As part of the Capital Markets Union, the European Venture Capital Fund Regulation (EuVECA-R) and the European Social Entrepreneurship Fund Regulation (EuSEF-R) have been amended, in order to open a broader access to the capital markets for these forms of AIFs. The aim of doing so is in particular to promote SMEs and social businesses in Europe by ensuring that EuVECAs and EuSEFs are adequately capitalised.
The amendments to both of the aforementioned Regulations shall enter into force on 1 March 2018 and contain the following material changes:
- licenced AIFMs shall also be allowed (on a cross-border basis) to launch and market EuVECAs and EuSEFs.
- registered AIFMS shall be allowed to launch EuVECAs and EuSEFs in their home Member State and to market them on a cross-border basis.
- registered EuVECA Managers and EuSEF Managers shall receive clear guidelines regarding initial capital and own funds.
- expansion of the investment universe for EuVECAs (definition of an SME; requirements for qualifying portfolio undertakings must only be satisfied at the time of initial investment)
Currently six AIFMs in Austria are registered as EuVECA Managers. They manage a total of five Austrian EuVECA funds. In addition, as of 31 October 2017 a total of 57 foreign EuVECAs and two foreign EuSEFs are authorised to market in Austria.