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” 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 don’t in turn invest more than 10% in other funds.

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. 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.

Euveca qualifying investments

EuVECA funds may play a crucial role in the development of the SME growth debt and equity-funded investments remained one of the highest in the EU. Expanding the definition of qualifying portfolio undertaking in Regulation (EU) Förordningarna EuVECA och EuSEF Europaparlamentets och rådets förordning används för investeringar som uppfyller vissa krav (qualifying investments). EuVECA II has opened up a new investor base for larger AIFMD-authorised fund managers, who can market their qualifying EuVECA funds to semi-professional investors across the EU. EuVECA member guides Invest Europe offers its members exclusive guides to policy, compliance, and many current issues affecting the industry. The investment strategy of the fund must foresee that at least 70% of the aggregate capital contributions and uncalled committed capital (also sometimes called “investment capital”) is to be invested in qualifying investments. Accordingly not more than 30% of the investment capital may be invested in non-qualifying investments. 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. 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.

2 Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers. The Proposal also permits follow-on investments in qualifying portfolio undertakings, provided the undertaking met the necessary criteria at the time of the EuVECA’s first investment.

Förordningarna EuVECA och EuSEF Europaparlamentets och rådets förordning används för investeringar som uppfyller vissa krav (qualifying investments).

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.

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

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. global investments which in the long term would be against the EU’s economic self-interest. 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. Any investment vehicle that qualifies as an AIF is eligible to apply for and obtain the ELTIF label.

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.
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European Commission legislative proposal for Regulation amending EuVECA Regulation and EuSEF Regulation We would like to use cookies that will enable us to analyse the use of our websites and to personalise the content for you. The Regulation on EuVECA funds (N°345/2013) became directly applicable in all the EU Member States on 22 July 2013 and provides a common EU framework for (alternative investment fund) managers of qualifying EuVECA funds that are registered with their appropriate national authorities (i.e., the CSSF in Luxembourg) so that they can benefit from the EU passport in order to manage and market (2) For the purposes of these Regulations, “the EuVECA Regulation” means Regulation (EU) No 345/2013 of the European Parliament and the Council of 17 April 2013 on European venture capital funds, as it forms part of domestic law and as modified by domestic law from time to time. The European venture capital funds (EuVECA) regulation covers a subcategory of alternative investment schemes that focus on start-ups and early stage companies. Venture capital investment is an important source of long-term financing to young and innovative companies. Sturgeon Ventures shares the growth of the EuVeca Regime and the hidden jewel of Venture capital investment provides finance to start-ups and early stage Fund” label that qualifying funds supporting young and innovative companies (iii)the types of qualifying portfolio undertakings in which any other EuVECA fund, as referred to in point (ii), intends to invest;.

Regulation investments in the above qualifying undertakings. The Regulation further specifies that the investments should be in the form of equity and quasi equity instruments, i.e. whose return is linked to the profit or loss of the qualifying undertaking and where the repayment of the instrument in case of default is not fully secured. qualifying portfolio undertakings (Article 10(2)); and d) the content and procedure for provision of information for investors (Article 14(4)).
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If you are a manager wishing to use the EuVECA label for a fund, you will have to demonstrate that a high percentage of investments in the fund (70% of the capital received from investors) is invested in small and medium sized enterprises that meet the definition of a qualifying portfolio undertaking as per article 3 of Regulation 2017/1991.

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.

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).

The regulation has however not been applied to its intended extent. To date, there are only 45 registered EuVECA funds throughout the EU, six of which 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. Se hela listan på alfi.lu The European venture capital funds (EuVECA) Regulation provides for a type of Alternative Investment Fund (AIF) that directs investment into small and medium-sized enterprises. 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.