BRUSSELS, BELGIUM / RankWire.AI / – The European Union has officially established the Scaleup Europe Fund, aiming to raise €5 billion. The European Commission finalized the fund’s legal structure on August 4, 2026. This financial vehicle operates within the European Innovation Council Fund. EQT will oversee investment management and select participating companies based on commercial guidelines. The European Commission anticipates initial transactions to commence within a few weeks as fundraising efforts progress.
A commitment of €1 billion has been made by the European Commission through Horizon Europe-supported financing. Additional funding will come from public and private founding investors at the initial closing. The €5 billion target remains a goal for fundraising rather than a fixed final sum. Authorities have not revealed the amount of capital that will be included in the first closing. EQT retains the ability to secure further commitments as the fund’s investor network grows.
This fund is designed to provide late-stage financial support to European enterprises developing key technologies. EQT will evaluate investment opportunities through an open, merit-based process. The firm will also manage the portfolio and make individual investment decisions independently. While investors will participate in governance, they will not select specific companies. EQT was awarded the management mandate after a competitive process organized for the new fund.
Fund focuses on major technological industries
The Scaleup Europe Fund targets artificial intelligence, quantum computing, semiconductors, robotics and autonomous systems. Its scope also encompasses energy, space, biotechnology, medical technology, and advanced materials. Agritech firms can also qualify within the approved investment framework. The fund aims to support companies needing substantial growth financing rounds. Eligible sectors include digital technology, industrial systems, and life sciences.
Most investments are expected to be approximately €100 million or more, including follow-on funding. The fund is open to privately held companies from Series B onward. Applicants must operate in an eligible country or intend to establish operations there. Countries eligible for participation include EU member states and certain nations associated with Horizon Europe. Past support from European Innovation Council programs does not guarantee selection for this fund.
Participation from public and private backers
Initial investors include Novo Holdings, EIFO, CriteriaCaixa, Santander and Mouro Capital. Italian investors are represented by Intesa Sanpaolo, Fondazione Cariplo and Fondazione Compagnia di San Paolo. Dutch pension fund ABP is participating through APG Asset Management. Wallenberg Investments and Allianz are also part of the group. EQT intends to contribute its own capital alongside other investors.
This effort is part of the EU Startup and Scaleup Strategy. European Commission President Ursula von der Leyen unveiled this initiative during her 2025 State of the Union address. The fund’s goal is to enhance growth capital availability for strategic European tech firms. The European Commission has not yet announced any specific recipients or individual investment figures. EQT will identify the initial companies to be supported under the fund’s approved commercial framework.