EQT has been selected by the European Commission and fellow founding investors as the preferred investment adviser and fund manager for the Scaleup Europe Fund, a fund – anchored in public-private cooperation – that responds to the need for Europe to boost investments in scaleups and close the gap with global leaders.
The late-stage and growth fund Fund, which has a target set at €5bn (US$5.8bn) – the largest fund of its kind ever mobilised in Europe – is a new initiative launched under the EU Startup and Scaleup Strategy to bridge Europe’s scaleup funding gap. It aims to invest in the most promising European companies in strategic tech areas including biotechnologies and medical technologies.
“Europe’s competitiveness hinges on scaling our own innovation, in our own strategic sectors, with our own capital,” said Ekaterina Zaharieva, commissioner for Startups, Research and Innovation at the European Commission. “The Scaleup Europe Fund is our bold step forward, where we unite public and private capital behind a shared vision for European leadership. With the newly selected fund manager and a coalition of Europe’s most respected long-term investors, this is proof of what Europe can achieve when we align our resources.”
Alongside the European Commission, the group of founding investors 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), and Allianz.
EQT, which will make a significant commitment of its own capital to the Fund, was chosen as the manager ahead of Vitruvian and Eurazeo. As part of the eligibility criteria, candidates had to demonstrate a proven track record in raising and managing investment funds, substantial professional investment experience, strong expertise in growth and scaleup investments, and a commitment to leading the Fund with a dedicated team based in the EU.
“This is a significant milestone for Europe at a critical moment,” said Per Franzén, CEO and managing partner at EQT. “Europe has proven its ability to create successful early-stage technology companies, the challenge is now to scale those businesses into becoming global leaders while maintaining their European roots.”
EQT partners Ted Persson and Victor Englesson are proposed as co-heads of the Scaleup Europe Fund advisory team, with Christian Sinding, institutional partner at EQT, proposed as chair of the investment committee.
The Scaleup Europe Fund is designed on commercial terms, with market-standard governance and the independence to make decisions on commercial merit.
Press release: EQT selected to lead the Scaleup Europe Fund
