Dutch Future Fund (DFF I & II)

Dutch Future Fund (DFF I & II)

Funds Dutch venture and growth managers investing in clean transition, deep technology, life science, and digital ventures.

The Dutch Future Fund (DFF) is a fund-of-funds program jointly operated by Invest-NL and the European Investment Fund (EIF), providing LP commitments to Dutch venture capital and growth equity fund managers. DFF I launched on 30 October 2020 with a total size of €300 million, split equally between Invest-NL (€150 million) and the EIF (€150 million), and is expected to mobilize approximately €1.5 billion in total capital across the target fund portfolio of 10 to 15 VC and growth funds financing approximately 200 innovative Dutch companies. DFF II, launched around 2024, adds a further €200 million. This program does not invest directly in start-ups; it makes LP commitments to fund managers (GPs) who in turn invest in Dutch innovative companies.

Sub-fund ticket sizes range from €5 million to €12.5 million per fund, distributed across six categories: ICT (six funds at €5–10 million each), Life Sciences (five funds at €5–10 million each), Energy Transition (three funds at €5–12.5 million each), Deep Tech (one fund at €12.5 million), AgriFood (two funds at €5 million each), and Impact (one fund at €10 million), based on December 2022 allocation data. To receive a DFF commitment, a GP must be raising a Dutch VC or growth equity fund with a focus on energy transition, sustainability, circular economy, digital innovation, AI, life sciences, or key enabling technologies, and must demonstrate the ability to raise matching private capital alongside the EIF/Invest-NL anchor commitment.

Applications are submitted through the EIF as the fund manager for DFF. GPs seeking a DFF commitment should contact Invest-NL and the EIF directly to initiate the process, which includes initial screening, due diligence on the fund's strategy and team, and an investment committee decision. The DFF is not accessible to individual companies or start-ups seeking direct investment; its sole counterparties are VC and growth equity fund managers seeking institutional anchor LP capital for new Netherlands-focused funds.