Europe’s new multi-billion late-stage and growth Fund to invest in our most promising, strategic companies
The Scaleup Europe Fund is a new, multi-billion late-stage and growth fund aimed at investing in the most promising European companies in strategic tech areas, such as artificial intelligence, quantum technologies, semiconductor technologies, robotics and autonomous systems, energy technologies, space technologies, biotechnologies, medical technologies, advanced materials, and agritech, and across all parts of Europe.
The Scaleup Europe Fund responds to the urgent need for Europe to boost investments in scaleups and close the gap with global leaders.
Powered by Europe’s top investors
The new Scaleup Europe Fund brings new momentum to Europe’s scaleup ecosystem, anchored in public-private cooperation.
Alongside the Commission, the group of founding investors in the Fund include Novo Holdings, EIFO (Export and Investment Fund of Denmark), CriteriaCaixa, Santander/Mouro Capital, Fondazione Compagnia San Paolo/ Intesa Sanpaolo/Fondazione Cariplo, APG Asset Management, acting on behalf of Dutch pension fund ABP, Wallenberg Investments and Allianz.
The Fund will be part of the existing EIC Fund umbrella structure but with a fully privately owned and market-based fund manager.
The fund is a key initiative of the EU Startup and Scaleup Strategy, announced by Commission President Ursula von der Leyen in her 2025 State of the Union Address, aimed at making major investments in fast-growing companies in strategic tech areas, so that "the best of Europe can choose Europe".
Call for expression of interest for the Fund Manager - results announced
The European Innovation Council (EIC) Fund Board has chosen EQT as the preferred investment adviser and fund manager for the Scaleup Europe Fund, following a rigorous and highly competitive selection process to lead the EU's €5 billion initiative designed to empower the continent's most innovative deep tech scaleups.
What’s next
EQT and the EIC Fund will now finalise the Fund's foundational legal agreements, covering its structure, governance and investment framework.
The founding investors formal commitments are progressing through their respective internal due diligence and board approval processes, in parallel with the finalisation of the Fund's legal documentation. These processes are expected to conclude in the coming weeks, paving the way for first closing and the start of investment activity.
The Scaleup Europe Fund and the fund manager will be presented at the EIC Summit on 3 June 2026.
The Scaleup Europe Fund is set to make its first investments in autumn 2026.
Why is the Scaleup Europe Fund needed?
Despite Europe's thriving startup ecosystem, many innovative European companies face significant challenges in accessing the capital they need to scale up and become global leaders in Europe.
Currently, there is no fund of comparable size that provides direct equity investments in European strategic technology companies at the growth and scaleup stages, forcing many to seek funding outside of Europe.
The Scaleup Europe Fund addresses this critical gap, by providing a much-needed source of capital to support the growth of Europe's most promising technology companies in major, European-led funding rounds.
Who will manage the Scaleup Europe Fund?
EQT was selected as preferred Fund Manager following a competitive public call for expressions of interest [link the Call document]. EQT, a leading global private markets firm with a strong track record in growth and technology investing, will operate as an independent, market-based fund manager, ensuring professional and commercially-driven investment decision-making.
What is the European Commission's role in the Scaleup Europe Fund?
The European Commission is a founding investor of the Scaleup Europe Fund, alongside other private investors. As such, the European Commission will participate on equal terms with the other investors and have a corresponding representation in the Fund's governance structure.
The European Commission has committed to contribute EUR 1 billion to the fund.
What are the next steps?
With EQT introduced as the Fund Manager and the Scaleup Europe Fund publicly launched at the EIC Summit on 3 June 2026, the focus has now moved to finalizing the Fund’s legal and governance structure. This involves completing the legal documentation with the founding investors, with the aim of reaching a first closing as soon as possible. EQT will subsequently lead a second fundraising round to broaden the investor base. First investments of the fund in European deep tech companies, are expected to follow shortly after the first closing.
How does the SEF relate to the Competitiveness Compass and the broader European industrial policy agenda?
The Scaleup Europe Fund is a concrete delivery of the European Commission’s Competitiveness Compass and a direct response to the Draghi Report’s call for Europe to close its deep-tech financing gap. The SEF combines private and public funding to support European companies through a market-based approach, without controlling market outcomes.
When and how can companies apply to the Scaleup Europe Fund?
The Fund is now in the process of completing its legal setup ahead of the first closing. Once operational, EQT will be responsible for managing the full investment process, including deal sourcing and company
selection. The selection of investee companies will be conducted through an open, transparent, and merit-based process in line with the Investment Guidelines.
Further details on the investment process will be communicated by EQT once the Fund is operational. While prior participation in EIC instruments may be relevant, it will not confer any preferential treatment.
More information will be published, as soon as available, at: scaleupeuropefund.eu
Which companies can apply to the Scaleup Europe Fund?
