Here we explain how you can register as a European Social Entrepreneurship Fund (EuSEF) manager or European Venture Capital fund (EuVECA) manager, or notify us about the persons who conduct your business.
If you are a fund manager, you can register as an EuSEF manager or EuVECA manager, or notify us of the persons who conduct your business, by completing the relevant forms on our Connect system.
If you have questions concerning previous convictions, refer to our Disclosing convictions in the Senior Personnel form.
If your firm registers as a EuSEF or EuVECA manager, this will allow you to market qualifying social entrepreneurship funds and qualifying venture capital funds throughout the EU to certain categories of investors under the EuSEF or EuVECA ‘label’.
In the past, registration as a EuSEF or EuVECA manager was only available to managers that had assets under management below the threshold in Article 3(2)(b) of AIFMD. The regulations have since opened up EuSEF and EuVECA to fund managers of all sizes.
Using the EuSEF or EuVECA label for a fund
If you are a manager wishing to use the EuSEF label for a fund, you will have to demonstrate that a high percentage of investments in the fund (70% of the capital received from investors) is invested in undertakings whose primary objective is to:
- provide services or goods which generate a social return
- employ a method of production of goods or services that embodies its social objective, or
- provide financial support exclusively to social undertakings as defined in the 2 points above
If you are a manager wishing to use the EuVECA label for a fund, you will have to demonstrate that a high percentage of investments in the fund (70% of the capital received from investors) is invested in small and medium sized enterprises that meet the definition of a qualifying portfolio undertaking as per article 3 of Regulation 2017/1991.
Under the amended EuSEF and EuVECA regulations, both internally managed EuVECA/ EuSEF and external managers of EuVECA/ EuSEF must have an initial capital of €50,000. Own funds shall at all times amount to at least one eighth of the fixed overheads incurred by the manager in the preceding year. Other conditions also apply for both types of fund.
The central database of managers of Social Entrepreneurship Funds (EuSEF) and European Venture Capital Funds (EuVECA) registered in the Member States of the EU can be found on the ESMA website.