The European Investment Fund (EIF) is the EU’s specialist provider of risk finance, focused on improving access to capital for SMEs and small mid-caps across Europe. As part of the EIB Group, the EIF supports emerging and established fund managers by providing equity commitments. It also designs risk-sharing debt instruments that enable financial intermediaries, such as private equity firms, venture funds, banks, and credit providers, to finance start-ups and scale-ups.
EIF’s mandate centers on two goals: supporting EU priorities like entrepreneurship, innovation, growth, and regional development, and generating appropriate returns through balanced, risk-based investment activity. Over nearly 30 years, the EIF has helped more than 2 million small businesses access financing, acting as an agile bridge between policy and markets while actively developing Europe’s VC, PE, and private credit ecosystems.
The firms profiled in this report represent EIF-backed intermediaries across stages and strategies. Their partnership with the EIF bolsters capital availability for European founders, scale-ups, and growth-oriented companies while advancing Europe’s competitiveness and long-term economic resilience.
1. Ambienta
EIF-backed Funds: Ambienta IV; Ambienta Sustainable Credit
Overview: Founded in 2007, Ambienta is one of Europe’s most experienced sustainability-focused investment firms. With offices in Milan, London, Paris and Munich, the firm invests across private equity, private credit and public markets, concentrating exclusively on companies shaped by environmental megatrends. The firm manages more than €4.0 billion in assets and is backed by a diversified global LP base including insurance companies, banks, pension funds, foundations and asset managers.
Focus: Mid-market companies in Europe across growth or buy-out situations that address environmental sustainability themes like resource efficiency, pollution control, circular economy and companies whose products or services address global environmental issues while generating long-term competitive advantage.
2. Polaris Private Equity
EIF-backed Fund: Polaris Private Equity Fund V
Overview: Polaris is a Nordic investment firm supporting and scaling mid-sized companies across Denmark, Sweden, Norway and Finland. Over its 25+ year history, Polaris has built a strong reputation for operational excellence and long-term alignment, leveraging local roots and deep regional relationships. The firm uses its “Polaris Excellence Model,” a structured framework for value-creation.
Focus: Majority-equity investments (€20–80 million) in Nordic mid-sized companies (sales between ~€20 million and €300 million), with an operational and strategic value-creation emphasis and the objective of doubling company size during ownership.
3. FSN Capital
EIF-backed Funds: FSN Capital VI; FSN Capital Compass I
Overview: Established in 1999, FSN Capital Partners is a leading Northern European private equity firm, operating from Oslo, Stockholm, Copenhagen and Munich. The firm manages over €4 billion and focuses on control equity investments in growth-oriented Northern European companies with a strong emphasis on responsible ownership, transformation and sustainability.
Focus: Growth-oriented companies in Northern Europe (services, green transition, industrials and technology) where FSN can drive value by operational improvement, long-term holdings and sustainable transformation.
4. Miura Partners
EIF-backed Funds: Miura Expansion Fund I; Miura Fund IV
Overview: Miura Partners is a European private equity firm focused on developing middle-market companies with an emphasis on innovation, growth and long partnership. The firm manages approximately €1 billion, has completed over 50 investments since 2008, and is supported by a team of around 30 professionals. It invests primarily in small and mid-sized Iberian family businesses via buy-out, growth capital, consolidation and national/international expansion. Miura also runs an impact strategy aligned with UN SDGs.
Focus: Buy-out and growth investments in Iberia (Spain/Portugal) across food, industrial niches, business services, consumer & retail and healthcare. Typical equity €15–50 million, co-investment up to ~€100 million. The impact strategy focuses on high-growth small caps (€5–15 million) with purpose-led business models.
5. Atomico
EIF-backed Fund: Atomico Growth Fund / Atomico Ventures
Overview: Atomico is a founder-built and founder-focused venture capital firm created to serve entrepreneurs who want to fundamentally reshape society through technology. It positions itself as an alternative to traditional VC, believing that entrepreneurs are the primary agents of transformational change. Atomico partners with very ambitious founders and helps them scale responsibly with long-term global impact.
