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07 Feb 2017

Commission and EIF start selecting Pan-European Venture Capital Fund-of-Funds promoters

The European Commission and the European Investment Fund (EIF) have started selecting promoters of one or more private-sector led, market-driven Pan-European Venture Capital Funds-of-Funds. 17 applications were submitted by the 31 January 2017 deadline.

The Pan-European VC Fund-of-Funds is a priority action under the Commission's Capital Markets Union (CMU), and complements other actions to boost VC in Europe, notably proposed expansion of the European VC Funds (EuVECA) regulation and proposals to address the bias in the tax system towards debt over equity.

Commissioner Moedas set out his ambition to create the Pan-European VC Fund-of-Funds Programme in June 2015, and announced the launch of the call for applications on the EIF's website at last November's Web Summit in Lisbon.

The selection of promoters is conducted both by the by European Commission staff assisted by independent experts and by EIF. The funding available will be allocated in order of merit to the selected promoters. EIF will complete the contract negotiation, formal approval, contract commitment and signature procedures.

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