Vestbee has compiled a list of the active funds backing VCs in Europe, detailing their investment strategies and the vital role they play in shaping the region’s VC landscape. The list includes private and state-financed entities, excluding venture capital firms that invest in other funds without a dedicated FoF structure.
FoFs deploy capital through a range of strategies, including investments in primary and secondary funds, as well as direct co-investments. A growing trend is their focus on supporting emerging managers — those running their first or second funds — who often bring fresh perspectives and innovative approaches. Many funds backing VCs also operate within public-private capital frameworks, combining government-backed initiatives with private investment to strengthen the ecosystem. In this context, public FoFs are typically dedicated to nurturing the ecosystem and developing future management teams through public-private partnerships, while private FoFs prioritize maximizing returns for investors and supporting emerging managers with innovative strategies.
Here is the list of active VC fund of funds, investing in Europe:
Acurio Ventures
HQ: Bilbao, Spain
Sector focus: generalist
Investment stage: seed to growth (via primary, secondary, and structured fund investments)
Acurio Ventures operates a dedicated European fund-of-funds program, providing institutional and private investors with curated access to the region’s leading VC firms. With a background as a startup operator and active investor, Acurio combines entrepreneurial insight with structured capital strategies, including primaries, secondaries, and liquidity solutions for GPs and LPs.
Aldea Ventures
HQ: Barcelona, Spain
Sector focus: frontier tech, disruptive technologies
Investment stage: seed (via micro VCs), selective growth stage co-investments
Aldea Ventures operates as a European fund of funds, investing primarily in early-stage Micro VCs with strong local expertise and access to frontier technologies. By backing emerging fund managers, Aldea gains early exposure to transformative startups and co-invests in their breakout portfolio companies. Its strategy prioritizes the European seed ecosystem while maintaining selective exposure to US growth-stage opportunities. Aldea's strength lies in its deep network of GPs, LPs, and advisors, which it leverages to enhance deal flow and market insights.
AlphaQ Venture Capital
HQ: Berlin, Germany
Sector focus: deeptech, fintech, climate tech, AI, SaaS (via VC fund investments)
Investment stage: pre-seed, seed, Series A
AQVC is a digital-first, evergreen fund-of-funds investing globally in a curated portfolio of both emerging and established venture capital funds, with check sizes ranging from €200k to €5M. AQVC builds a diversified portfolio across geographies, verticals, and strategies, targeting high-performing funds often inaccessible to individual investors. AQVC positions itself as a long-term, value-added LP, offering its portfolio GPs strategic support, market access, and co-investment opportunities.
Arcano Partners
HQ: Madrid, Spain
Sector focus: generalist
Investment stage: seed to growth (primaries, secondaries, direct co-investments)
Arcano Partners is a Spain-based investment and advisory firm active across private markets. Through its venture capital and private equity fund-of-funds programs—including the Arcano Ventures and Balboa Ventures series—Arcano provides LPs with structured access to top-tier European and US VC funds. The strategy combines primary commitments, secondaries (both LP stakes and direct shares), and select co-investments, with a focus on emerging managers and access-constrained GPs.
AXA Venture Partners (AVP)
HQ: Paris, France
Sector focus: enterprise software, fintech / insurtech, digital health, consumer tech
Investment stage: venture, growth, late stages
AXA Venture Partners (AVP) operates a fund of funds program, including Early Stage and Growth Stage funds. As of 2021, AVP's fund of funds program comprises approximately $500 million, with the remainder invested directly in companies through their three-fund structure. Additionally, in 2023, AVP launched a €1.5 billion Late Growth strategy, with AXA investing €750 million as an anchor investor. It targets experienced managers with strong track records and privileged access to next-generation tech entrepreneurs.
