European Innovation Council selects EQT to lead €5 Billion Scaleup Europe Fund

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.

As a cornerstone of the EU Startup and Scaleup Strategy, the Scaleup Europe Fund is the largest fund of its kind ever mobilised in Europe. It will provide critical growth capital to high-potential companies in strategic deep-tech sectors, including artificial intelligence, quantum computing, dual use technologies, clean energy, space technology, biotech and medical innovation, ensuring Europe remains at the forefront of global technological leadership. The Fund is designed to bridge the late-stage financing gap and incentivise Europe's most promising scaleups to choose to stay in Europe.

EQT, a leading global investment organisation with deep European roots, brings unparalleled expertise in growth equity for high-potential technology companies. With a strong institutional infrastructure, operational expertise, and a pan-European presence, EQT is uniquely positioned to source, execute, and actively support the Fund's growth-stage investments.

Today's decision paves the way for the operational launch of the Fund, as the final contractual agreements and approvals are now underway. It follows a public call for expression of interest (December 2025 – February 2026) as well as a comprehensive evaluation based on investment expertise and experience in scaleup investments, fundraising capability, and a commitment to leading the Fund with a dedicated team based in the EU.

A powerful coalition of founding investors

The Scaleup Europe Fund was developed in collaboration with a coalition of potential founding investors, who—alongside the European Commission—were also involved in shaping its structure and investment framework: 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.

This group represents some of Europe's most respected long-term capital, whose engagement reflects a shared ambition to scale deep-tech innovation in Europe and strong market confidence in the Fund's structure, mandate and return potential. Beyond this group, further investors have signalled their interest.

Next steps

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.

Background

The Scaleup Europe Fund will support Europe's most promising companies when they need growth capital. It aims to close the late-stage financing gap that has too often pushed European scaleups to raise capital outside Europe, prompting them to stay in Europe instead.

The Fund is part of the existing EIC Fund umbrella structure, and it will be run by a privately-owned and market-based fund manager, ensuring independent and market-based investment decision-making. The Commission and top-tier private investors from across Europe jointly expressed the intention to establish the Scaleup Europe Fund in October 2025. Further fundraising round, led by the selected fund manager, is anticipated in the second half of 2026, opening the Fund to additional investors aligned with its objectives while maintaining strong European anchoring within the investor base.

For more information

Scaleup Europe Fund - European Innovation Council - European Commission 

EU Startup and Scaleup Strategy - Research and innovation

EIC Summit 2026 - European Commission