EQT Selected to Manage EU's 5.8 Billion Euro Scaleup Fund for Quantum, AI Companies

According to Bloomberg, Swedish investment firm EQT AB has been selected to manage the European Union’s planned 5 billion euros (US$5.82 billion) Scaleup Europe Fund, with a mandate to invest in European quantum computing, AI, and deep tech companies. EQT beat competing bidders including France’s Eurazeo and Vitruvian Partners. Entities linked to major European banks, insurers, and pension funds have agreed to serve as founding investors. The fund allocation reflects the EU’s broader effort to retain late-stage tech capital domestically amid intensifying competition from the United States and China.