EIC seeks independent manager for Scaleup Europe Fund as part of push to close late stage funding gap

On 8 December 2025 the European Innovation Council Fund Board launched an open Call for Expression of Interest to recruit an independent fund manager to act as investment adviser and portfolio manager for the Scaleup Europe Fund. The vehicle is described by the Commission as a new multi billion late stage and growth fund that will invest in fast growing companies in strategic technology areas across Europe. The procurement sets out eligibility and selection criteria and a compressed timetable for pre qualification, submission and selection with the aim of starting investments in spring 2026.

Why the fund exists and who is involved

The Scaleup Europe Fund is presented as a response to a persistent gap in late stage capital for European scaleups. The Commission frames the fund as part of the EU Startup and Scaleup Strategy and a means to keep promising companies based in Europe rather than seeing them sell or relocate to markets with deeper pools of growth capital. A high level meeting with top tier private investors preceded the call and a group of potential founding investors has been named. The fund will operate under the EIC Fund umbrella but will be implemented by a fully privately owned and market based fund manager selected through this call.

Founding investors and public private mix

The Commission says a group of potential founding investors have expressed their intention to set up the fund alongside the public contribution. Those named include Novo Holdings, EIFO of Denmark, CriteriaCaixa, Santander/Mouro Capital, the Italian grouping Fondazione Compagnia San Paolo together with Intesa Sanpaolo and Fondazione Cariplo, APG Asset Management acting on behalf of Dutch pension fund ABP, Wallenberg Investments and BGK, the Polish state development bank. The European Investment Bank group is referenced in related announcements as part of the broader conversation on how to capitalise the fund. At this stage their participation is described as potential and the exact capital commitments and governance details remain subject to negotiation.

What the fund manager will be asked to do

The call defines the fund manager role as the investment adviser and portfolio manager. Responsibilities include sourcing and screening opportunities, performing due diligence, making investment recommendations, managing the portfolio companies, supporting fundraising and providing regular reporting. The Commission asks for managers with a proven track record in raising and managing investment funds and demonstrable experience in growth and scaleup investments.

Eligibility, selection and timetable

Eligibility requirements listed in the call include proven ability to raise and manage investment funds, professional investment experience and specific experience in growth and scaleup investing. The process is run by the EIC Fund as a private market procedure. The timeline set out in published documents is compressed. Requests for pre qualification can be submitted until 19 January 2026 at 17:00 CET. The formal Call for Expressions of Interest remains open until 3 February 2026 at 17:00 CET. Written and anonymised questions will be accepted through the submission platform during the application period. Shortlisted candidates will be invited to a negotiation phase in March 2026 and selection of the preferred manager is expected by April 2026. The aim is for the fund to start first investments in spring 2026 subject to completion of contractual and operational steps.

Sectors in scope

The Scaleup Europe Fund lists a broad set of strategic technology areas eligible for investment. That list is wide by design to capture cross cutting deep tech but it also raises questions about focus. The listed sectors are AI, quantum technologies, semiconductor technologies, robotics and autonomous systems, energy technologies, space technologies, biotechnologies, medical technologies, advanced materials and agritech.

Implications and risks to watch

The Scaleup Europe Fund addresses a genuine market failure. Europe has a deep pipeline of innovative startups but comparatively less late stage funding than the United States or China. Public support to mobilise private capital can make sense when done correctly. The model however raises a set of practical questions which will determine whether the fund improves the ecosystem or simply reshuffles risk.

What to expect next and how to apply

Experienced fund managers that meet the eligibility criteria can submit requests for pre qualification by 19 January 2026 and full expressions of interest by 3 February 2026. During the application window candidates may submit written questions which will be anonymised and published with answers. Shortlisted candidates will be invited to negotiate in March and selection is expected in April 2026. All communication must take place through the official submission platform defined in the Call documents.

For applicants this is an opportunity to take on a large scale mandate to deploy growth capital across Europe. For policymakers this is a test of a new public private delivery model. For the European innovation ecosystem the outcome will matter because capital at scale is necessary for companies to mature into global leaders. Observers should watch the final capital commitments, the selected manager's track record and the fund's rules that balance commercial returns with public strategic objectives.