The European Union (EU) has appointed Swedish private equity firm EQT to oversee the EUR5bn Scaleup Europe Fund, a new investment vehicle designed to support the growth of European technology champions across strategic sectors, according to a report by Reuters.
The fund, which is expected to begin deploying capital in autumn 2026, will focus on deep-tech industries including artificial intelligence, quantum computing, clean energy and space technology. The initiative forms part of the EU’s broader efforts to strengthen Europe’s technological independence amid increasing competition from the United States and China.
According to statements released on Monday, the Scaleup Europe Fund has attracted a group of founding investors alongside the European Commission, including Novo Holdings, Santander’s Mouro Capital and Allianz.
The launch comes as policymakers and industry leaders push for greater investment in Europe’s innovation ecosystem. Last month, Nokia CEO Justin Hotard warned that Europe risks falling behind in artificial intelligence infrastructure due to underinvestment in data centre capacity.
Ted Persson, partner at EQT and proposed co-head of the fund’s advisory team, said the initiative aims to go beyond providing financing by helping to strengthen corporate partnerships, talent networks and public-private cooperation across the European technology landscape.