Focus: Early-stage to growth technology companies (Seed through Series B and beyond) in Europe and globally, especially those aiming to shift how people live and work. Sectors include deep tech, enterprise software, consumer internet, marketplace platforms and mission-driven tech.
6. EQT Ventures
EIF-backed Fund: EQT Ventures III
Overview: EQT Ventures is the venture arm of the broader EQT platform, backing founders building “Generation-Defining Companies” capable of shaping the next decade. With ~€1.1 billion invested to date, the firm supports more than 140 founding teams and maintains offices in Stockholm, Paris, London, New York, Berlin and Amsterdam. The team comprises former founders and operators who help scale companies via the EQT network.
Focus: Early-stage European technology companies (Seed to early growth) that aim to lead new categories. Typical investment range €2 million to €50 million. Key sectors: enterprise software, marketplaces, deep tech, healthtech, fintech.
7. Partech
EIF-backed Funds: Partech Growth II; Partech Impact Fund
Overview: Partech began in 1982 as the corporate venture arm of Bank Paribas in San Francisco and evolved into an independent global venture firm. Over multiple fund generations the firm built out seed, growth and impact strategies across Europe, North America and Africa. Today Partech runs a global multi-fund platform with ~220 companies across 40 countries and four continents.
Focus: Multi-stage tech investing (seed, growth, impact) globally but anchored in Europe. Sectors span AI/ML, SaaS, marketplaces, fintech, agritech, digital infrastructure and emerging technologies, with a strong emphasis on operational partnership and scaling globally.
8. Dawn Capital
EIF-backed Fund: Dawn Capital IV
Overview: Dawn Capital is Europe’s specialist B2B software investor, managing approximately US $2 billion across its funds. The firm partners with founders building the next generation of global software leaders, especially at the Series A and B stages, and supports them through growth rounds and eventual liquidity. Its portfolio includes high-profile SaaS companies that have reached category leadership.
Focus: Early-stage (Series A/B) B2B software across Europe built around extraordinary teams, exceptional technology and scalable business models. Key sectors: enterprise software, data & analytics, fintech infrastructure, developer tools, vertical SaaS.
9. Speedinvest
EIF-backed Fund: Speedinvest IV
Overview: Founded in 2011, Speedinvest is one of Europe’s most active early-stage venture capital firms, supporting founders from day one with a hands-on partnership model. The firm invests across multiple European hubs (Berlin, London, Munich, Milan, Dublin) and has grown into a pan-European VC with an operational support infrastructure and strong founder network.
Focus: Early-stage investing (Seed & Start-up) across Europe in enterprise software, deep tech, fintech & insurtech, consumer tech, climate & industrial tech, marketplaces and infrastructure. Emphasis on category creation and founder partnership.
10. Alven Capital
EIF-backed Fund: Alven Capital VI
Overview: Alven is an independent early-stage venture capital firm with over US $500 million under management and a 20-year track record backing more than 130 start-ups. The firm invests at Seed and Series A stage in European technology companies with global ambition, across both B2B and B2C segments.
Focus: Start-ups with strong product foundations and scalable business models across productivity software, developer infrastructure, applied AI platforms, marketplaces, consumer social apps, wellness and financial services. Early-stage, Europe-wide.
11. Nauta Capital
EIF-backed Fund: Nauta Tech Invest V
Overview: Nauta Capital is an early-stage venture firm investing across Europe in mission-driven B2B software founders. With ~€550 million historical AUM and portfolio of 95+ companies, Nauta partners with teams aiming to disrupt industries through technology. The firm offers straightforward communication, conviction and hands-on support across multiple funding stages.
Focus: Early-stage (Seed & Start-up) multi-country Europe in B2B SaaS, RetailTech, RevenueTech, FinTech, InsurTech, Productivity, HealthTech, DevTools & Infra, AI/ML & Data, Security & Privacy, Deep Tech. Typical checks €1–5 million.
