Scaleup Europe Fund – Investment Guidelines
Investment approach
A commercial fund: The Scaleup Europe Fund invests on a commercial basis to generate financial returns, while supporting the growth of European technology companies. Investment decisions are made independently on commercial merits, within the investment mandate, by EQT as the fund’s portfolio manager. Neither the European Commission, nor any other investor, make or direct individual investment decisions. An advisory committee of investor representatives oversees compliance with the mandate. This is standard governance for a professionally managed fund.
What we invest in: We make equity and equity-related investments in European technology companies from their first significant raise to pre-IPO. We aim to lead or co-lead financing rounds. Our investment in a company is typically €30m to €300m, with an ability to make follow-on investments as the company grows and raises additional capital.
We focus on three broadly defined themes, which describe where we concentrate rather than fixed criteria and allow for change in technology and markets:
- DeepTech. Including quantum technologies, semiconductors, advanced computing, AI infrastructure, robotics and autonomous systems, clean and secure energy technologies, advanced manufacturing, space, mobility, advanced materials, security and resilience, and agritech
- AI Applications. Including foundation models, generative AI applications, agentic software, intelligent automation, AI-enabled enterprise and industrial applications, and sovereign cloud
- Life Sciences. Including biotechnology, medical technologies, AI-driven drug discovery, and digital health
We may also invest selectively in strategic opportunities outside our typical stage or themes in line with the vision for the fund.
Defence and dual-use technologies meeting the fund’s eligibility criteria are within scope. We do not invest in certain excluded activities (including those relating to prohibited and controversial weapons) that do not meet certain ESG and responsible investing criteria.
Where we invest: Our principal focus is companies incorporated in EU Member States and in Horizon Europe associated countries whose association includes the European Innovation Council’s equity component. The European Commission publishes information on associated countries and the scope of their association, see link.
A limited part of the fund’s capital may be invested in companies incorporated outside this geography. The reference point for geographic scope is where the company receiving the investment is incorporated. A company’s footprint also matters to the investment case: where it carries out research, employs people, manufactures and serves customers, and where it plans to do so as it grows.
Approaching us: We identify investment opportunities through our own research, thematic coverage and relationships with companies, investors and the wider technology ecosystem. Companies can also approach us directly at [email protected]. Ensure the submission includes relevant information to help us understand your company, its technology, stage of development and financing needs.
We assess direct submissions against the same investment thesis and portfolio considerations as opportunities we identify ourselves. Opportunities taken forward remain subject to further discussions and due diligence, covering among other things the business, technology, market, team, financing needs and proposed investment terms.
If we decide not to pursue an opportunity submitted through the form at that stage, we will inform the company in writing. Decisions reflect a range of factors, including but not limited to the investment case, the current portfolio and available capital. We are highly selective and invest in only a small number of companies relative to the opportunities we see, and we may decide not to proceed at any stage of the process. Falling within the scope described above does not create a right to meet us, to enter due diligence or to receive financing.
Additional information
Anti-money laundering, financial integrity and other policies: Investments are subject to anti-money laundering, counter-terrorist financing, sanctions, beneficial ownership, non-compliant jurisdiction and tax good-governance screenings. Companies may be asked to provide information needed to complete these checks before an investment proceeds.
Conflicts of interest: We apply safeguards to identify and manage potential conflicts of interest consistent with established market practice, including in cases where EQT has prior investments through other funds.