Spain's Acurio Ventures Launches €115 Million Vehicle to Provide Liquidity to European VC Funds

Acurio Ventures, headquartered in Bilbao, Spain, has announced the closing of Acurio Secondaries I FCR, a fund of approximately €115 million that invests exclusively in fund-level secondary transactions involving European venture capital funds. The firm has already invested in about 120 European companies, including prominent scaleups such as Seedtag, Voy, Preply, Jobandtalent, Indexa Capital, Lingokids, and Refurbed.

The new fund aims to provide liquidity solutions to VC fund managers and investors. It plans to be fully invested within 18 to 24 months, targeting mature early-stage VC funds that are at least eight years into their terms, with well-defined portfolios and realistic exit plans within two to three years. The objective is to achieve a net multiple of at least 2x invested capital and internal rates of return (IRRs) above 25%.

The fund has already committed nearly €45 million, and its total value to paid-in capital (TVPI) stands at 1.75x, avoiding the J-curve effect. Since its initial closing in June 2025, the fund has exceeded its original target of €100 million, reaching approximately €115 million. Nearly 30% of the capital comes from institutional investors, and the general partner commitment exceeds €15 million.

Ander Michelena, Founding Partner at Acurio Ventures, said the firm continues to seek creative and differentiated strategies adapted to market conditions to generate value for investors and become a leading firm in Europe. Diego Recondo, Partner, added that successfully launching such a fund in a difficult fundraising environment is a milestone that validates the firm's strategy.

Overall, Acurio Ventures now manages over €450 million in assets across five investment vehicles: three dedicated to direct investments in startups and two focused on investments in VC funds. To date, the firm has invested in approximately 120 startups and 20 VC funds.