The European Catalytic Impact Investing Fund II (ECIIF II) successfully reached its first close at EUR 21+ million. Progressive impact investors from Europe gave a strong commitment to a unique strategy that expands the investment horizon of transformative impact ventures, backed by a catalytic guarantee from the European Investment Fund.
Munich, Germany & Zurich, Switzerland / September 15, 2026
Six months after FASE and Chi Impact Capital (CHI) joined forces to launch ECIIF II, the market has given a clear signal. The Fund has successfully secured its first close at EUR 21+ million, with strong commitments from pioneering impact investors in Europe and backed by a catalytic guarantee from the European Investment Fund (EIF). Among the investors is Relaunch for the future, the subsidiary of the Federal Holding and Investment Company (SFPIM), Belgium’s Sovereign Wealth Fund.
The first close validates what the four founding partners set out to prove: Impact investing in Europe doesn’t need to follow the typical US-style VC model, which prefers quick scaling over patience. Instead, ECIIF II will expand its investment horizon to include transformative impact ventures with longer-term value creation and the potential to become the future European impact middle market.
This wider horizon is fueled by an additional EUR 10 million InvestEU guarantee from the European Investment Fund (EIF) that partially derisks the fund’s portfolio for investors. This allows ECIIF II to back more unusual, high-impact ventures such as cooperatives or steward-owned companies that would otherwise fall through the cracks. ECIIF II is the only impact fund in Europe to date that benefits from this catalytic guarantee.
“We couldn’t be prouder that our investors trust in our vision and ability to help build a better future for Europe, where exit- and non-exit-oriented impact ventures go hand in hand. Europe’s strength has always been a thriving middle market. We need to use the full European innovation and impact power if we want to catch up with the US and China”, says Dr. Markus Freiburg, who also recently became Chair of Impact Europe.
SFPIM Relaunch’s investment shows that investors are increasingly thinking outside the box and ready to back strategies beyond classic VC that create impact directly on Europe’s doorstep.
“We are proud to support ECIIF II at this important milestone”, says Céline Vaessen, CEO of Relaunch for the future, SFPIM. “We were convinced by the experienced management team and its ability to channel capital towards innovative businesses addressing critical social and environmental challenges. By combining rigorous financial discipline with clear and measurable outcomes, ECIIF II will help address unmet needs while creating long-term value for both investors and society.”
EIF’s catalytic guarantee is an important backbone behind this approach. Marjut Falkstedt, EIF’s Chief Executive, highlights the rationale: “In today’s world, there is often a strong focus on short-term gains rather than on what creates lasting value. But long-term progress requires patient capital guided by purpose. That’s why the European Investment Fund believes in the role of ECIIF II in strengthening Europe’s social finance ecosystem. By investing in key sectors and backing bold social entrepreneurs and high-impact ventures, we look forward to seeing the results of an approach that makes money care more.”
ECIIF’s first close brings together many pioneers from the institutional, foundation, business angel, family office and private wealth owner realms. Among them are impact investment fund B the Change Investments from the Netherlands and several progressive foundations, e.g. Eckenstein-Geigy Stiftung and Dachstiftung der Christoph Merian Stiftung from Switzerland, Kommunale Stiftungen Münster from Germany, and GDA Invest, promoted by Fondazione Social Venture Giordano Dell’Amore from Italy. They all share the founding partners’ deep conviction that impact and performance aren’t trade-offs but mutually inclusive.
ECIIF II will soon kick off investing in four key target verticals: education & employment, health & care, circular economy & climate action, and food & agriculture. Building on the strong momentum of this first close, the founding partners are excited to invite impact investors and ventures within its scope to reach out and join the movement of catalyzing more transformative impact for Europe.
Contact
About the ECIIF: www.eciif.eu
ECIIF FAQ: www.eciif.eu/faq
For investors:
Ellinor Schweyer, Founding Partner, eschweyer@eciif.eu
Dr. Christin ter Braak-Forstinger, Founding Partner, christin@eciif.eu
For press & media:
Christina Moehrle, Communications Manager, info@eciif.eu