Key Takeaways
- • Acurio Ventures closed a €115 million secondaries fund (Pulse 2.0) designed to address venture capital liquidity constraints and capitalize on an underdeveloped market segment within European VC.
- • The Bilbao-based firm, formerly All Iron Ventures, manages approximately €300 million in total assets and operates across Madrid, Bilbao, London, and Barcelona with a 12-person team.
- • Founded in 2018 by Ander Michelena, Acurio Ventures has built a portfolio of over 90 startups and 15 European VC funds, including notable exits and growth-stage companies such as Lingokids, Preply, Refurbed, and Jobandtalent.
- • The secondaries fund targets liquidity solutions in a venture capital market segment with limited institutional participation, positioning Acurio as a specialist in secondary transactions and fund restructuring.
- • Strong investor backing reflects confidence in the firm's track record, with approximately 55% of capital in the previous €150M primary fund sourced from institutional investors and 30% from non-Spanish limited partners.
Summary
Acurio Ventures, the Bilbao-based venture capital firm formerly known as All Iron Ventures, has successfully closed its Pulse 2.0 secondaries fund at €115 million. The fund represents a strategic expansion into the secondary venture capital market, targeting a liquidity gap in European VC where institutional capital participation remains relatively underdeveloped. This secondaries offering complements Acurio's existing portfolio of direct early-stage investments and demonstrates the firm's intent to address operational challenges within its existing investor base.
The firm manages approximately €300 million in total assets under management and maintains offices across major European financial centers including Madrid, Bilbao, London, and Barcelona. Founded in 2018 by partner Ander Michelena, Acurio has constructed a diversified portfolio comprising over 90 direct startup investments and limited partner stakes in 15 European venture capital funds. Notable portfolio companies include Lingokids, Preply, Refurbed, Seedtag, Jobandtalent, and Indexa, reflecting strength across marketplace, subscription, and e-commerce business models—the firm's stated investment focus areas.
Acurio's fundraising success reflects robust institutional confidence in the firm's operational execution and deal sourcing capabilities. According to the firm's disclosure on its previous €150 million primary fund (Acurio Ventures III), approximately 55% of capital derived from institutional investors, with 30% sourced from non-Spanish limited partners, indicating strong international demand for the firm's investment theses. Founder Michelena noted that investor backing during a challenging fundraising environment represents validation of the firm's six-year track record.
The secondaries strategy addresses a specific market inefficiency: limited partner liquidity constraints within European venture portfolios and the scarcity of dedicated secondary vehicles focused on European VC assets. By establishing Pulse 2.0, Acurio positions itself to acquire secondary positions, facilitate fund restructurings, and provide portfolio companies with strategic exit opportunities—services with growing institutional demand as European venture funds mature and limited partners seek liquidity optionality outside of traditional exit paths.
The firm manages approximately €300 million in total assets under management and maintains offices across major European financial centers including Madrid, Bilbao, London, and Barcelona. Founded in 2018 by partner Ander Michelena, Acurio has constructed a diversified portfolio comprising over 90 direct startup investments and limited partner stakes in 15 European venture capital funds. Notable portfolio companies include Lingokids, Preply, Refurbed, Seedtag, Jobandtalent, and Indexa, reflecting strength across marketplace, subscription, and e-commerce business models—the firm's stated investment focus areas.
Acurio's fundraising success reflects robust institutional confidence in the firm's operational execution and deal sourcing capabilities. According to the firm's disclosure on its previous €150 million primary fund (Acurio Ventures III), approximately 55% of capital derived from institutional investors, with 30% sourced from non-Spanish limited partners, indicating strong international demand for the firm's investment theses. Founder Michelena noted that investor backing during a challenging fundraising environment represents validation of the firm's six-year track record.
The secondaries strategy addresses a specific market inefficiency: limited partner liquidity constraints within European venture portfolios and the scarcity of dedicated secondary vehicles focused on European VC assets. By establishing Pulse 2.0, Acurio positions itself to acquire secondary positions, facilitate fund restructurings, and provide portfolio companies with strategic exit opportunities—services with growing institutional demand as European venture funds mature and limited partners seek liquidity optionality outside of traditional exit paths.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.