Acurio Ventures Launches $125M Fund for European VC Liquidity

Jan de Vries · 2026-07-13

Bilbao-based VC firm Acurio Ventures has closed a new fund, Acurio Secondaries I FCR, with approximately $125 million (€115 million) dedicated exclusively to fund-level secondary transactions involving European VC funds. This move addresses a growing need in the European venture market: providing liquidity to investors and fund managers. Acurio's direct investment strategy has already backed roughly 120 European companies, including well-known scaleups like Seedtag, Voy, Preply, and Jobandtalent. ### A Creative Approach in a Tough Market Ander Michelena, Founding Partner at Acurio Ventures, explains: "We continue to seek creative and differentiated strategies adapted to market conditions, aiming to generate value for our investors and become a leading firm in Europe." This fund is a response to a market where many VC funds are maturing, and liquidity options are scarce. Acurio's secondaries strategy fills that gap. ### How the Fund Works The fund targets mature early-stage VC funds that are at least eight years into their terms. It looks for well-defined portfolios with clear value drivers and realistic exit plans within two to three years. The goal is to be fully invested within 18 to 24 months. Investors can expect a net multiple of at least 2x invested capital, with internal rates of return (IRRs) above 25%. Early results are promising: the fund has already committed about $49 million (€45 million), achieving a total value to paid-in capital (TVPI) of 1.75x. This means it's already generating returns, avoiding the typical J-curve. ### Strong Backing and Rapid Growth Since its initial close in June 2025, the fund has grown from its original $109 million (€100 million) target to $125 million. Nearly 30% of the capital comes from institutional investors, and the GP commitment exceeds $16 million (€15 million). Diego Recondo, Partner at Acurio Ventures, says: "We're grateful for the trust from our investors. Launching a new fund in this tough fundraising market, with a 100% private investor base including prestigious institutions, is a milestone." ### A Broader European Trend Acurio's fund is part of a larger wave of European VC activity. In 2026, funds like Kembara ($817 million first close), Earlybird VC ($392 million Fund VIII), and Seedcamp ($304 million across vehicles) have announced significant raises. Spanish peers are also active: Samaipata, Ysios Capital, and Mission are targeting $120 million, $109 million, and $38 million respectively. Overall, these disclosed amounts total approximately $1.71 billion (€1.57 billion) including Acurio. ### Acurio's Growing Footprint Founded in 2018, Acurio Ventures now manages over $490 million (€450 million) in assets across five vehicles. Three focus on direct startup investments, and two target VC funds. The firm has invested in roughly 120 startups and 20 VC funds to date. Its latest direct vehicle, Acurio Ventures III, closed above $163 million (€150 million) in 2024 and holds a portfolio of more than 40 companies. The new fund provides a broad range of liquidity solutions for the VC segment, helping managers and investors exit positions while supporting the broader European startup ecosystem.