information about the AIF's investment strategies, including the types of underlying as a EuSEF or EuVECA manager will allow firms to market qualifying social

The Regulation on EuVECA funds (N°345/2013) became directly applicable in all the EU Member States on 22 July 2013 and provides a common EU framework for (alternative investment fund) managers of qualifying EuVECA funds that are registered with their appropriate national authorities (i.e., the CSSF in Luxembourg) so that they can benefit from the EU passport in order to manage and market

"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. (d) a description of the risk profile of the EuVECA fund and any risks associated with the assets in which the EuVECA fund may invest or investment techniques that may be employed; 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.

(d) a description of the risk profile of the EuVECA fund and any risks associated with the assets in which the EuVECA fund may invest or investment techniques that may be employed; 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. Qualifying investments under EuVECA has been developed further since 2013. Quite large and established companies may be included in the 70 % of committed capital which must be invested in “qualifying investments”, this is not a “venture-only regulation”.

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; AIFMs managing qualifying venture capital funds can elect to use the ‘EuVECA’ designation for these funds to market them to professional—and certain high net-worth investors throughout the EU under the EuVECA marketing passport.

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.

“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 don’t in turn invest more than 10% in other funds. Se hela listan på ec.europa.eu (iv) the non-qualifying investments which it intends to make; (v) the techniques that it intends to employ; and (vi) any applicable investment restrictions. (d) a description of the risk profile of the EuVECA fund and any risks associated with the assets in which the EuVECA fund may invest or investment techniques that may be employed; 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. The EuVECA regulatory framework This Practice Note provides an overview of the European Venture Capital Funds Regulation (EU) 345/2013 (the EuVECA Regulation) as amended by Regulation (EU) 2017/1991.

With the entry into force of AIFMD, the European distribution of funds for non-authorised managers has become a lot more complex. In the context of "Europe 2020", the European Parliament and the European Council jointly adopted the final text of the European Venture Capital Funds Regulation (EuVECA Regulation) in April 2013.

EuVECA do not contribute to the development of systemic risks, and that such funds concentrate, in their investment activities, on supporting qualifying portfolio undertakings (as defined below). A qualifying investment3 is any of the following instruments: While both the EuVECA and EuSEF regulations and hence registrations are voluntary and not mandatory they in many cases provide the only opportunity for EU-based smaller managers of qualifying venture capital and/or social entrepreneurship funds to market these funds cross-border to European professional and semi-professional1 investors. 2016-11-15 2012-03-26 Most importantly, the narrow definition of a qualifying investment has been broadened to unlisted entities with less than 500 employees, and SMEs listed on an SME growth market if their market 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.

Regulations (EU) No 345/2013 and (EU) No 346/2013 contain rules governing, in particular, qualifying investments, qualifying portfolio undertakings and eligible investors. any person who controls or is controlled by that EuVECA manager, by another qualifying venture capital fund or collective investment undertaking managed by the same EuVECA manager, or the investor therein. The delegated regulation identifies a number of conflicts of interest, expand the range of qualifying investments permitted under the EuVECA Regulation to allow investment in small mid-cap and small and medium sized enterprises listed on SME growth markets. The definition of qualifying undertakings will also be altered to allow investments … 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. • A “qualifying portfolio undertaking includes a company that is: 2014-05-12 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”.
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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. An EuVECA fund must invest at least 70% of its capital contributions and uncalled capital in “qualifying investments”.

Qualifying investments Under the EuVECA Regulations, qualifying investments cover: JJ equity or quasi-equity instruments that are issued by: - a qualifying portfolio undertaking (see “Qualifying portfolio undertaking” below) and acquired directly by the EuVECA fund from the qualifying portfolio undertaking, - a qualifying portfolio undertaking in exchange for an equity “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 don’t in turn invest more than 10% in other funds. 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.
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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

The EuVECA regulatory framework This Practice Note provides an overview of the European Venture Capital Funds Regulation (EU) 345/2013 (the EuVECA Regulation) as amended by Regulation (EU) 2017/1991. The EuVECA Regulation is a specialist alternative investment fund (AIF) regime available to alternative investment fund managers (AIFMs) under the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD). investment undertakings as qualifying or non-qualifying.

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.

EuVECA. The European Venture Capital Fund (EuVECA) Regulation offers a voluntary EU-wide marketing passport to qualifying fund managers, while sparing them the costs associated with authorisation and compliance with the AIFMD, … Qualifying investments Under the EuVECA Regulations, qualifying investments cover: JJ equity or quasi-equity instruments that are issued by: - a qualifying portfolio undertaking (see “Qualifying portfolio undertaking” below) and acquired directly by the EuVECA fund from the qualifying portfolio undertaking, - a qualifying portfolio undertaking in exchange for an equity “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 don’t in turn invest more than 10% in other funds. 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 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. “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 don’t in turn invest more than 10% in other funds. "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.

EuVECA managers had however to In order to allow more companies to benefit from the EuVECA vehicles, the “qualified investments” definition should be extended to for the host Member State to impose requirements or administrative procedures in relation to the marketing of qualifying venture capital funds in its territory would global investments which in the long term would be against the EU’s economic self-interest.