Economic Buzz: European Union to raise ?5B in business scaleup funds

The European Commission announced on Tuesday that it is launching the Scaleup Europe Fund, aiming to raise ?5 billion in public and private capital to boost businesses in the European Union. The fund is aimed at critical technology areas, including artificial intelligence, quantum technologies, biotechnology and clean technologies.

Private equity company EQT has been chosen as investment manager and given the power to take investment decisions independently and on market terms. The fund already involves the Commission, as well as investors such as Allianz, Novo Holdings, the Export and Investment Fund of Denmark, CriteriaCaixa and Santander/Mouro Capital, among others.

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