A €5bn EU scale-up fund, backed in principle by Dutch pension fund ABP, is a step closer to launching following the appointment of Swedish investment firm EQT as fund manager.

ABP said the fund was the largest of its kind ever established in Europe, aiming to supporting the development of innovative companies across the EU.

The Scaleup Europe fund is expected to launch in the second quarter of 2026 and will invest in companies in ‘strategic tech areas’, such as artificial intelligence (AI), quantum technologies, robotics, energy, and biotechnologies.

ABP, along with other European long-term investors, remains involved in the further development of the fund.

The pension fund said this involvement reflected a shared ambition to scale up deep-tech innovation in Europe.

However, ABP’s final participation still depends on a ‘careful assessment’ of return, risk, costs, and sustainability, among other factors.

The fund is expected to make its first investments in the autumn of 2026.

EQT has been appointed to manage the fund, bringing the launch of the fund a step closer.

“With this initiative, we are working to strengthen innovation and economic growth in Europe, in line with our focus on a pension that strikes a good balance between purchasing power and stability,” ABP stated.

“We previously stated that we are, in principle, open to an investment in the fund, together with other major European investors.

“The Scaleup Europe fund is the largest of its kind ever established in Europe. The €5bn in growth capital that this fund aims to provide is intended to offer growth capital to promising companies in strategic technologies.

“The fund was specifically set up to bridge the financing gap for companies in the late growth phase. This should make Europe more attractive to innovative companies and encourage scale-ups to remain in the EU.”

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