Targeted consultation on the EU venture and growth capital funds reform

The primary audience of this consultation are fund managers, particularly of venture and growth capital funds. Other interested stakeholders may include businesses, institutional investors as well as public authorities and supervisors.

Despite growth in recent years, the EU venture and growth capital ecosystem remains underdeveloped, and small and mid‑size fund managers face significant barriers to achieve scale and operate across the EU single market. Preliminary analysis, notably from an external study commissioned by Directorate General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA), points at market fragmentation issues and unnecessary regulatory requirements.

The purpose of the consultation is to collect concrete evidence and stakeholder feedback on the barriers that arise from the application of the European Venture Capital Funds Regulation (EuVECA), the Alternative Investment Fund Managers Directive (AIFMD) and national legal frameworks for investment funds, as well as on possible policy measures addressing such barriers.

The reform would aim at boosting the competitiveness of EU venture and growth capital fund managers and enabling them to operate across the EU single market and reach greater scale.

Please note that in order to ensure a fair and transparent consultation process responses should be submitted through the online questionnaire.

Contributions to the consultation