SEF and RVECA managers

Here we explain how you can register as a Social Entrepreneurship Fund (SEF) manager or Registered Venture Capital fund (RVECA) manager, or notify us about the persons who conduct your business.

    If you are a fund manager, you can register as a SEF manager or RVECA manager or notify us of the persons who conduct your business, by completing the relevant forms on our Connect system.

    Find out how to apply using Connect

    If you have questions concerning previous convictions, refer to our Disclosing convictions in the Senior Personnel form.

    In the past, registration as a SEF or RVECA manager was only available to managers that had assets under management below the threshold in Article 3(2)(b) of AIFMD as amended by the Alternative Investment Fund Managers (Amendment) (EU Exit) Regulations 2019. The regulations have since opened up SEF and RVECA to fund managers of all sizes.

    Using the SEF or RVECA label for a fund

    If you are a manager wishing to use the SEF 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 RVECA 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 as amended by the Venture Capital Funds (Amendment) (EU Exit) Regulations 2019..

    Under the amended regulations, both internally managed RVECA/ SEF and external managers of RVECA/ SEF 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.

    We’ve published a database of UK managers of Social Entrepreneurship Funds (SEF) and  Registered Venture Capital Funds (RVECA) that are registered in the UK.

    Page updates

    26/05/2021: Information changed Replacing EuSEF and EuVECA with SEF and RVECA
    11/02/2021: Information added Message: this page will be updated soon