The fund, designed to help Europe’s most promising deeptech startups scale globally without relocating outside the continent, will focus on sectors including AI, quantum computing, clean energy, dual-use technologies, biotech, medical innovation, and space tech.
The decision follows a highly competitive selection process that reportedly saw EQT beat rivals including Atomico, Eurazeo, and Vitruvian. Applicants were required to manage at least €500m in assets and demonstrate a strong track record in scaling growth-stage companies.
The Scaleup Europe Fund is part of the EU’s broader Startup and Scaleup Strategy and aims to close one of Europe’s biggest structural weaknesses: late-stage financing. While Europe has become increasingly successful at producing early-stage startups, many scaleups still turn to US or Asian investors once they reach Series B and beyond – often leading to talent, IP, and headquarters moving abroad.
EQT says the new vehicle will invest in privately owned European technology companies from Series B onward across digital infrastructure, industrial systems, and life sciences. The firm will also commit its own capital to the initiative.
The fund has already secured roughly €2.5bn in commitments, including €1bn from the European Innovation Council and €1.5bn from a coalition of institutional and strategic investors. Backers include Novo Holdings, CriteriaCaixa, Santander/Mouro Capital, APG Asset Management, Allianz, EIFO, and members of Sweden’s Wallenberg family.
EQT plans to leverage its broader platform, including its AI-powered “Motherbrain” sourcing system, industrial advisor network, and global corporate partnerships, to help portfolio companies scale internationally while maintaining European roots. The proposed leadership structure includes EQT partners Ted Persson and Victor Englesson as co-heads of the fund’s advisory team, while EQT CEO Christian Sinding is expected to chair the investment committee.
“We are proud to have been given the opportunity to lead the Scaleup Europe Fund at a critical moment for Europe. Europe has proven its ability to create successful early-stage technology companies. The challenge now is scaling those businesses into global leaders while keeping their European roots.”
The European Commission framed the initiative as a strategic move to strengthen Europe’s technological sovereignty and competitiveness in critical industries increasingly dominated by the US and China. “Europe’s competitiveness hinges on scaling our own innovation, in our own strategic sectors, with our own capital,” said Ekaterina Zaharieva. “The Scaleup Europe Fund is our bold step forward.”
The fund is expected to make its first investments in autumn 2026, with a formal launch scheduled for the EIC Summit 2026 on June 3. Additional fundraising rounds are anticipated later this year as EQT opens the platform to more institutional investors across Europe.
“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.”
The mandate win also caps months of scrutiny around the process. Earlier this year, concerns were raised over the involvement of former European Commission adviser Lars Frølund, who joined EQT as a part-time external adviser during the selection process. EQT denied any governance issues, stating the firm “strictly adheres to all applicable disclosure and governance rules.”
For Europe’s startup ecosystem, the launch of the Scaleup Europe Fund signals a major shift: the continent is no longer just trying to create startups — it is trying to build and retain global tech champions.
