“It is a new fund for businesses and it is a fund to invest in the growth of businesses in Europe. Today, it is easy to create companies in Europe, but then they grow and have to be sold, often to American funds or others because we don’t have funds big enough to invest in this growth”, European Research, Science and Innovation Commissioner, Carlos Moedas, told reporters.

Between today and January, the EC is going to look for an entity to manage the fund and have the capacity to capture private money.