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VC fund regulation



The European Venture Capital Fund (EuVECA) Regulation offers a voluntary EU-wide marketing passport to qualifying fund managers, while sparing them the costs associated with authorisation and compliance with the AIFMD, such as the requirement to appoint a depositary.

While developed originally to facilitate cross-border fundraising by small venture capital managers, the EuVECA label has been available to fund managers of all sizes, including AIFMD-authorised private equity fund managers, since 2018. The recent review, which sought to encourage greater take-up of the label, also led to a number of other improvements to the regime.

As with the AIFMD, the practical application of EuVECA is affected by other pieces of legislation. In the first half of 2019, the EU institutions agreed a new horizontal measure to facilitate and improve cross-border capital investment flows in the EU. By setting the definition and outlining the conditions for the pre-marketing of investment funds, the new Regulation, which has been applicable across Member States from August 2019, will have a direct impact on the use of the EuVECA passport.

How does it affect private equity?

Following the review of the Regulation, the EuVECA marketing passport provides a major potential benefit to both venture capital and private equity managers.

Venture capital

EuVECA II continues to allow fund managers with less than €500 million under management (and so below AIFMD minimum threshold) to raise capital from experienced investors freely throughout the EU without having to meet all of the demands of the AIFMD. In addition, it has expanded the range of portfolio companies those managers can invest in.

Private equity

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.

Learn more

EuVECA library

Positions & consultation responses,Publication

Industry response to ESMA consultation on CBDF marketing communications

08 Feb 2021
Download PDF 407.35 KB

EuVECA Essentials 2018

06 Jun 2018
Download (Member only) PDF 175.2 KB (Member only)
Positions & consultation responses

Position Paper on the cross-border distribution of funds legislation

07 May 2018
Download PDF 473.57 KB
Positions & consultation responses

Response to Commission Consultation on "Reducing barriers to cross-border distribution of investment funds”

14 Jul 2017
Download PDF 394.9 KB
Positions & consultation responses

Response to Capital Markets Union Mid-Term Consultation

17 Mar 2017
Download PDF 446.9 KB
Positions & consultation responses

Paper on the main barriers to the cross-border distribution of funds

30 Nov 2016
Download PDF 225.64 KB
Positions & consultation responses

Response to Commission consultation on the cross-border distribution of funds

10 Oct 2016
Download PDF 1.02 MB
Positions & consultation responses

Position Paper on EuVECA Regulation

26 Sep 2016
Download PDF 323.97 KB
Positions & consultation responses

Response to European Commission Call for Evidence on EU Regulatory Framework for Financial Services

31 Jan 2016
Download PDF 474.66 KB
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Martin Bresson

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Xandra Hjort

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