- Acurio Ventures has announced the closing of its Acurio Secondaries I FCR fund at approximately €115 million, which focuses on fund-level secondary transactions involving European VC funds.
- The fund has successfully surpassed its original fundraising target of €100 million, achieving this milestone in what is described as the toughest fundraising year for VC in 25 years.
- Acurio Ventures aims to be fully invested within 18-24 months, focusing on mature early-stage VC funds that are 8+ years into their terms.
- The fund has already committed close to €45 million to date, indicating a meaningful portfolio.
- Acurio Ventures, founded in 2018, now has assets under management exceeding €450 million across five investment vehicles focused on technology in Europe.
- The firm operates from offices in Bilbao, Madrid, and London and has invested across more than 16 countries.
- Acurio Ventures has a strategy that includes both direct venture investing and a secondary market approach to provide liquidity to participants across the ecosystem.
Spain's Acurio Ventures has successfully closed its Acurio Secondaries I FCR fund at €115 million, surpassing its €100 million target. This fund, launched in a challenging fundraising environment, focuses on secondary transactions involving European VC funds, addressing the growing demand for liquidity in the market.1
The fund aims to be fully invested within 18-24 months, targeting mature early-stage VC funds that are over eight years old, with clearly defined portfolios and realistic exit plans within two to three years. Diego Recondo, Partner at Acurio Ventures, stated, “We are extremely grateful for the trust placed in us by our investors, both new and returning.” He emphasized the significance of launching a fund with a 100% private investor base in a difficult fundraising climate.3
The fund has already committed close to €45 million and aims for a net multiple of at least 2x invested capital, with internal rates of return (IRRs) above 25%. Ander Michelena, Founding Partner, noted, “We continue to seek creative and differentiated strategies adapted to market conditions.” The fund's strategy includes acquiring discounted stakes in mature European VC funds, focusing on transactions under €20 million, a segment often overlooked by larger US secondary firms.4
With this new fund, Acurio Ventures' total assets under management exceed €450 million, spread across five investment vehicles focused on technology in Europe. The firm operates from Bilbao, Madrid, and London, investing in over 16 countries and approximately 120 European companies.56
The European venture capital market faces significant liquidity challenges, and Acurio Ventures aims to address this with its innovative fund, which is positioned to capitalize on an underserved market segment.
“The fund focuses on fund-level secondary deals under €20M, a segment overlooked by large US secondaries firms, and has already committed €45M to its portfolio. It was raised entirely from private investors, with institutions providing about 30% of the capital.”
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