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An overview of the European Venture Capital Funds (EuVECA) regime

This Note provides a high-level overview of the regulatory regime for European Venture Capital Funds (EuVECA) with respect to proposed fund structures.

02 February 2022

Publication

In the note below, we look at the regulatory regime for European Venture Capital Funds (EuVECA) with respect to proposed fund structures.

The aim of the EuVECA regime, which is complementary to the Alternative Investment Fund Managers Directive (AIFMD), is to make it easier for qualifying venture capital funds (VCFs) to be established in the EU. The regime also permits a sub-threshold AIFM to market a VCF on a passported basis throughout the EEA.

The Note addresses the following questions:

  1. What do the EuVECA Regulations cover?

  2. What is a qualifying VCF?

  3. What is a qualifying investment?

  4. What is a qualifying portfolio undertaking?

  5. To whom may EuVECAs be marketed?

  6. What organisational, operational and transparency rules apply to managers wishing to market EuVECAs?

  7. How is the EuVECA marketing passport obtained?

This document (and any information accessed through links in this document) is provided for information purposes only and does not constitute legal advice. Professional legal advice should be obtained before taking or refraining from any action as a result of the contents of this document.

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