EU establishes €5B Scaleup Europe Fund, with EQT as manager
The European Commission has completed the final legal steps to establish the Scaleup Europe Fund, targeting €5 billion to help European scaleups grow and compete globally. Private equity firm EQT, selected through an open competitive process, will act as investment manager and make investment decisions independently on market terms.
President Ursula von der Leyen announced the fund in her 2025 State of the Union Address. It aims to close a gap: while Europe has strong science and a solid startup pipeline, many high-potential firms have looked abroad for capital to scale.
The fund will invest directly in scaleups across critical technology areas, including artificial intelligence, quantum technologies, biotechnology, and clean technologies. First investments are expected within weeks of the fund's August 2026 launch.
Established as part of the European Innovation Council Fund, it is now able to operate at full capacity. The EU's investment is backed by Horizon Europe, the world's largest research programme.
The founding investor group pairs public and private capital, including Novo Holdings, EIFO, CriteriaCaixa, Santander/Mouro Capital, Fondazione Compagnia di San Paolo with Intesa Sanpaolo and Fondazione Cariplo, APG Asset Management on behalf of Dutch pension fund ABP, Wallenberg Investments, and Allianz, alongside the Commission.
Fundraising will continue toward the €5 billion target.
"When Europe invests in its innovators, Europe invests in its future," von der Leyen said. The fund reflects a broader push to keep the value of European innovation — and its fastest-growing companies — inside the bloc.
Read more: European Commission
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