Written by Angelos Delivorias (1st edition),
The European Venture Capital Funds (EuVECA) and European Social Entrepreneurship Funds (EuSEF) are collective investment schemes that have been harmonised at European Union (EU) level since 2011 by means of two regulations: (EU) No 345/2013 (EuVECA) and (EU) No 346/2013 (EuSEF). In its 2016 review, the Commission noted that these funds remain small and concentrated in a few Member States and that, while the take-up of EuVECA could be considered successful, the EuSEF results have been disappointing. Three main obstacles to further growth have been identified: limitations imposed on managers; product rules; and the (varying) application of regulatory fees in Member States with regards to funds’ marketing and management. To overcome those obstacles, the Commission has identified some measures that − by removing limitations on larger managers managing EuVECA and EuSEF funds, decreasing costs for EuVECA and EuSEF funds, and broadening the range of eligible assets EuVECA funds may invest in − should increase investment into these funds.
- October 2016: Reviving risk capital: The proposal to amend EuVECA and EuSEF (1st edition)