Europe has the savings and the industrial ambition. What it still lacks is the architecture connecting banks, public institutions and institutional capital to investable projects across technology, energy, agrifood, health and advanced manufacturing.
Future Economy Forum
Exploring the economic architectures shaping the twenty-first century.
Europe is beginning to build the funds its scale-ups need. But growth capital is only a bridge. Without sufficient liquidity, specialist investors and a credible European exit market, its most successful technology companies may still gravitate towards New York.
Jean-Christophe Laloux’s appointment may signal a new phase for the European Investment Fund: moving beyond filling individual financing gaps towards creating the structures, incentives and partnerships through which private capital becomes willing to carry European strategic risk.
The European Investment Fund rarely chooses individual winners. Its deeper role is to share risk, anchor investment vehicles and strengthen the transition from innovation to investability — helping private capital move where markets are not yet ready to move alone.
Helsing shows that Europe can build defence technology to global scale. The harder question is what happens next: whether Europe can develop the capital, industrial partnerships and market architecture needed to make companies like Helsing less exceptional.
Airbus is backing a specialised European defence fund designed to turn promising technologies into deployable capability. Alongside EQT’s broader Scaleup Europe Fund, it reveals how Europe may be building distinct capital layers for different strategic industries.
