Acurio Ventures Launches $125M Fund for European VC Liquidity

Jan de Vries · 2026-07-13

Bilbao-based VC firm Acurio Ventures just announced the closing of Acurio Secondaries I FCR, a European fund worth around $125 million that focuses entirely on buying stakes in other European VC funds. Think of it as a liquidity lifeline for venture capital investors who want to cash out early. Through its direct investment strategy, Acurio Ventures has backed roughly 120 European companies. Its portfolio includes well-known names like Seedtag, Voy, Preply, Jobandtalent, Indexa Capital, Lingokids, and Refurbed. These are startups that have already proven themselves. ### Why This Matters for the European VC Scene This new fund adds a much-needed secondary market option to Europe's venture landscape. In 2026 alone, we've seen massive fund announcements: Kembara raised $815 million, Earlybird VC closed $391 million for Fund VIII, Seedcamp secured $303 million across its vehicles, and DFF Ventures hit $76 million. Spanish firms are also active, with Samaipata, Ysios Capital, and Mission targeting $120 million, $109 million, and $38 million respectively. Combined, that's about $1.7 billion in fresh capital. Acurio Ventures previously invested in Lexroom's $46.7 million Series B back in May 2026. Founded in 2018, the firm now manages over $490 million across five investment vehicles: three for direct startup investments and two focused on VC fund investments. They've backed around 120 startups and 20 VC funds so far. ### What the New Fund Does Differently The fund is designed to provide liquidity to both managers and investors in VC funds. 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. These funds need clear value drivers and realistic exit plans within two to three years. Acurio's goal is to deliver a net multiple of at least 2x on invested capital, with internal rates of return (IRRs) above 25%. That's ambitious but achievable given their track record. ### Impressive Early Results The fund already has a meaningful portfolio, committing close to $49 million to date. Thanks to big discounts negotiated with sellers and strong underlying portfolio performance, the total value to paid-in capital (TVPI) stands at 1.75x. That means they've avoided the dreaded J-curve—where returns dip before rising—right from the start. In just twelve months since its initial close in June 2025, the vehicle has reached roughly $125 million, surpassing its original $109 million target. Nearly 30% of the capital comes from institutional investors, and the general partner commitment exceeds $16 million. ### Leadership Voices Ander Michelena, Founding Partner, says: "We continue to seek creative and differentiated strategies adapted to market conditions, with the aim of continuing to generate value for our investors and developing into a leading firm in Europe." Diego Recondo, Partner, adds: "We are extremely grateful for the trust placed in us by our investors, both new and returning. Successfully launching a new fund of this nature in such a difficult fundraising market for VC, and doing so with a 100% private investor base that includes prestigious institutional investors, is a milestone and a validation that reinforces the strategy we have been pursuing." ### The Bigger Picture Acurio Ventures isn't stopping here. Beyond this secondary fund, they have three other vehicles dedicated to direct investments in European Seed and Series A startups. Their latest, Acurio Ventures III, closed in 2024 above $163 million and is still actively investing, holding a portfolio of over 40 companies. This move signals a maturing European VC ecosystem where secondary markets are becoming essential. For investors looking for liquidity, Acurio is stepping up to fill a critical gap.