Bilbao-based VC firm Acurio Ventures today announced the closing of Acurio Secondaries I FCR, a European fund with a size of approximately €115 million that invests exclusively in fund-level secondary transactions involving European VC funds. Through its direct investment strategy, Acurio Ventures has invested in approximately 120 European companies. The direct
David Cendon Garcia
Bilbao-based VC firm Acurio Ventures today announced the closing of Acurio Secondaries I FCR, a European fund with a size of approximately €115 million that invests exclusively in fund-level secondary transactions involving European VC funds.
Through its direct investment strategy, Acurio Ventures has invested in approximately 120 European companies. The direct portfolio includes established scaleups such as Seedtag, Voy, Preply, Jobandtalent, Indexa Capital, Lingokids and Refurbed.
Ander Michelena, Founding Partner at Acurio Ventures, comments: “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.”
Acurio Ventures’ close for Acurio Secondaries I adds a fund-level liquidity strategy to a European venture market that has seen several sizeable fund announcements in 2026.
EU-Startups has reported Kembara’s €750 million first close, Earlybird VC’s €360 million Fund VIII, Seedcamp’s €279 million across its first-cheque and follow-on vehicles, and DFF Ventures’ €70 million Fund III.
Spanish peers have also been active, with Samaipata, Ysios Capital and Mission announcing funds targeting €110 million, €100 million and €35 million respectively.
The disclosed closed or raised amounts in this comparison total approximately €1.57 billion including Acurio.
EU-Startups has previously covered Acurio as an investor in Lexroom’s €42.9 million Series B in May 2026.
Founded in 2018, Acurio Ventures now has AUM exceeding €450 million, spread across five investment vehicles focused on technology in Europe, three dedicated to direct investment in startups and two focused on investment in VC funds.
To date, the firm has invested in approximately 120 startups and 20 VC funds.
The new fund offers a broad range of solutions specifically designed for the VC segment, providing liquidity to managers and investors in VC funds.
It aims to be fully invested within 18-24 months, focusing on mature early-stage VC funds, namely those 8+ years into their terms, well-defined portfolios with clearly identified value drivers and realistic exit plans within two to three years.
The objective is to achieve a net multiple of at least 2x invested capital for investors, with internal rates of return (IRRs) above 25%.
The fund already has a meaningful portfolio, having committed close to €45 million to date. Thanks to the significant discounts agreed with sellers and the strong performance of the underlying portfolio, the total value to paid-in capital (TVPI) stands at 1.75x, thereby avoiding the J-curve, all at an early stage in the portfolio construction process.
In just twelve months since its initial closing at the end of June 2025, the new vehicle has reached a volume of approximately €115 million, exceeding its original €100 million target. Nearly 30% of the capital in the new fund has been contributed by institutional investors.
The GP commitment in the fund exceeds €15 million.
“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,” says Diego Recondo, Partner at Acurio Ventures.
In addition to its investment strategy in European VC funds, Acurio Ventures has three other vehicles dedicated to direct investment in European Seed and Series A startups. The latest of these, Acurio Ventures III, closed in 2024 above €150 million and is still in its investment period, currently holding a portfolio of more than 40 companies.
