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