Allianz has invested in the Scaleup Europe Fund, a multi-billion-euro vehicle created to finance European growth companies in strategic AI technology sectors.
The investment is managed through Allianz Investment Management and is largely funded with policyholder assets from Allianz Lebensversicherung and Allianz Private Krankenversicherung in Germany. Allianz France is also contributing capital.
Allianz had already signed a letter of intent in February to join the fund as a founding investor.
Swedish investment firm EQT has been appointed to manage the fund, which targets €5 bn in total capital.
Subran said Europe regularly produces strong technology companies but founders often struggle to secure enough growth capital to move from start-up to scale-up. Allianz views the fund as one way to address this financing gap while supporting industries with long-term growth prospects.
Our investment in the Scaleup Europe Fund aims to generate attractive long-term returns on our customers’ retirement savings capital.
Ludovic Subran, chief investment officer at Allianz SE
The Scaleup Europe Fund was launched through an initiative involving the European Commission and the European Innovation Council, with financial participation from the Commission. Its purpose is to provide larger financing rounds for European deep-tech companies entering later stages of growth.
Individual investments are expected to reach €100 mn or more. The fund is intended for companies that have outgrown traditional venture funding but still face limited access to larger pools of capital.
Its investment scope includes artificial intelligence, quantum technology, semiconductors, robotics, autonomous systems, energy technology, space technology, biotechnology, medical technology and agricultural technology.
For Allianz, the commitment also fits its existing allocation to private markets across Germany and France.
- Allianz Lebensversicherung, one of Germany’s largest life insurers, invests around 36% of policyholder assets in alternative private-market investments. The allocation represents nearly €100 bn and covers infrastructure, renewable energy, private equity, private debt and growth capital.
- Allianz Private Krankenversicherung manages reserves intended to cover higher healthcare costs later in policyholders’ lives. Those reserves total about €37 bn, of which roughly €14 bn is invested in alternative private-market assets including infrastructure.
- In France, Allianz Vie allocates around 21% of policyholder assets to alternative private markets. The allocation represents about €12 bn from total policyholder assets of €58 bn and includes corporate private debt, infrastructure, renewable energy, private equity and real estate.
- Allianz Retraite has a smaller but similar allocation. Around 14% of its policyholder assets, or about €2 bn from a total of €14 bn, are invested in corporate private debt, infrastructure, renewable energy, private equity and real estate.
Allianz said these long-term allocations give policyholders exposure to professionally managed private-market assets while directing capital toward companies and projects outside public markets.