12. Kibo Ventures
EIF-backed Fund: Kibo Ventures III
Overview: Founded in 2012 and based in Madrid (Spain), Kibo Ventures is committed to empowering diverse European tech entrepreneurs solving big problems. The firm manages €300 million+ AUM across five VC funds and one dedicated PE fund (Kibo Nzyme), and has completed 70+ investments, 14+ significant exits and backed multiple unicorns across Southern Europe.
Focus: Early-stage (Seed & Start-up) multi-country Europe, especially Southern Europe, in B2B companies with global scalability, deep tech and impact orientation. Typical first checks €2–6 million (10–20% ownership). Emphasis on diversity, transformation and scaling international markets.
13. 17Capital
EIF-backed Fund: 17Capital Fund 5 (EUR)
Overview: 17Capital is a global pioneer in NAV-finance (non-dilutive capital solutions) to private equity managers. With over US $16 billion deployed and US $7 billion realised, the firm has a 17-year record and a team of 115+ dedicated NAV finance professionals. 17Capital supports premium fund managers by providing funds at the portfolio level (rather than company level), enabling expansion without dilution.
Focus: Hybrid debt-equity, multi-country investing in private equity funds and their portfolios; non-dilutive capital to high-quality PE firms, supporting expansion, continuation, liquidity and strategic initiatives. More than 120 transactions completed globally.
14. Kreos Capital
EIF-backed Fund: Kreos Capital VII
Overview: Kreos Capital is a leading growth-debt provider across Europe and Israel, having committed more than €5.7 billion since 1998 across 750+ transactions to over 570 high-growth companies. The firm invests more than €800 million per year and supports scaling businesses across technology and healthcare. With 25+ years in business, Kreos has become the debt partner of choice for both sponsors and management teams.
Focus: Hybrid debt-equity, multi-country Europe & Israel, supporting growth-stage companies (entry to pre-IPO) with flexible financing structures. Sector coverage includes software, deep tech, fintech, digital, semiconductors, AI/ML, cybersecurity, healthtech, medical devices and life sciences.
15. P Capital (PCP)
EIF-backed Fund: P Capital Transition Partner Fund
Overview: P Capital (PCP) is a pan-European private credit provider serving entrepreneur- and family-owned companies as well as sustainable infrastructure developers. Over its 20-year history the firm has invested more than €5 billion. PCP emphasises long-term relationships, flexible capital structures and alignment with sustainability and governance.
Focus: Diversified debt, multi-country Europe, across consumer goods, industrials, alternative energy, technology and infrastructure. Typical investments €10 million+ for expansion, acquisitions, refinancing, capex and project finance with non-dilutive structures (senior debt, preferred equity, acquisition facilities).
Conclusion
For GPs and institutional allocators, the backing of these 15 firms by the EIF sends several strong signals:
1. Policy alignment and risk mitigation: EIF’s presence as an LP or anchor investor reflects a firm’s alignment with broader European objectives (innovation, sustainability, SME growth, scale-up). This lowers perceived risk for co-investors.
2. Validation and credibility: EIF backing acts as a mark of endorsement in the European capital ecosystem, signalling a firm meets institutional governance, alignment and value-creation standards.
3. Deal-flow and sourcing advantage: Many of these firms operate pan-European or regionally specialised strategies anchored by EIF; GPs partnering with them can access higher-quality deal flow, structured support and strong network benefits.
4. Capital-structure diversity and niche strategies: The inclusion of private credit and hybrid strategies (NAV finance, hybrid debt-equity, diversified debt) shows that EIF isn’t limited to traditional buy-out or VC models, this expands the universe of sponsor opportunities.
5. Scalability & export potential: The multi-country, tech/growth-oriented focus across these firms underscores that Europe remains a fertile ground for scale-ups, cross-border expansion and thematic investment over the long run.
In practical terms, when GPs evaluate opportunities to co-invest, syndicate or follow-on, the combination of EIF-backed firms with clearly defined stage/geography/sector mandates offers a high-quality starting list of platform managers. The presence of EIF creates an additional layer of institutional alignment, which can enhance the fund’s marketability, LP appetite and potential exit pathways.
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