The European Innovation Council (EIC) Fund Board has selected investment firm EQT as the preferred investment adviser and fund manager for the EU’s €5 billion Scaleup Europe Fund.
The fund is part of the EU Startup and Scaleup Strategy and will provide growth capital to “deep tech” scaleups — companies developing advanced technologies — in areas including artificial intelligence, quantum computing, dual-use technologies, clean energy, space technology, biotech and medical innovation, the European Commission said in a statement on Monday.
EQT was chosen after what the Commission described as a “rigorous and highly competitive” selection process, following a public call for expressions of interest that ran from December 2025 to February 2026.
The evaluation looked at factors including experience in scaleup investing, fundraising capability and a commitment to lead the fund with a dedicated team based in the EU.
Contract talks and approvals are now under way ahead of the fund’s operational launch.
Founding investors and timeline
A group of potential founding investors helped develop the fund’s structure and investment framework alongside the European Commission, including Novo Holdings, EIFO (Export and Investment Fund of Denmark), CriteriaCaixa, Santander/Mouro Capital, Fondazione Compagnia di San Paolo / Intesa Sanpaolo / Fondazione Cariplo, Dutch pension fund ABP (with APG as asset manager), and Allianz, according to the Commission.
It said these investors’ formal commitments are progressing through internal due diligence and board approvals, alongside the finalisation of the fund’s legal documentation, with the processes expected to conclude in the coming weeks.
The fund and its manager are due to be presented at the EIC Summit on 3 June 2026, and the first investments are expected in autumn 2026.
“Europe's competitiveness hinges on scaling our own innovation, in our own strategic sectors, with our own capital,” Commissioner for Startups, Research and Innovation Ekaterina Zaharieva declared in the statement published by the Commission.
