On 15 January 2026, the European Commission issued both a targeted and public consultation to collect stakeholder feedback on the barriers that arise from the application of the European Venture Capital Funds Regulation (EuVECA), the Alternative Investment Funds Directive (AIFMD) and Member State national legal frameworks for investment funds, together with possible policy measures that could address such barriers.
The consultations are part of the Commission’s agenda to boost financing for EU innovative companies, which is a key priority. Whilst there has been some recent progress, such as the creation of the EuVECA and European long-term investment funds frameworks, the Commission feels that Europe’s venture and growth capital funds market remains fragmented and narrow compared to global peers.
The consultations cover notably rules stemming from EuVECA regulation, AIFMD and Member State legislation relevant for small‑size and mid-size alternative investment fund managers.
The targeted consultation includes six sections:
- A short general section on challenges and policy objectives.
- Assessment and calibration of the AIFMD threshold(s).
- Small‑size EU venture and growth capital fund managers managing less than EUR 500 million in assets under management (AuM) (operating under national regimes).
- Proportional requirements for mid‑sized EU venture and growth capital fund managers managing more than EUR 500 million in AuM (currently under AIFMD scope).
- Functioning of the EuVECA and European Social Entrepreneurship Funds frameworks.
- Closing questions exploring further potential areas of interest.
The deadline for comments on both consultations is 12 March 2026.