Stockholm-based private equity firm EQT has been named preferred investment adviser and fund manager for the European Commission's €5bn Scaleup Europe Fund.
The fund, launched under the EU Startup and Scaleup Strategy, will back European technology companies from Series B onwards in sectors including artificial intelligence, quantum computing, clean energy, space, and biotech.
EQT will make a "significant commitment" of its own capital alongside institutional founding investors including Novo Holdings, APG Asset Management on behalf of Dutch pension fund ABP, CriteriaCaixa, Santander/Mouro Capital, Allianz, and Danish sovereign wealth fund EIFO.
EQT Partners Ted Persson and Victor Englesson are proposed as co-heads of the fund's advisory team. Persson described the appointment on LinkedIn as "one of the most important – and fun – things I've worked on."
The selection ends a competitive manager process that Impact Loop covered earlier this year, when EQT emerged as a frontrunner alongside Northzone, Eurazeo, Atomico, and Vitruvian Partners.
Bridging the scale-up gap
The fund is designed to address what the Commission describes as Europe's scaleup gap – the persistent tendency for late-stage European technology companies to seek capital from non-European investors or relocate abroad.
EQT, which manages €269bn in total assets, will draw on Motherbrain – its AI-driven deal sourcing and portfolio intelligence platform – alongside a network of industrial advisors.
The €5bn figure is a target – the hard cap will be set ahead of formal launch, following finalisation of legal, structural, and regulatory steps.
Ekaterina Zaharieva, Commissioner for Startups, Research and Innovation, said in a statement that the fund represents "a bold step forward" in uniting public and private capital behind European technology leadership.