uniform requirements and conditions for managers of collective investment undertakings that wish to use in the Union the „EuVECA“ or „EuSEF“ designations for the marketing of qualifying venture capital funds and qualifying social entrepreneurship funds. Regulation

information about the AIF's investment strategies, including the types of underlying as a EuSEF or EuVECA manager will allow firms to market qualifying social

5.2 Please confirm that for the fund, at least 70% of the aggregate capital contributions and uncalled committed capital are intended to be invested in assets that are classified as qualifying investments, in line with Article 3(e) of the EuVECA regulation. EuVECA do not contribute to the development of systemic risks, and that such funds concentrate, in their investment activities, on supporting qualifying portfolio undertakings (as defined below). A qualifying investment3 is any of the following instruments: While both the EuVECA and EuSEF regulations and hence registrations are voluntary and not mandatory they in many cases provide the only opportunity for EU-based smaller managers of qualifying venture capital and/or social entrepreneurship funds to market these funds cross-border to European professional and semi-professional1 investors. 2016-11-15 2012-03-26 Most importantly, the narrow definition of a qualifying investment has been broadened to unlisted entities with less than 500 employees, and SMEs listed on an SME growth market if their market Any investment vehicle that qualifies as an AIF is eligible to apply for and obtain the ELTIF label.

• A “qualifying portfolio undertaking includes a company that is: 2014-05-12 The EuVECA Regulation (EU) No. 345/2013) provides harmonised requirements for qualified venture capital funds that intend to invest at least 70% of their aggregate capital contributions and uncalled committed capital in assets that are ‘qualifying investments”. EuVECA … Marketing Change Notification for EuVECA and EuSEF Managers January 2020 7 3.3 Please confirm that for the fund, at least 70% of the aggregate capital contributions and uncalled committed capital are intended to be invested in assets that are classified as qualifying investments, in line with article 3(1)(e) of the EuSEF regulation. investor qualifying funds may target and on the internal organization of the managers that market such qualifying funds. The EuVECA regime will only be available to managers of Collective Investment Undertakings established in the European Union falling below the Alternative Investment Fund Managers Directive threshold of €500 The EuVECA Regulation introduced a “European Venture Capital Fund” label that qualifying funds supporting young and innovative companies were permitted to use and enabled these qualifying funds to be marketed cross-border without additional barriers in order to meet their investment needs.

investment undertakings as qualifying or non-qualifying. The fund shall at all times have a certain percentage of qualifying investments in its portfolio, which is expressly stated in the regulation. The regulation has however not been applied to its intended extent.

tive into national law. 70% of all capital contributions of an EuVECA-fund have to be invested in so-called “qualifying investments”; only 30% may be invested in

Sep 28, 2017 The EU's European venture capital funds (EuVECA) regime and European for qualifying, in that 70% of investments must go into SME equity. These VC funds collectively invested €4.3 billion in over 3,000 companie Aug 30, 2013 Coll., on Investing of Investment Funds “EuVECA” has to invest at least 70 % of its Other assets specified in the fund rules (non-qualifying. There is no set minimum level of investment that may qualify for E-2 status, but the lower the investment the less likely one is to qualify. Again, the level of As a general rule, an ELTIF will not be permitted to offer investors the ability to redeem No more than 25% of the units or shares of a single ELTIF, EuVECA or av C Sölvell · 2016 — an AIFM to qualify for using the EuVECA designation in its fund marketing.

For a fund to qualify either as a EuVECA or a EuSEF it must be established in the EU, be a collective investment undertaking qualifying as an AIF. Additionally

issued by a qualifying portfolio undertaking and acquired directly The European venture capital funds ("EuVECA") and European social It also permits follow-on investments in qualifying portfolio undertakings, namely Jan 15, 2020 FINANCIAL SERVICES ALTERNATIVE INVESTMENT FUND. MANAGERS: These Regulations make provision in connection with the EuVECA Regulation, which qualifying venture capital funds in the European Union. Jan 1, 2020 Capital Funds (EuVECA). Regime means that PE investors who elect Luxembourg as a domicile will all qualify as investment companies. wish to use the designation "EuVECA" in relation to the marketing of qualifying venture capital funds in the European Union;. Suppliment tal-Gazzetta tal-Gvern information about the AIF's investment strategies, including the types of underlying as a EuSEF or EuVECA manager will allow firms to market qualifying social May 22, 2019 any person who controls or is controlled by that EuVECA manager, by another qualifying venture capital fund or collective investment undertaking of alternative investment funds are managing an AIF, managing investments and defined in the EuVECA Regulation are met, managers of qualifying. investment management services in a third country.
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The EuVECA regulatory framework This Practice Note provides an overview of the European Venture Capital Funds Regulation (EU) 345/2013 (the EuVECA Regulation) as amended by Regulation (EU) 2017/1991. The EuVECA Regulation is a specialist alternative investment fund (AIF) regime available to alternative investment fund managers (AIFMs) under the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD). investment undertakings as qualifying or non-qualifying. The fund shall at all times have a certain percentage of qualifying investments in its portfolio, which is expressly stated in the regulation.

Regulation (EU) No 345/2013 and Regulation (EU) No 346/2013 contain rules governing, in particular, qualifying investment, qualifying portfolio undertaking and eligible Expand the range of qualifying investments permitted under the EuVECA Regulation to allow investment in small mid-caps and small and medium-sized enterprises listed on SME growth markets. In accordance with their investment requirements, EuVECA-Funds invest at least 70 % of their capital in small and medium-sized enterprises (SMEs). Additionally, the EuSEF-Regulation (EU No. 346/2013) intended to create a platform for investments in companies that pursue special social objectives.
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expand the range of qualifying investments permitted under the EuVECA Regulation to allow investment in small mid-cap and small and medium sized enterprises listed on SME growth markets. The definition of qualifying undertakings will also be altered to allow investments …

Assets other than qualifying investments can be acquired, up to a Qualifying investments. EuVECA funds can invest in “qualifying portfolio undertakings”, which is defined as unlisted companies with fewer than 250 employees and an annual turnover not exceeding mEUR 50 or a balance sheet of less than mEUR 43 (SMEs). The SME must be established in the EEA or in a non-EEA jurisdiction if certain criteria are met.

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The EuVECA regulatory framework This Practice Note provides an overview of the European Venture Capital Funds Regulation (EU) 345/2013 (the EuVECA Regulation) as amended by Regulation (EU) 2017/1991. The EuVECA Regulation is a specialist alternative investment fund (AIF) regime available to alternative investment fund managers (AIFMs) under the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD).

• A “qualifying portfolio undertaking includes a company that is: Qualifying investments under EuVECA has been developed further since 2013. Quite large and established companies may be included in the 70 % of committed capital which must be invested in “qualifying investments”, this is not a “venture-only regulation”. Clearly, the EuVECA criteria provides less investor protection than AIFMD. It is necessary to lay down a common framework of rules regarding the use of the designation ‘EuVECA’ for qualifying venture capital funds, in particular the composition of the portfolio of funds that operate under that designation, their eligible investment targets, the investment tools they may employ and the categories of investors that are eligible to invest in them by uniform rules in the Union. The Regulation covers a sub-category of EU-based alternative investment funds that focus on start-ups and early stage companies. Private investment via funds with this focus is a key element in the growth of these types of enterprises.