Background
The European Commission has pledged to reduce administrative burdens and simplify legislation. As part of this effort, it has launched a series of dialogues to engage directly with stakeholders on how to achieve policy objectives in a way that minimises compliance burdens.
On 24 March, Maria Luís Albuquerque, Commissioner for Financial Services and the Savings and Investments Union, hosted her first implementation dialogue of 2026. The discussion focused on European venture and growth capital funds, which play a key role in financing the EU economy, including innovative companies and strategic initiatives. A more dynamic and integrated European market for such funds is essential for unlocking the EU’s growth potential and strengthening its global competitiveness.
The dialogue was seeking stakeholder feedback on the barriers that hinder the scale and cross-border flows of venture and growth capital available in the EU. In particular, the event explored possible adjustments to the European Venture Capital Funds (EuVECA) Regulation and the Alternative Investment Fund Manager Directive (AIFMD). Participants were invited to share ideas on how to boost the competitiveness of European venture and growth capital fund managers and help them operate across the single market while minimising compliance burdens.
The input gathered will support the Commission’s policy work under the savings and investments union and, more broadly, the competitiveness compass, in particular the efforts to improve access to finance for innovative companies in the EU. The dialogue complemented the Commission’s call for evidence and the accompanying open public consultation and targeted consultation on the European venture and growth capital funds reform.
Summary of conclusions
The implementation dialogue on European venture and growth capital funds took place on 24 March 2026. Over three hours, Commissioner Albuquerque exchanged views with 18 representatives of EU and national startup associations, venture capital fund managers, investors, consumer organisations, a trade union association and a think tank.
In their interventions, participants highlighted a broad range of barriers to scaling up the EU venture and growth capital ecosystem. These included both regulatory and non-regulatory obstacles, notably fragmentation of the market, regulatory complexity, lack of long-term capital, risk aversion, low levels of financial literacy, as well as limited secondary and exit markets. The lack of public funds of funds and tax incentives in mobilising institutional investors was also mentioned in this context. Several participants also shared practical examples that illustrated the mentioned obstacles, for example on dilemmas brought about by dependence on non-EU capital.
Many participants also supported potential measures to simplify and reduce burdens for venture and growth capital fund managers stemming from the Alternative investment fund managers directive (AIFMD), the European venture capital funds (EuVECA) regulation and national rules. Several stakeholders specifically highlighted the need of addressing threshold effects in the AIFMD, and of designing a more proportionate and gradual framework for venture and growth capital funds. Some also elaborated on limitations stemming from EuVECA fund rules. Participants moreover suggested addressing fragmentation in EU capital markets and effective implementation of EU law.
Commissioner Albuquerque concluded by acknowledging the concerns raised by stakeholders and pointed out the importance of continued dialogue between policymakers and market participants. She encouraged fund managers, investors, and startups to adopt a more pan-European mindset that prioritises collective growth over fragmented markets. She also underscored the need for long-term stability in reforms, which should ideally be designed to endure beyond political cycles and provide the predictability required to attract patient, long-term capital.
Documents
- financial services | banking
- Tuesday 24 March 2026, 10:30 - 13:30 (CET)
- Online only
Practical information
- When
- Tuesday 24 March 2026, 10:30 - 13:30 (CET)
- Where
- Online only
- Languages
- English