Acurio Ventures has closed its Acurio Secondaries I FCR fund at €115 million, beating its €100 million goal. This brings the Basque firm’s total assets under management to more than €450 million.
The fund buys discounted stakes in mature European VC funds, focusing on deals under €20 million that large US secondaries firms often ignore. Acurio says it is the only firm in Europe with a fund dedicated solely to this approach.
The fund closed at a time the firm’s partners call the toughest year for VC fundraising in 25 years. So far, it has invested €45 million and reports a 1.75x TVPI before finishing its portfolio.
Ander Michelena‘s venture firm raised money for a fund built entirely around other funds’ inability to exit. Acurio Ventures closed Acurio Secondaries I FCR at €115 million, surpassing its €100 million target in what its partners call the hardest fundraising year for European venture capital in 25 years.
The raise came from private investors, with no public funds involved. This brings Acurio’s assets under management to more than €450 million across five funds.
