Leading the Charge: EQT Chosen to Lead €5bn Scaleup Europe Fund

Europe’s Innovation Acceleration: EQT Chosen as Fund Manager for €5bn Scaleup Europe Fund

The European Innovation Council (EIC) Fund Board has announced the selection of EQT as the preferred investment adviser and fund manager for the groundbreaking Scaleup Europe Fund. This €5 billion initiative is designed to propel Europe’s most promising deep tech companies to new heights.

Following a rigorous evaluation process focused on investment expertise, fundraising capabilities, and operational prowess, EQT emerged as the ideal partner for this ambitious venture.

The Scaleup Europe Fund addresses a critical challenge facing European startups: the lack of late-stage capital for fast-growing technology companies. Historically, many European scaleups have turned to foreign investors for substantial funding rounds, often leading to their relocation outside the EU. This new fund aims to reverse this trend by providing growth-stage financing within Europe.

With 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 poised to commence investments in autumn 2026 pending final legal and regulatory approvals.

Ekaterina Zaharieva, Commissioner for Startups, Research, and Innovation, emphasized the significance of this partnership, stating, “The Scaleup Europe Fund represents a pivotal leap forward in Europe’s quest for innovation leadership in strategic sectors, fueled by our own capital and collective vision.”

Strategic Focus on Key Technologies

The Scaleup Europe Fund aligns closely with the EU Startup and Scaleup Strategy, aiming to enhance Europe’s competitiveness in advanced technologies. Key sectors of focus include artificial intelligence, quantum computing, dual-use technologies, clean energy, space innovation, biotechnology, and medical technology.

European policymakers have underscored the urgent need to support successful startups in securing late-stage funding domestically to prevent the risk of losing technological leadership. While Europe boasts robust early-stage innovation ecosystems, many scaleups turn to non-European investors for larger funding rounds essential for global expansion.

Through the dedicated €5 billion growth capital platform of the Scaleup Europe Fund, high-potential businesses are encouraged to scale and remain headquartered within Europe.

Why EQT Stands Out

EQT’s selection as the fund manager stems from its extensive experience in supporting growth-stage technology companies and its established presence across Europe. With a strong reputation in private equity and growth investing, particularly in technology-centric sectors, EQT demonstrated the operational expertise required to manage a fund of this magnitude and a commitment to maintaining a specialized EU-based investment team.

The selection process, initiated through a public call for expressions of interest, evaluated applicants based on their track record in scaleup investing, fundraising capabilities, and ability to provide comprehensive support to high-growth companies beyond capital infusion.

While preparations for the operational launch of the Scaleup Europe Fund are underway, final contractual agreements and governance structures are being finalized.

Strong Support from European Investors

The Scaleup Europe Fund has garnered backing from a coalition of influential European financial institutions and long-term investors. Notable founding investors include Novo Holdings, EIFO, CriteriaCaixa, Santander, Mouro Capital, Dutch pension fund ABP, Allianz, and Italian institutional investors like Fondazione Compagnia di San Paolo, Intesa Sanpaolo, and Fondazione Cariplo.

Their participation underscores the growing confidence among Europe’s major capital allocators in the strategic value and long-term returns of deep tech investments. Additional investors have also expressed interest ahead of the fund’s initial closing.

Anticipated Investments in Autumn 2026

EQT and the EIC Fund are in the final stages of establishing the legal framework, governance model, and investment strategy for the Scaleup Europe Fund. Concurrently, founding investors are progressing through internal due diligence and board approval processes, with the aim of concluding these procedures in the coming weeks to pave the way for the fund’s first official closure.

The official presentation of the Scaleup Europe Fund and its management team is scheduled during the EIC Summit on June 3, 2026. If all timelines remain on track, the fund is poised to make its initial investments in autumn 2026, marking a significant milestone in Europe’s journey towards cultivating a robust homegrown deep tech ecosystem.