BRUSSELS — The European Commission is in talks with eight of Europe’s top investors to involve them in a fund to support homegrown companies working on critical technologies.

Representatives from the private investors are in Brussels on Tuesday to discuss their involvement, according to a planning note seen by POLITICO.

The fund has been in the works since the spring and will combine EU money with private investment to fill a late-stage financing gap for European tech startups — buying stakes to support companies ranging from artificial intelligence to quantum.

It could range from €3 billion to €5 billion, depending on how much investors contribute.

The investors invited to meet with the Commission on Tuesday are Danish investment company Novo Holdings, the Export and Investment Fund of Denmark, Spanish CriteriaCaixa and Santander, Italian Intesa Sanpaolo, Dutch pension fund APG Asset Management, Swedish Wallenberg Investments, and Polish Development Bank Gospodarstwa Krajowego, according to the planning note.

The fund will focus on “strategic and enabling technologies,” the note read, including advanced materials, clean energy, artificial intelligence, semiconductors, quantum technology, robotics, space and medical technologies.

The Commission is seeking to address the issue of companies struggling to scale in Europe. Many turn to investors from the U.S. or elsewhere for late-stage financing, after which they often relocate.

The goal of the fund is to make sure that startups that have completed their early funding rounds can “secure scaleup financing while maintaining their headquarters and core activities in Europe,” the note said. 

The fund follows an earlier effort to take direct equity stakes in companies through the European Innovation Council Fund. Investments under the EIC Fund are capped at €30 million, while the new fund would invest €100 million or more.

The fund will launch in April. Other investors could still come in at a later date.

In November, the Commission plans to begin the search for an investment adviser — a process that should be wrapped up by January, according to the planning note.