The European Innovation Council (EIC) Fund Board has selected EQT as the preferred investment adviser and fund manager for the new Scaleup Europe Fund, a €5bn initiative aimed at accelerating Europe’s most promising deep tech companies.

The appointment follows a competitive selection process that evaluated firms on investment expertise, fundraising capability and operational capacity.

The Scaleup Europe Fund is designed to tackle one of Europe’s biggest startup challenges: the shortage of late-stage capital for fast-growing technology companies.

European scaleups have often relied on overseas investors to secure large funding rounds, with many ultimately relocating outside the EU. The new fund aims to reverse that trend by providing growth-stage financing within Europe.

The result is the launch of the largest deep tech scaleup investment vehicle ever assembled in Europe. Backed by major institutional investors and supported by the European Commission, the Scaleup Europe Fund is expected to begin investing in autumn 2026 after legal and regulatory approvals are finalised.

Speaking on EQT’s selection, Ekaterina Zaharieva, Commissioner for Startups, Research and Innovation, commented: “Europe’s competitiveness hinges on scaling our own innovation, in our own strategic sectors, with our own capital.

“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.”

Scaleup Europe Fund targets strategic technologies

The Scaleup Europe Fund forms a central pillar of the EU Startup and Scaleup Strategy, which seeks to strengthen Europe’s competitiveness in advanced technologies. The fund will focus on sectors viewed as strategically critical for Europe’s economic and industrial future.

These include artificial intelligence, quantum computing, dual-use technologies, clean energy, space innovation, biotechnology and medical technology.

European policymakers have increasingly warned that the continent risks losing technological leadership because its most successful startups struggle to secure late-stage funding domestically.

While Europe has produced strong early-stage innovation ecosystems, scaleups frequently turn to US or Asian investors when seeking larger rounds needed for global expansion.

By creating a dedicated €5bn growth capital platform, the Scaleup Europe Fund is intended to keep high-potential businesses headquartered and scaling within Europe.

Why EQT was chosen

EQT was selected because of its experience backing growth-stage technology businesses and its established infrastructure across Europe.

The investment firm has built a strong reputation in private equity and growth investing, particularly in technology-focused sectors.

According to the EIC Fund Board, EQT demonstrated the operational capability needed to manage a fund of this scale while also showing a commitment to maintaining a dedicated EU-based investment team.

The selection process began with a public call for expressions of interest between December 2025 and February 2026.

Applicants were assessed on several criteria, including track record in scaleup investing, fundraising strength, and ability to support high-growth companies beyond capital deployment.

The decision now clears the way for the operational launch of the Scaleup Europe Fund, although final contractual agreements and governance structures are still being completed.

Major European investors back the initiative

The Scaleup Europe Fund has already secured support from a coalition of influential European financial institutions and long-term investors.

The founding investor group includes Novo Holdings, EIFO, CriteriaCaixa, Santander and its investment arm Mouro Capital, alongside major pension and insurance investors, including Dutch pension fund ABP and Allianz.

Italian institutional investors, including Fondazione Compagnia di San Paolo, Intesa Sanpaolo and Fondazione Cariplo, are also involved in shaping the fund’s investment framework.

Their participation signals growing confidence among Europe’s largest capital allocators that deep tech investment can generate both strategic value and long-term returns.

Additional investors are also reported to have expressed interest ahead of the fund’s first closing.

First investments expected in Autumn 2026

EQT and the EIC Fund are now working to finalise the legal structure, governance model, and investment framework for the Scaleup Europe Fund. Founding investors are simultaneously progressing through internal due diligence and board approval processes.

Those procedures are expected to conclude within the coming weeks, paving the way for the fund’s first official close.

The Scaleup Europe Fund and its management team will be formally presented during the EIC Summit on 3 June 2026.

If timelines remain on track, the fund is expected to begin making its first investments in autumn 2026, marking a major milestone in Europe’s effort to build a stronger homegrown deep tech ecosystem.