The Scaleup Europe Fund will begin investing in European scaleup companies in the coming weeks after the European Commission completed the final legal steps to establish it.
The fund has a target size of €5 billion and is set up as part of the European Innovation Council (EIC) Fund, the Commission informed on Tuesday.
Private equity firm EQT has taken up its role as investment manager and can now make investment decisions independently and on market terms.
The Commission said EQT was selected through an open and competitive process.
Backers and focus areas
The first investments are expected within weeks and will focus on “critical technology” areas including artificial intelligence, quantum technologies, biotechnology and clean technologies, the Commission said.
The founding investor group includes Novo Holdings, EIFO (Denmark’s Export and Investment Fund), CriteriaCaixa, Santander/Mouro Capital, Fondazione Compagnia di San Paolo together with Intesa Sanpaolo and Fondazione Cariplo, APG Asset Management on behalf of Dutch pension fund ABP, Wallenberg Investments and Allianz, alongside the European Commission.
Further fundraising will continue with the aim of reaching the €5 billion target.
The Scaleup Europe Fund was announced by European Commission President Ursula von der Leyen in her 2025 State of the Union address.
The EU’s investment in the fund is backed by Horizon Europe — the EU’s research and innovation funding programme.
