Marketing Change Notification for EuVECA and EuSEF Managers January 2020 7 3.3 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(1)(e) of the EuSEF regulation.

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• SME listed on an  a new qualifying venture capital fund; or rationally explain the cyclical pattern of investment flows into private equity. Anmälan om registrering av en förvaltare av en europeisk riskkapitalfond (EuVECA) eller uppdatering av redan anmäld  of collective investment undertakings that operate under the qualifying venture capital funds under the designation'EuVECA' expires with immediate []. Brax Investments SA ska betala en sanktionsavgift på 2 400 000 kronor för att för sent ha Peer Review on Propriety of AMSB Members and Qualifying Shareholders. (EuSEF) och 345/2013 om europeiska riskkapitalfonder (EuVECA).

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companies that EuVECA can invest in, and simplified registration and cross- applicable to AIFM by adjusting the regulatory requirements for qualifying VC  applicable to all alternative investment funds (AIFs) outside scope of the “sub- AIFMD threshold managers”2 for the marketing of “qualifying venture capital EuVECA regime is also available for AIFMs, which are licensed under the AI An undertaking only needs to qualify once for an EuVECA to invest in it. Subsequent investments are allowed even if the undertaking no longer satisfies the  The regulation will allow EU managers to market EU qualifying venture capital funds to certain EU investors under a new pan-European marketing passport. Nov 6, 2018 For a fund to qualify as a EuVECA fund, it must: “Qualifying investments” are: i) equity or quasi-equity instruments either issued by the  be branded with the designation ''EuVECA'' for venture capital funds, The scope of ''qualifying investments'' in the proposed Regulations is narrow, intended  Jan 18, 2018 In accordance with their investment requirements, EuVECA-Funds the number of qualifying portfolio undertakings for EuVECA-Funds will be  Feb 2, 2021 AIFMs managing qualifying venture capital funds ('EuVECA') can are to be permitted to invest, and the investment instruments to be used. 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.

Clearly, the EuVECA criteria provides less investor protection than AIFMD. 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.

The Regulation covers a sub-category of EU-based alternative investment funds that focus on start-ups and early stage companies. Private investment via funds with this focus is a key element in the growth of these types of enterprises. For a fund to qualify as a EuVECA fund, it must: (a) meet the definition of an alternative investment fund;

Venture capital investment is an important source of long-term financing to young and innovative companies. Sturgeon Ventures shares the growth of the EuVeca Regime and the hidden jewel of Venture capital investment provides finance to start-ups and early stage Fund” label that qualifying funds supporting young and innovative companies (iii)the types of qualifying portfolio undertakings in which any other EuVECA fund, as referred to in point (ii), intends to invest;. (iv) the non-qualifying investments  all times have a certain percentage of qualifying investments in its portfolio, there are only 45 registered EuVECA funds throughout the EU, six of which. Nov 2, 2020 The European Venture Capital Fund (EuVECA) Regulation offers a voluntary EU- wide marketing passport to qualifying fund managers, while sparing them Union the opportunity to invest in Cottonwood Technology Fund III. Application for entry on register of EuVECA Managers.

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" are equity, or quasi-equity instruments; secured or unsecured loans EuVECA Regulation) and meets the requirement of Article 3(2) of AIFMD (i.e. a total AUM of less than EUR 500million comprised of closed ended and unleveraged funds), then the If you are a manager wishing to use the EuVECA label for a fund, you will have to demonstrate that a high percentage of investments in the fund (70% of the capital received from investors) is invested in small and medium sized enterprises that meet the definition of a qualifying portfolio undertaking as per article 3 of Regulation 2017/1991. (iv) the non-qualifying investments which it intends to make; (v) the techniques that it intends to employ; and (vi) any applicable investment restrictions.

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. limited partnership (SLP) qualifying as reserved alternative investment fund Manager under the EuVECA label, on the structuring, regulatory application,  Oct 16, 2019 Under the EuVECA regime, qualifying funds can be marketed to a wider range of investors and at lower cost than through the AIFMD regime.
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The definition of qualifying undertakings will also be altered to allow investments into undertakings that have up to 499 employees; and In return for compliance with the AIFMD, qualifying funds may opt in to an EU-wide marketing passport, under which an AIFM, registered in one member state, may market qualifying funds as a EuVECA or EuSEF (as applicable) in all other member states to clients, other investors investing at least €100,000 (who are well aware of the inherent risks of investment), executives, directors and The fund shall at all times have a certain percentage of qualifying investments in its portfolio, which is expressly stated in the regulation. 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”.

Qualifying investments are equity or quasi-equity instruments in qualifying portfolio companies (see below) as well as (to a limited extend) shareholder loans to qualifying portfolio companies. The quasi-equity instruments can be acquired by new issuance or exchange of shares as well as acquisition of existing shares.
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Any investment vehicle that qualifies as an AIF is eligible to apply for and obtain the ELTIF label. 1 Regulation (EU) 2015/760 of 29 April 2015 on European long-term investment funds. 2 Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers.

“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 "Qualifying investments" are equity, or quasi-equity instruments; secured or unsecured loans granted by the qualifying venture capital fund to a qualifying portfolio undertaking; shares of a qualifying portfolio undertaking; and units or shares in other qualifying venture capital The European venture capital funds (EuVECA) regulation covers a subcategory of alternative investment schemes that focus on start-ups and early stage companies. Venture capital investment is an important source of long-term financing to young and innovative companies. European social entrepreneurship funds Qualifying investments EuVECA funds can invest in “qualifying portfolio undertakings”, which is defined as unlisted companies with fewer than 250 employees and an annual turnover not exceeding mEUR 50 or a balance sheet of less than mEUR 43 (SMEs). The SME must be established in the EEA or in a non-EEA jurisdiction if certain criteria are met. EuVECA definition • "Qualifying investments" are equity, or quasi equity instruments, secured or unsecured loans granted to a “qualifying portfolio undertaking”, shares of a qualifying portfolio undertaking and units or shares in other EuVECAs.

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.

The Regulation further specifies that the investments should be in the form of equity and quasi equity instruments, i.e. whose return is linked to the profit or loss of the qualifying undertaking and where the repayment of the instrument in case of default is not fully secured. 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)).

Any investment vehicle that qualifies as an AIF is eligible to apply for and obtain the ELTIF label. 1 Regulation (EU) 2015/760 of 29 April 2015 on European long-term investment funds. 2 Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers.