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ESCALAR Pilot Programme

    Date: 31 March 2020 - 30 June 2020

The ESCALAR Pilot Programme is now complete, however, in the context of InvestEU, the European Commission and the EIF have expanded the European Scale-Up Action for Risk Capital (ESCALAR) mechanism in order to continue mobilising venture capital funding for scale-ups.

Fund managers are invited to check the open call for expression of interest under the InvestEU Equity Products, and in particular Annex III – Addendum ESCALAR. More information for fund managers can also be found on our dedicated InvestEU portal.

The European Scale-up Action for Risk capital (ESCALAR) is a new pilot programme launched by the EIF using EFSI resources to address the financing gap experienced by high growth European companies (scale-ups).

ESCALAR invests in funds with an investment focus on scale-ups. It can support both new funds needing to achieve a larger critical mass to support such companies in their future portfolio, and existing funds seeking additional capital to make follow on investments in scale-ups in their existing portfolio.

With up to EUR 100 million in single fund commitment possible, ESCALAR’s investment is intended to substantially increase fund resources, thus allowing larger investment tickets and creating greater capacity for making (follow-on) investments in scale-ups.

How does it work?

ESCALAR will make equity investments in funds, and side vehicles of funds, through a different share class or fund unit to other investors. ESCALAR investments will have different terms to the investments made by other investors, namely a (1) Preference on fund distributions in certain predefined downside scenarios, and (2) Subordination, and reduced claim, on investment returns.

An investment from ESCALAR can enhance the risk-adjusted returns to LPs, thereby attracting investors to the asset class and crowding in private capital for Scale-ups.

For this pilot programme, ESCALAR will have a total investment envelope of EUR 300m.

Financial intermediaries - Apply here

Financial intermediaries interested in receiving an investment from EIF under ESCALAR can apply by downloading and submitting the Expression of Interest. The completed Expression of Interest may be accompanied by any relevant information documentation about the applicant, but in particular should include all information necessary for EIF to complete an assessment of the criteria under Section 4.1 of the Call for expression of interestThe application period of ESCALAR is now closed.

The ESCALAR programme’s key features are in this overview presentation.

EIF selects financial intermediaries according to a standard process involving due diligence and proof of compliance with relevant standards and legislation. For further questions, interested financial intermediaries may contact ESCALAR@eif.org.

For final beneficiaries (SMEs, small mid-caps, social enterprises and social sector organisations):

If you are looking for finance, please contact EIF's financial intermediaries. Please note that final funding approval lies solely with the financial intermediary. For information about finance available in your country under further EU initiatives, please visit http://europa.eu/youreurope/business/funding-grants/access-to-finance/.

Note: Following the recent withdrawal of the United Kingdom from the European Union, we are updating the relevant EIF.org pages.


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