Temasek backs EQT-managed European tech fund targeting €5 billion
The European Commission has committed €1 billion to the fund, which aims to help European technology companies finance their expansion.
Temasek has become an early investor in the EQT-managed Scaleup Europe Fund, which is seeking €5 billion to finance the growth of European technology businesses. The size of Temasek’s investment was not disclosed.
Supported by institutional investors and the European Commission, the fund targets artificial intelligence, semiconductors, biotechnology and energy. It aims to give companies access to expansion funding without needing to raise capital outside Europe. EQT makes investment decisions independently of the founding investors, which include the Commission.
Nagi Hamiyeh, President of Temasek Global Investments, said promising European businesses often face a shortage of growth capital and turn elsewhere for financing. He said Temasek’s participation reflected confidence in Europe’s long-term potential and support for deeper capital markets. Temasek also invests directly in European companies and through partners and fund managers, he added.
EQT announced the fund’s first investment in August 2026, saying it had co-led financing for Finnish satellite company ICEYE with General Atlantic. ICEYE announced the round in June, putting its size at more than €1 billion, including secondary transactions.
