a person who controls or is controlled by that EuVECA manager, an employee, or; any person who controls or is controlled by that EuVECA manager, by another qualifying venture capital fund or collective investment undertaking managed by the same EuVECA manager, or the investor therein.

the Review of the European Venture Capital Funds (EuVECA) and The qualifying investment requirements as currently included in the EuVECA Regulation

Private investment via funds with this focus is a key element in the growth of these types of enterprises. For a fund to qualify as a EuVECA fund, it must: (a) meet the definition of an alternative investment fund; AIFMs managing qualifying venture capital funds can elect to use the ‘EuVECA’ designation for these funds to market them to professional—and certain high net-worth investors throughout the EU under the EuVECA marketing passport. Qualifying venture capital funds An EuVECA fund is a collective investment undertaking that intends to invest at least 70% of its aggregate capital contributions and uncalled committed capital in qualifying investments (see “Qualifying investments” below). Assets other than qualifying investments can be acquired, up to a Qualifying investments.

Euveca qualifying investments

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.

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EuVECA funds can be internally or externally Going forward, the level for all EUVECA managers will be the greater of (1) one-eighth of fixed annual overheads from the previous year, and (2) €50,000. Although, once a manager’s AUM exceeds €250 million, this amount will increase accordingly. The first questions relate to the treatment of managers of EuVECA and EuSEF that subsequently exceed the thresholds set out in the alternative investment fund managers directive (“AIFMD”), whether such managers have to register twice (once under the AIFMD regulations and once under the relevant EuVECA or EuSEF regulation) and whether EuSEF and EuVECA managers can manage and market the designations ‘EuVECA’ or ‘EuSEF’ in the Union for the marketing of qualifying venture capital funds and qualifying social entrepreneurship funds respectively. Regulations (EU) No 345/2013 and (EU) No 346/2013 contain rules governing, in particular, qualifying investments, qualifying portfolio undertakings and eligible investors.

Jan 18, 2018 In accordance with their investment requirements, EuVECA-Funds the number of qualifying portfolio undertakings for EuVECA-Funds will be

Regulations (EU) No 345/2013 and (EU) No 346/2013 contain rules governing, in particular, qualifying investments, qualifying portfolio undertakings and eligible investors. any person who controls or is controlled by that EuVECA manager, by another qualifying venture capital fund or collective investment undertaking managed by the same EuVECA manager, or the investor therein. The delegated regulation identifies a number of conflicts of interest, 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 … EuVECA definition • "Qualifying investments" are equity, or quasi equity instruments, secured or unsecured loans granted to a “qualifying portfolio undertaking”, shares of a qualifying portfolio undertaking and units or shares in other EuVECAs. • 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.

Qualifying venture capital funds An EuVECA fund is a collective investment undertaking that intends to invest at least 70% of its aggregate capital contributions and uncalled committed capital in qualifying investments (see “Qualifying investments” below). 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. 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. “Qualifying investments” are: i) equity or quasi-equity instruments either issued by the portfolio company or acquired in a secondary transaction; ii) secured or unsecured loans granted to a portfolio company (subject to a 30% cap on commitments being used for this purpose); or iii) units or shares in other EuVECA funds provided that they "Qualifying investments" are equity, or quasi-equity instruments; secured or unsecured loans granted by the qualifying venture capital fund to a qualifying portfolio undertaking; shares of a qualifying portfolio undertaking; and units or shares in other qualifying venture capital The European venture capital funds (EuVECA) regulation covers a subcategory of alternative investment schemes that focus on start-ups and early stage companies.
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The second is our belief that a relaxation of the qualifying investment criteria and qualifying portfolio company conditions would make EuVECA and EuSEF funds more attractive as it would make them easier to establish and market. Going forward, the level for all EUVECA managers will be the greater of (1) one-eighth of fixed annual overheads from the previous year, and (2) €50,000. Although, once a manager’s AUM exceeds €250 million, this amount will increase accordingly. 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).

Investments by EuVECA funds in SMEs. • SME listed on an a new qualifying venture capital fund; or rationally explain the cyclical pattern of investment flows into private equity.
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Jan 1, 2020 Capital Funds (EuVECA). Regime means that PE investors who elect Luxembourg as a domicile will all qualify as investment companies.

• SME listed on an a new qualifying venture capital fund; or rationally explain the cyclical pattern of investment flows into private equity. Anmälan om registrering av en förvaltare av en europeisk riskkapitalfond (EuVECA) eller uppdatering av redan anmäld of collective investment undertakings that operate under the qualifying venture capital funds under the designation'EuVECA' expires with immediate [].

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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

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. 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 (EU) No 345/2013 and Regulation (EU) No 346/2013 contain rules governing, in particular, qualifying investment, qualifying portfolio undertaking and eligible The purpose of the EuVECA Regulation is to enhance the growth and innovation of small and medium-sized enterprises (SMEs) in the EU. Investments in qualifying portfolio undertakings established in third countries can bring more capital to qualifying venture capital funds and thereby benefit SMEs in the EU. The EuVECA Regulation is amended in accordance with this Part. Subject matter, scope and definitions 3.—(1) In Article 1— (definition of ‘qualifying investments’)— (i) in point (iv), for “in qualifying venture capital funds” substitute— “in— The EuVECA regime will only be available to managers of Collective Investment Undertakings established in the European Union falling below the AIFMD threshold of 500million Euro AUM (applicable to managesr managing unleveraged, closed-ended Alternative Investment Funds), and which are subject to registration with the competent authority of their home Member State. EuVECA | Invest Europe.

The purpose of the EuVECA Regulation is to enhance the growth and innovation of small and medium-sized enterprises (SMEs) in the EU. Investments in qualifying portfolio undertakings established in third countries can bring more capital to qualifying venture capital funds and thereby benefit SMEs in the EU.

Clearly, the EuVECA criteria provides less investor protection than AIFMD. 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.

qualifying investment firms under Luxembourg. Nov 10, 2017 Fully authorised alternative investment fund managers (AIFMs) will be permitted to manage EuVECAs and EuSEFs as of day one. 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.