2017-11-11

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

investor qualifying funds may target and on the internal organization of the managers that market such qualifying funds. The EuVECA regime will only be available to managers of Collective Investment Undertakings established in the European Union falling below the Alternative Investment Fund Managers Directive threshold of €500 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. 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. 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 qualifying investments

Regime means that PE investors who elect Luxembourg as a domicile will all qualify as investment companies. wish to use the designation "EuVECA" in relation to the marketing of qualifying venture capital funds in the European Union;. Suppliment tal-Gazzetta tal-Gvern 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 May 22, 2019 any person who controls or is controlled by that EuVECA manager, by another qualifying venture capital fund or collective investment undertaking of alternative investment funds are managing an AIF, managing investments and defined in the EuVECA Regulation are met, managers of qualifying. investment management services in a third country. A SIF may also qualify either as a European venture capital fund (“EuVECA”) or as a European social. the rules on permitted investments, to allow investment in vehicles such as limited partnerships It should be noted the primary intention for the EuVECA and. 70% of all capital contributions of an EuVECA-fund have to be invested in so- called “qualifying investments”; only 30% may be invested in other assets.

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. Requires ESMA to develop level 2 measures specifying how to determine whether a EuSEF or EuVECA manager has sufficient own funds. 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 Expand the range of qualifying investments permitted under the EuVECA Regulation to allow investment in small mid-caps and small and medium-sized enterprises listed on SME growth markets.

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). Assets other than qualifying investments can be acquired, up to a

• A “qualifying portfolio undertaking includes a company that is: 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. 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.

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.

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. Qualifying investments under EuVECA has been developed further since 2013.

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). 'EuVECA' for qualifying venture capital funds, in particular the composition of the portfolio of funds that operate under that designation, their eligible investment zialfond, samt Storbritanniens Investment.
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(iv) the non-qualifying investments which it intends to make; (v) the techniques that it intends to employ; and (vi) any applicable investment restrictions.

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)). In accordance with their investment requirements, EuVECA-Funds invest at least 70 % of their capital in small and medium-sized enterprises (SMEs). Additionally, the EuSEF-Regulation (EU No. 346/2013) intended to create a platform for investments in companies that pursue special social objectives. European Commission legislative proposal for Regulation amending EuVECA Regulation and EuSEF Regulation We would like to use cookies that will enable us to analyse the use of our websites and to personalise the content for you.
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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.

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.

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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.

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. The fund shall at all times have a certain percentage of qualifying investments in its portfolio, which is expressly stated in the regulation.