EQT, Eurazeo, and Atomico are among the frontrunners shortlisted to manage the EU’s €5bn Scaleup Europe Fund, a strategic initiative to boost growth in AI, quantum computing, and clean energy. The fund, set to launch in April, will operate as a public-private partnership with institutional investors like pension funds and the European Investment Bank. German insurer Allianz has already signaled interest, with potential anchors including Wallenberg Investments and Spain’s CriteriaCaixa. If approved, the vehicle could expand to €25bn, reflecting Europe’s push to close its scale-up financing gap and nurture tech champions.