EuVECA - Eureka? - A study on Private Equity fundraising via
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, such as the requirement to appoint a depositary. 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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Jan 1, 2019 EuVECA funds can be internally or externally SICAR, SIF, RAIF or EuVECA regimes. qualifying investment firms under Luxembourg. Nov 10, 2017 Fully authorised alternative investment fund managers (AIFMs) will be permitted to manage EuVECAs and EuSEFs as of day one. Sep 28, 2017 The EU's European venture capital funds (EuVECA) regime and European for qualifying, in that 70% of investments must go into SME equity. These VC funds collectively invested €4.3 billion in over 3,000 companie Aug 30, 2013 Coll., on Investing of Investment Funds “EuVECA” has to invest at least 70 % of its Other assets specified in the fund rules (non-qualifying. There is no set minimum level of investment that may qualify for E-2 status, but the lower the investment the less likely one is to qualify.
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The EuVECA Regulation introduced a “European Venture Capital Fund” label that qualifying funds supporting young and innovative companies were permitted to use and enabled these qualifying funds to be marketed cross-border without additional barriers in order to meet their investment needs. investor qualifying funds may target and on the internal organization of the managers that market such qualifying funds.
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(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.
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.
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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 … The European venture capital funds (EuVECA) Regulation provides for a type of Alternative Investment Fund (AIF) that directs investment into small and medium-sized enterprises. 2017-11-11 the designations ‘EuVECA’ or ‘EuSEF’ in the Union for the marketing of qualifying venture capital funds and qualifying social entrepreneurship funds respectively. 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.
To date, there are only 45 registered EuVECA funds throughout the EU, six of which
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. Se hela listan på alfi.lu
The European venture capital funds (EuVECA) Regulation provides for a type of Alternative Investment Fund (AIF) that directs investment into small and medium-sized enterprises. a person who controls or is controlled by that EuVECA manager, an employee, or; 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.
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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. Qualifying venture capital funds An EuVECA fund is a collective investment undertaking that intends to invest at least 70% of its aggregate capital contributions and uncalled committed capital in qualifying investments (see “Qualifying investments” below).
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. 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”. Clearly, the EuVECA criteria provides less investor protection than AIFMD.
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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. The purpose of the EuVECA Regulation is to enhance the growth and innovation of small and medium-sized enterprises (SMEs) in the EU. Investments in qualifying portfolio undertakings established in third countries can bring more capital to qualifying venture capital funds and thereby benefit SMEs in the EU. 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. 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. The Proposal also permits follow-on investments in qualifying portfolio undertakings, provided the undertaking met the necessary criteria at the time of the EuVECA’s first investment.
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The SME must be established in the EEA or in a non-EEA jurisdiction if certain criteria are met.