EUROPE - EVCA calls for new RCAP for 2020

The RCAP would identify and tackle continuing barriers to the industry and would propose ways in which EU public policy might harness long-term private support for the sector. The new plan will also consider the consequences of crisis-related regulatory measures, such as the proposed AIFM directive, Solvency II and capital requirements directives.

To help the RCAP for 2020 meet its goals, the EVCA, speaking at a conference for venture capitalists in Berlin today, has proposed the creation of pan-European funds-of-funds to raise EUR 1.5bn over ten years to incorporate public money and stimulate private capital to invest in the venture asset class. The proposals form part of EVCA's Innovation Act expected in the spring of 2010. The idea is that the best results are achieved through private, not public, money and that any public money will be fed through privately-managed fund-of-funds.

The original RCAP launched over a decade ago proposed initiatives to address market fragmentation, institutional and regulatory barriers, taxation issues, the paucity of high-tech SMEs and cultural barriers. Directly or indirectly, the RCAP has contributed to the investment of EUR 75bn in 30,000 high-tech companies across Europe and to SME funding in general.

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