Luxembourg Future Fund
Luxembourg Future Fund is a public investment vehicle run by the European Investment Fund and Luxembourg's national bank, SNCI. It backs venture capital funds and innovative companies to anchor them in Luxembourg, across climate, AI, cybersecurity and space; its one water holding is satellite firm Hydrosat. As of 2026 it has committed about EUR 350 million.
Compiled by Antoine Walter, (don't) Waste Water, from official filings and direct intelligence in Leviathan.
The take
Luxembourg Future Fund is the Grand Duchy's bet on its own economic future: a public vehicle the European Investment Fund runs on behalf of SNCI, the national development bank, with one stubborn job, to pull venture capital and the companies it backs into Luxembourg. The first EUR 150 million vehicle launched in 2015, and a larger EUR 200 million successor followed in 2023.
Luxembourg Future Fund spreads that money across climate tech, AI, cybersecurity, energy resilience, life science and the space sector Luxembourg has staked a national claim on. Water is not a category it names. In my Leviathan database the fund surfaces exactly once on the water side, through Hydrosat, a Luxembourg satellite company whose thermal-infrared imagery reads crop water stress and evapotranspiration from orbit.
Luxembourg Future Fund reaches water the way a generalist state fund usually does, sideways, by backing a space-and-data company that happens to point its sensors at irrigation and drought. That is the tell with a vehicle like this: the water exposure is a by-product of an industrial-policy thesis, not a thirst for the sector. For a newcomer it is a useful reminder that some of the most interesting water bets sit inside funds that never use the word.
Water Commitment Score
Compiled from official filings, third-party records, and direct intelligence from investors and founders, in Leviathan · recomputed monthly · as of Jun 2026.
How they invest
Portfolio · 1 water companies
Invests alongside
Highlighted = profiled on (don't) Waste Water.
Frequently asked
- What does the Luxembourg Future Fund invest in?
- Luxembourg Future Fund backs venture capital funds and innovative companies across climate tech, AI, cybersecurity, energy resilience, life science and space, with the aim of anchoring them in Luxembourg. It invests both as a fund investor and directly into companies. Its single water-related holding to date is the satellite company Hydrosat.
- Who runs the Luxembourg Future Fund?
- Luxembourg Future Fund is a joint initiative of SNCI, Luxembourg's national development bank, which supplies most of the capital, and the European Investment Fund, which manages the money. The EIF's Chief Executive, Marjut Falkstedt, heads the managing institution, while SNCI's board chairs the public side.
- How is the Luxembourg Future Fund connected to water?
- Luxembourg Future Fund is a generalist diversification fund, not a water specialist. Its one water-relevant holding is Hydrosat, a Luxembourg satellite firm whose thermal-infrared imagery measures crop water stress and evapotranspiration. Leviathan logs two Hydrosat deals through January 2026, and (don't) Waste Water rates the fund's water commitment Occasional.
- Is the Luxembourg Future Fund the same as the European Investment Fund?
- No. The European Investment Fund (EIF) is a pan-European institution that manages the Luxembourg Future Fund, but the fund itself is a Luxembourg-specific programme funded mainly by SNCI. There are also two vehicles: LFF 1, from 2015, and the larger LFF 2, launched in 2023.