Spain, Bilbao-based Acurio Ventures has closed a €115 million fund targeting secondary transactions in European venture capital funds, exceeding its original €100 million target.
Acurio Secondaries I will buy stakes in mature early-stage funds, typically at least eight years into their lives, from investors and managers seeking liquidity. It will focus on transactions below €20 million, a segment often overlooked by larger US secondaries firms.
The fund has already committed nearly €45 million and reports a total value-to-paid-in capital ratio of 1.75x. Acurio plans to deploy the full fund within 18 to 24 months and is targeting a net return of at least 2x invested capital and an IRR above 25%.
Almost 30% of the capital came from institutional investors, while the Acurio management team committed more than €15 million. The fund was raised entirely from private investors.
The closing takes Acurio’s assets under management above €450 million across five vehicles: three investing directly in startups and two backing or acquiring stakes in VC funds.
Founded in 2018 and previously known as All Iron Ventures, Acurio has invested in about 120 startups and 20 VC funds. Its portfolio includes Seedtag, Preply, Jobandtalent, Lingokids and Refurbed.
