In a strategic move that underscores the growing importance of secondary transactions in the venture capital landscape, Acurio Ventures has announced the closure of its new fund, Acurio Secondaries I FCR. The fund, valued at approximately €115 million, is tailored exclusively for secondary transactions involving European venture capital funds. This initiative comes against the backdrop of a challenging market where liquidity is scarce. By targeting the secondary market, Acurio Ventures aims to provide an alternative to traditional exits like IPOs and M&A, capturing opportunities in a market that’s been buoyed by significant investment volumes globally.
Secondary transactions in venture capital have typically been dominated by U.S.-based managers, who bring substantial resources to the table. Despite global investment volumes in secondaries reaching over US$200 billion in 2025, European activity remains nascent. Acurio Ventures, leveraging its European focus, is well-positioned to navigate this evolving landscape. Traditionally, challenges in the VC market have centered around liquidity, especially compared to other private equity segments. However, Acurio’s specialized vehicle aims to address this by focusing on transactions below €20 million, a largely underserved market.
What is Acurio Ventures’ Strategic Focus?
By concentrating on mature early-stage VC funds, specifically those over eight years into their terms with a defined strategy for exits, Acurio aims for a significant return on investment. The goal is set with an expectation of at least doubling the invested capital for its stakeholders, seeking internal rates of return surpassing 25 percent. The emphasis on European VC funds marks a unique positioning, offering a complementary route amid traditional investment pathways.
How Does Acurio Ventures Compare to Its Past Endeavors?
The firm’s previous fund, Acurio Ventures III, launched in 2024 with over €150 million, has exhibited a focus on direct investments in startups, amassing a portfolio exceeding 40 companies. Compared to its latest effort, which prioritizes fund-level secondary transactions, this marks a diversification of strategies across vehicle types, reflecting Acurio’s broad investment canvas.
Acurio Ventures boasts an extensive portfolio comprising more than 120 startups and 20 VC funds. Key players within their direct investment portfolio include Seedtag, Voy, and Lingokids, suggesting a balanced mix of early-stage and mature investments. The expansion into secondary market transactions is poised to augment this robust portfolio.
To date, Acurio Ventures has committed approximately €45 million of its new fund, signaling a strong start towards fully deploying the fund within a maximum two-year timeframe. The fund’s specific targeting criteria focus on those VC funds with a clear path to exit, thus enhancing the likelihood for successful returns.
Reflecting on the fundraising dynamics, Acurio Ventures emphasizes the trust and support from its investor base, highlighting the confidence placed in its evolving strategy. Partner Diego Recondo articulates this sentiment by acknowledging,
“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 per cent private investor base that includes prestigious institutional investors, is a milestone and a validation that reinforces the strategy we have been pursuing,” said Diego Recondo, Partner at Acurio Ventures.
The strategic launch of Acurio Secondaries I FCR represents a tactical response to the liquidity challenges prevalent within the VC space, particularly in Europe. As the firm focuses on secondary market investments, it not only diversifies its portfolio but also provides an alternative path for venture exits, catering to a segment poised for growth and innovation.
