Acurio Ventures closes a fund of 115 million euros to invest in the secondary market of European venture capital funds, avoiding the worst fundraising streak in 25 years.
The venture capital market is experiencing a drought, but Acurio Ventures has found a goldmine. The Spanish manager has closed its fifth fund, Acurio Secondaries I FCR, with 115 million euros, surpassing the initial target of 100 million. The vehicle focuses on the secondary market of European venture capital funds, a segment that seeks to alleviate the bottleneck of divestments.
A bet on liquidity in times of crisis
Venture capital is going through one of its worst moments in 25 years for raising capital. The lack of IPOs and corporate transactions has caused funds to have their capital trapped, making it difficult to return to investors. Acurio has decided to bet precisely on the secondary market, which buys stakes in mature funds to generate liquidity.
“We continue to look for creative and differentiated strategies adapted to market circumstances,” explains Ander Michelena, founding partner of Acurio Ventures. The firm believes that the main challenge is no longer finding good companies, but generating liquidity for investors.
The fund will focus on acquiring stakes in European venture capital funds that have been in existence for at least eight years, with consolidated portfolios and divestment prospects in two to three years. The goal is to achieve a net return of at least twice the invested capital and an internal rate of return exceeding 25%.
International investors and alignment of partners
The fund has raised entirely private capital. About 30% comes from institutional investors and approximately a quarter from international investors. Among them stands out one of the largest endowments in the United States as an anchor investor, along with pension plans, over 35 family offices, and high-net-worth individuals.
The partners of the management firm have committed more than 15 million euros, a level of alignment far superior to what is usual in the sector. “Successfully launching a new fund of this nature in such a difficult fundraising market is a milestone,” the firm states.
So far, Acurio Secondaries has already committed around 45 million euros in investments. Thanks to the discounts obtained, the fund presents a net asset value over the capital disbursed of 1.75 times, which helps avoid the well-known J curve of the early years.
With this fund, Acurio raises its assets under management to over 450 million euros, establishing itself as a reference firm in Europe. For readers interested in venture capital, this operation shows that the secondary market offers investment opportunities at a discount and shorter exit timelines, at a time when primary funds are struggling to return capital.
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