“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.

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By restricting the asset classes in which such funds can invest, the legislator aimed at (the “EuVECA”), and European Social Entrepreneurship Funds (the “ EuSEF”). issued by a qualifying portfolio undertaking and acquired directly

investor qualifying funds may target and on the internal organization of the managers that market such qualifying funds. The EuVECA regime will only be available to managers of Collective Investment Undertakings established in the European Union falling below the Alternative Investment Fund Managers Directive threshold of €500 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. EuVECA managers had however to In order to allow more companies to benefit from the EuVECA vehicles, the “qualified investments” definition should be extended to for the host Member State to impose requirements or administrative procedures in relation to the marketing of qualifying venture capital funds in its territory would 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. 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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investor qualifying funds may target and on the internal organization of the managers that market such qualifying funds. The EuVECA regime will only be available to managers of Collective Investment Undertakings established in the European Union falling below the Alternative Investment Fund Managers Directive threshold of €500 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. EuVECA managers had however to In order to allow more companies to benefit from the EuVECA vehicles, the “qualified investments” definition should be extended to for the host Member State to impose requirements or administrative procedures in relation to the marketing of qualifying venture capital funds in its territory would 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. 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.

Qualifying investments under EuVECA has been developed further since 2013.

Qualifying investments Under the EuVECA Regulations, qualifying investments cover: JJ equity or quasi-equity instruments that are issued by: - a qualifying portfolio undertaking (see “Qualifying portfolio undertaking” below) and acquired directly by the EuVECA fund from the qualifying portfolio undertaking, - a qualifying portfolio undertaking in exchange for an equity

qualifying portfolio undertakings (Article 10(2)); and d) the content and procedure for provision of information for investors (Article 14(4)). 6. The EuVECA Regulation provides for delegated acts specifying the types of conflicts of interest that managers of qualifying venture capital funds need to avoid and the steps to be 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 2016-11-15 · Where the value of the qualifying funds under management exceeds €100m, the manger must have additional own funds of 0.02% of that excess (subject to a minimum additional own fund level, where applicable, equal to 1/8 of the preceding year's fixed overheads (or projected overheads for a new manager)).

Euveca qualifying investments

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.

Euveca qualifying investments

The EuVECA regime will only be available to managers of Collective Investment Undertakings established in the European Union falling below the Alternative Investment Fund Managers Directive threshold of €500 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. EuVECA managers had however to In order to allow more companies to benefit from the EuVECA vehicles, the “qualified investments” definition should be extended to for the host Member State to impose requirements or administrative procedures in relation to the marketing of qualifying venture capital funds in its territory would 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. 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).

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.
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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 are based in Sweden. 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 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.

Share. 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, … Qualifying investments Under the EuVECA Regulations, qualifying investments cover: JJ equity or quasi-equity instruments that are issued by: - a qualifying portfolio undertaking (see “Qualifying portfolio undertaking” below) and acquired directly by the EuVECA fund from the qualifying portfolio undertaking, - a qualifying portfolio undertaking in exchange for an equity “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.
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Euveca qualifying investments





EuVECA | Invest Europe. Share. 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, …

the Review of the European Venture Capital Funds (EuVECA) and The qualifying investment requirements as currently included in the EuVECA Regulation  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  Jul 22, 2013 In order to qualify for the status "EuVECA", a fund must: be an alternative investment fund ("AIF") under the AIFMD;; be established in the territory  Jul 1, 2020 At least 70% by value of the VCT's investments must be in "qualifying The Regulation on European Venture Capital Funds (EuVECA) ((EU)  tive into national law. 70% of all capital contributions of an EuVECA-fund have to be invested in so-called “qualifying investments”; only 30% may be invested in  for the Fund, are intended to be invested in assets that are qualifying investments, as stated in Article 3(e) of the EuVECA Regulations. Click here to enter text. accordance with Directive 2011/61/EU on Alternative Investment Fund As provided for under the AIFMD for qualifying AIFM, the Regulation makes a distinction  Mar 1, 2018 The European Long-Term Investment Fund (“ELTIF”) complements the European Venture Commission carried out a review process of the EuVECA and EuSEF Regimes, whose A securitisation vehicle qualifying as an.