Scaleup Europe Fund
European Union · Framework · European Commission
Our summary
The European Commission and founding private investors established a five billion euro investment vehicle to provide growth-stage capital to European companies developing strategic technologies including artificial intelligence, semiconductors, quantum systems, and clean energy. The fund targets companies seeking investments of 100 million euros or above that operate in or plan to locate to EU member states or associated countries. Operations began in 2026 with EQT selected as the independent manager responsible for sourcing deals and making investment decisions on commercial grounds.
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Inside this policy
Every section of this policy in order. Our notes summarise each one in plain language and do not quote the official text, which is the authority.
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Europe’s new multi-billion late-stage and growth Fund to invest in our most promising, strategic companies
A multi-billion investment fund aims to finance the most promising European businesses developing key technologies: artificial intelligence, quantum computing, semiconductors, robotics, autonomous systems, energy, space, biotechnology, medical devices, advanced materials, and agricultural technology across all EU regions.
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1 section
The Fund combines public Commission investment with private investors including Novo Holdings, Danish and Spanish funds, Italian foundations, Dutch pension funds, Wallenberg Investments and Allianz. EQT was selected as the independent fund manager for the EUR 5 billion initiative to support deep technology companies.
What’s next
EQT and the EIC Fund are developing the foundational legal documentation to establish the Fund's structure, governance and investment framework. Founding investors are completing their internal approval procedures in parallel, with both processes anticipated to finish within weeks, enabling first closing and commencement of investment operations. Initial investments are planned to begin in autumn 2026.
Questions and answers
3 sections
General
The Fund addresses a shortage of European investment capital for promising technology companies seeking to scale internationally; EQT manages it independently with commercial investment criteria; the Commission contributes EUR 1 billion as a founding investor on equal terms; the fund responds to the Draghi Report's recommendation to close Europe's deep-tech financing gap.
Targeted at companies
Targeted at investors
EQT operates as an independent manager making all investment decisions on commercial and merit-based grounds following the Fund's Investment Guidelines, with the European Commission and other investors participating in governance as investors but not directing individual investment choices. This independence ensures the Fund maintains market credibility and agility needed to compete effectively.
Controls
What this policy requires, forbids, grants or penalises, one control at a time and in our own words. Each control links to the official text, which is the authority. This is not legal advice.
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Risk and scope 0 of 4
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What’s next 2 controls
- ObligationApplies to: ProviderDrafted by the Index
EQT and the EIC Fund will complete the foundational legal agreements defining the Fund's structure, governance and investment framework.
- ObligationApplies to: ProviderDrafted by the Index
The Scaleup Europe Fund is set to commence its first investments in autumn 2026.
General 3 controls
- ObligationApplies to: ProviderDrafted by the Index
EQT will operate as an independent, commercially-driven fund manager making professional investment decisions.
- ObligationApplies to: Public authorityDrafted by the Index
The European Commission will contribute EUR 1 billion to the Scaleup Europe Fund as a founding investor.
- ObligationApplies to: ProviderDrafted by the Index
EQT will lead a second fundraising round following the first closing to broaden the investor base.
Targeted at companies 1 control
- ObligationApplies to: ProviderDrafted by the Index
The selection of investee companies must be conducted through a process that is open, transparent and based on merit in accordance with the Investment Guidelines.
Change history
No changes recorded since we began monitoring this policy.