Regulation (EU) No 345/2013 creates a single, Union‑wide framework for managers using the designation ‘EuVECA’. It prescribes portfolio composition (at least 70% in qualifying investments and no more than 30% in non‑qualifying assets), defines eligible investments (equity, quasi‑equity, limited loans, secondary purchases and constrained investments in other EuVECA funds) and forbids leverage that increases exposure beyond committed capital. Managers must be established in the Union, register with their home competent authority and, where applicable, comply with the AIFM Directive.

Marketing is limited to professional clients or investors who meet safeguards (minimum commitment EUR 100 000 and written acknowledgement of risks). The Regulation imposes organisational, conduct, disclosure, valuation and own‑funds requirements, conflict‑of‑interest rules, annual reporting and audit, supervisory cooperation and an ESMA central database. Administrative penalties, cross‑border supervision mechanisms and mandated Commission reviews complete the regime; it applied from 22 July 2013.