for European exits.

Overall, a mixed bag for a continent eager to show that its startup scene is gathering momentum.

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