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Policy

VC fund regulation

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EuVECA

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

EVCA-PAE Response to Green Paper on Capital Markets Union

13 May 2015
Download PDF 1.11 MB
Positions & consultation responses

EC Green Paper on Capital Markets Union

18 Feb 2015
Download PDF 235.29 KB
Positions & consultation responses

EVCA Response to ESMA Consultation on EuVECA Implementing Measures

10 Dec 2014
Download PDF 425.82 KB
Positions & consultation responses

EuVECA Essentials

06 Mar 2014
Preview PDF 752.26 KB
Full briefing (Member only) PDF 228.16 KB (Member only)
Positions & consultation responses

Response to the EC consultation on venture capital

09 Aug 2011
Download PDF 415.54 KB
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Martin Bresson

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Erika Blanckaert

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Christophe Verboomen

Public Affairs

Senior Public Affairs Officer

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