The Fund will be open to companies located in or intending to locate to any EU Member State or countries associated with Pillar III of Horizon Europe, which are developing strategic technologies and seeking major investment amounts in growth and scaleup stages.
When will the Scaleup Europe Fund start making investments and how do you engage with the fund as a company?
The initial investments are expected in the autumn of 2026, shortly after the founding investors closing.
Going forward, EQT will lead engagement with potential investee companies as part of its deal sourcing activities. Relevant events where EQT are present can also be found on the EIC website.
How is the interaction between the Scaleup Europe Fund and the existing EIC financing instruments (such as the Accelerator or STEP?)
The Scaleup Europe Fund aims to provide investments beyond what the EIC currently offers, which is limited to EUR 30 million under the EIC STEP call. The Scaleup Europe Fund will have no formal or mandatory linkage to the EIC portfolio. However, the current EIC Fund portfolio may serve as a potential pipeline for the fund manager.
How will the Scaleup Europe Fund benefit European innovators?
By providing access to significant capital to companies at growth and scaleup stage (in the range of EUR 100 million and above – including follow-on investments), the Scaleup Europe Fund will enable European companies to grow into competitive, global leaders.
This, in turn, will benefit both innovators and investors, as Europe's pipeline of highly innovative startup companies offers attractive investment opportunities.
The Fund will also help address the increasing dominance of foreign investors in large funding rounds, thereby reducing risks such as strategic dependency, company relocation, foreign control, and talent outflow.
What technologies or sectors will the Scaleup Europe Fund invest in?
The Fund will focus on European companies developing strategic technologies, including but not limited to: deep tech, life sciences, clean tech, advanced manufacturing, and digital technologies. The specific investment strategy and sector focus will be developed by EQT in line with the Fund’s Investment Guidelines. The Fund is designed to be technology-forward and flexible, and will be able to back Europe’s most promising scaleup companies across a range of strategic sectors.
Who are the founding investors of the Scaleup Europe Fund?
The founding investors of the Scaleup Europe Fund are Novo Holdings, EIFO (Export and Investment Fund of Denmark), Criteria Caixa, Santander/Mouro Capital, Fondazione Compagnia di San Paolo/Intesa Sanpaolo/Fondazione Cariplo, ABP represented by APG as its Asset Manager, and Alliance e, that are European leading pension funds, venture capital, investment and asset management companies, and the European Commission. Together, the founding investors bring significant capital as well as deep strategic and institutional expertise to the Fund.
The founding investors will join the European Commission in the first closing of the Fund, with opportunities for additional investors to join later on.
When can additional investors join the Scaleup Europe Fund?
After the first closing of the fund, a second fundraising round will be launched to diversify and expand the investor base. This will allow additional investors to join the Fund, including possibly non-European investors aligned with the SEF objectives, while maintaining strong European anchoring within the investor base.
Who can invest in the Scaleup Europe Fund?
Institutional investors and foundations that share the objectives of SEF, to retain strategic assets in Europe and create a sustainable deep-tech ecosystem.
How are they selected?
The founding investors are key partners in the launch of the Scaleup Europe Fund. They comprise private investors, foundations, pension funds and more. The group of founding investors, besides the European Commission, were selected based on their interest to make a significant capital investment and to contribute expertise to developing the Fund.
They also align with the strategic vision of the Scaleup Europe Fund to invest at European level in a multi-billion euro growth and late-stage fund to target the investment opportunities stemming from Europe's pipeline of excellent technology companies, as the same time as they contribute to retain strategic assets in Europe and create a sustainable deep-tech ecosystem.
Why was EQT selected as Fund Manager?
EQT was selected through a competitive, open public call for expressions of interest, which closed on 3 February 2026. The selection was based on EQT’s strong track record in growth and technology investing, its European anchoring, its ability to raise additional private capital, and its capacity to manage a fund of the SEF’s ambition and scale. The selection was confirmed by the EIC Fund Board on 18 May 2026 and publicly announced at the EIC Summit on 3 June 2026.
What is the total size of the Scaleup Europe Fund?
The Scaleup Europe Fund targets a total size of approximately EUR 5 billion, anchored by EUR 1 billion contribution from the European Commission. The founding investors are contributing alongside the European Commission in the first closing, with EQT expected to lead a second fundraising to further scale the fund towards its target size.
How will the Fund Manager’s independence be guaranteed?
EQT will manage the Scaleup Europe Fund as an independent, market-based investment manager. All investment decisions will be made by EQT on commercial and merit-based grounds, in line with the Fund’s Investment Guidelines. The European Commission and other investors will participate in governance structures as investors but will not direct individual investment decisions. This separation is fundamental to ensuring the Fund operates with the credibility and agility required to compete effectively in the market.