The EU has created a shortlist to manage the planned Scaleup Europe Fund, a tech fund worth €5 billion.

Among the candidates are Sweden's EQT and Northzone, as well as France's Eurazeo, the UK-based Atomico—which also has Swedish ties—and Vitruvian Partners, Bloomberg News reports, citing sources.

The fund is set to invest in companies working in fields such as quantum computing, artificial intelligence, and other advanced technologies. The European Commission is expected to appoint an external fund manager in April, with the long-term goal of increasing the fund's capital to €25 billion together with private investors and pension funds.