The race to manage the European Commission’s €5bn Scaleup Europe Fund, ultimately won by Swedish investor EQT earlier this year, was fierce. Now there’s a new scaleup battle underway — this time over the UK’s £1bn Scale-Up Fund. Several prominent venture capitalists are reportedly in the running to oversee the program, which aims to boost high-growth tech companies across the country.

Among those potentially interested are figures from firms such as Balderton Capital, Northzone, and HV Capital. The fund is seen as a critical tool for maintaining the UK’s position as a leading European tech hub, especially post-Brexit. A shortlist of candidates is expected to be drawn up soon, with the final appointment likely to be announced in the coming months.

“This isn’t just about deploying capital — it’s about building the next generation of globally competitive firms,” said one industry source. “Governments across Europe are investing heavily in scaleup ecosystems, and the UK needs to keep pace.” The successful bidder will be tasked with identifying and supporting startups with strong potential for international expansion.

The process mirrors the approach taken by the European Commission when selecting managers for its own scaleup initiatives. That effort saw EQT emerge as the preferred partner after a competitive tender. Observers expect a similar level of rigor and strategic thinking in the selection of the UK fund’s manager.