The European Union has selected Swedish private equity group EQT to run its €5 billion Scaleup Europe Fund, the European Commission and the investment firm said in statements.
The fund will provide growth capital to firms in deep-tech sectors including artificial intelligence, quantum computing, dual use technologies, clean energy, space technology, biotech and medical innovation.
“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,” said the Commission.
“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.”
The Scaleup Europe Fund was developed in collaboration with a coalition of potential founding investors including: 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.
“We are proud to have been given the opportunity to lead the Scaleup Europe Fund and clear on the responsibility that comes with it,” said Per Franzén, CEO and Managing Partner at EQT.
“This is a significant milestone for Europe at a critical moment. Europe has proven its ability to create successful early-stage technology companies, the challenge is now to scale those businesses into becoming global leaders while maintaining their European roots …
“For more than a decade we have built EQT’s early-stage platform – through the launch of the Ventures and Growth strategies and the acquisition of leading European life sciences investor LSP – to help European technology and life sciences startups reach their full potential.
“The Scaleup Europe Fund is the latest step in this journey. Now we look forward to engaging with the entire European tech ecosystem to drive a better future for all.”
Ekaterina Zaharieva, Commissioner for Startups, Research and Innovation at the European Commission, said: “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.”
EQT Partners Ted Persson and Victor Englesson are proposed as Co-Heads of the Scaleup Europe Fund Advisory Team, with Christian Sinding, Institutional Partner at EQT, proposed as Chair of the Investment Committee.
EQT said: “The strategy will focus on privately-owned European technology companies from Series B onward, drawing on EQT’s broader platform, including Motherbrain for AI-driven sourcing and portfolio intelligence, a structured framework for activating corporate offtake partnerships, and EQT’s network of industrial advisors.”
Ted Persson, Partner at EQT and proposed Co-Head of the Scaleup Europe Fund Advisory Team, said: “Realizing the Scaleup Europe Fund’s full potential will require partnership across the ecosystem. We invite investors, corporates, policymakers and institutions to join us on this journey to make the fund truly transformational for all of Europe.
“Our ambition is for the Scaleup Europe Fund to be more than capital, we want it to be a catalyst for the wider ecosystem, driving corporate partnerships, strengthening talent networks and fostering further public-private collaboration.”