Bilbao-based VC firm All Iron Ventures (AIV) has rolled out a €30 million fund to invest in other VCs. The new fund of funds, is backed by 80 investors, including both existing All Iron Ventures’ LPs and new investors. The fund will invest in established VC managers across stages and segments focusing on Europe.
The AIV Bilbao FDF I, FCR will provide a differentiated value proposition to the managers in which it invests, leveraging its operator and peer approach. The fund will invest in approximately 15 funds, with a strong preference for established managers with solid track records and reputations. At least 75% of the capital will be used for investments in Europe, both in early and later stages.
It will build exposure to Europe as a whole, including the main hubs and other emerging regions, and will invest in funds targeting both B2B and B2C segments in the ICT space. With this new fund, AIV’s assets under management reach €140 million. So far, the fund of funds has invested in eight funds such as Hoxton Ventures, Speedinvest, firstminute capital, Left Lane Capital, and Crane Venture Partners.
The new fund is the second vehicle AIV has launched to the market. In 2019 and 2020, AIV raised its first vehicle, €66.5 million fund. The largest debut fund in Spain to date focused on investing in seed and series A rounds of mainly Spaniard and European companies.
“With the launch of this fund of funds, we offer a complementary investment alternative to our investors in an asset class that is enjoying increasing interest in the Spanish developing tech ecosystem. It is also an additional step in our bold vision to become a leading VC in Europe in the long term,” said Ander Michelena, co-founding partner of AIV.
Diego Recondo, partner and co-managing director of AIV, said: “We want to build long-term relationships with the managers in which we invest and provide them with meaningful value. In short, become one of those LPs that we would like to have as our own investors.”