Acurio Ventures announced the closing of Acurio Secondaries I FCR, a European fund of about €115 mn focused only on fund-level secondary transactions involving European venture capital funds.
With the new vehicle, Acurio Ventures now manages more than €450 mn across five technology-focused investment vehicles in Europe. Three of them invest directly in startups, while two invest in venture capital funds.
According to Beinsure, the fund enters the market at a difficult moment for private equity and venture capital, where limited liquidity has become one of the main constraints for investors, managers and portfolio companies. Secondary transactions have grown over the past decade as an additional exit route alongside IPOs and mergers and acquisitions.
In 2025, global secondaries volumes exceeded $200 bn, making it the largest year on record for the market.
Venture capital secondaries in Europe still lag other private equity segments, including buyouts and the middle market. Activity remains limited, and large U.S. managers with bn-scale assets still dominate much of the available deal flow.
Acurio Ventures is targeting that gap. The new fund will focus on European VC funds and smaller transactions below €20 mn, a segment where liquidity options remain thin and competition from large secondaries platforms is less intense.
The vehicle plans to deploy its capital within 18 to 24 months. It will target mature early-stage VC funds, mainly those more than eight years into their fund lives, where portfolios already have clearer value drivers and realistic exit paths over the next two to three years.
The fund targets a net multiple of at least 2x invested capital and internal rates of return above 25%. It has already committed close to €45 mn, giving the vehicle a meaningful starting portfolio.
Diego Recondo, Partner at Acurio Ventures, said the firm was grateful for the trust from new and returning investors. He said closing a fund of this type during a difficult VC fundraising cycle, with a 100% private investor base that includes institutional investors, validates the strategy Acurio has followed.
According to Beinsure, Acurio’s secondaries strategy sits alongside its direct investment platform in European seed and Series A startups. The firm has three dedicated vehicles for direct startup investment.
The latest direct vehicle, Acurio Ventures III, closed in 2024 above €150 mn and remains in its investment period. It currently holds a portfolio of more than 40 companies.
Acurio Ventures has invested in about 120 startups and 20 VC funds to date. Its direct portfolio includes Seedtag, Voy, Preply, Jobandtalent, Indexa Capital, Lingokids and Refurbed.