Blue Future Partners (BFP)
HQ: Hamburg, Germany
Sector focus: generalist with a focus on technology-driven innovation
Investment stage: pre-seed to early growth
BFP is a global fund-of-funds investor specializing in early-stage venture capital, with over €500 million under management and active relationships with 30+ VC managers. The firm backs sub-$200 million funds with differentiated strategies across the US, Europe, Israel, Asia, and emerging markets, focusing on those poised to become key players in their niches. BFP is also the co-initiator of Europe’s first accelerator for emerging VC managers.
equation
HQ: Munich, Germany
Sector focus: deeptech, climate tech, AI & B2B software, health & computational biology
Investment stage: early stages
Founded in 2020, equation is a data-driven investment firm and next-generation fund-of-funds platform that leverages predictive analytics to build top-performing VC portfolios. Focused on early-stage venture capital across Europe and the US, equation specializes in identifying and backing emerging Micro VC funds with thematic exposure to transformative sectors like AI, climate, health tech, and deep tech. The firm combines scientific research, proprietary analytics, and digital infrastructure to enhance fund selection and streamline access to primary, secondary, and tailored fund investments.
Isomer Capital
HQ: London, United Kingdom
Sector focus: generalist
Investment stage: pre-seed to Series A
Isomer Capital is one of Europe’s most active VC fund-of-funds, focused on backing top-tier early-stage venture capital firms across the continent. With over 80 fund investments and 2,200+ underlying portfolio companies, Isomer provides broad exposure to European tech innovation while selectively co-investing in breakout startups and executing secondary transactions. Known for committing early — even pre-deck — Isomer is foundational in building and scaling emerging VC franchises.
Molten Ventures
HQ: London, United Kingdom
Sector focus: general tech, deeptech, climate, health, consumer innovation
Investment stage: seed to Series B
Molten Ventures’ fund of funds programme was launched in 2017 to strengthen the European seed and early-stage ecosystem by backing emerging VC managers across geographies and sectors. With over £130M committed to 67+ funds spanning the UK, Nordics, DACH, France, Iberia, and CEE, Molten focuses on regional and thematic GPs often overlooked by traditional institutional capital. Around one-third of its FoF portfolio comprises first-time funds, and the majority are emerging managers, reflecting its intentional diversification and commitment to ecosystem development.
Multiple Capital
HQ: Bertrange, Luxembourg
Sector focus: generalist and specialized VC across deep tech, AI, fintech, and other emerging verticals
Investment stage: micro VC, seed, emerging managers
Multiple Capital is a fund of funds platform dedicated to backing emerging micro and seed-stage VC funds across Europe and the US. Focusing on overlooked geographies and sector specialists, the firm targets innovative fund managers, including solo GPs and first-time funds, to build a highly diversified early-stage portfolio. Multiple’s model exposes top-performing startups and groundbreaking technologies, aiming to democratize access to venture capital outperformance. Their strategy blends local generalist funds with thematic, high-conviction sector vehicles, positioning investors for participation in the next generation of unicorns and decacorns.
Pacenotes
HQs: Amsterdam and London
Sector focus: generalist with emphasis on fintech, legal tech, B2B SaaS, and emerging European tech
Investment stage: early stages (seed to Series B), with both direct and fund investments
Pacenotes is a global venture capital firm investing in high-potential startups and exceptional early-stage VC funds. Operating with a collaborative model that spans GPs, LPs, and founders, the firm combines a fund-of-funds strategy with direct investments to build a resilient, high-alpha portfolio. Pacenotes focuses on backing emerging managers and sector leaders across Europe and beyond while writing angel checks and doubling down on breakout opportunities.
Planet Ocean Fund
HQ: Linz, Austria
Sector focus: ocean-related climate tech
Investment stage: early stages
Planet Ocean Fund is Europe’s first venture capital fund of funds exclusively focused on ocean-related climate technologies. The fund invests in VC firms that back startups addressing marine sustainability through innovations in energy, nutrition, and raw material use. Its strategy centres on channelling capital toward scalable, climate-positive solutions in the blue economy.
Presight Partners
HQ: Berlin, Germany
Sector focus: generalist (broad range of sectors, with a focus on emerging VC managers)
Investment stage: invests primarily in early-stage and first-time VC funds
Presight Partners is a Berlin-based fund of funds affiliated with Presight Capital. It focuses on backing emerging venture capital managers across Europe and the United States, particularly first-time funds and early-stage investors. The firm positions itself as a strategic LP, helping build a new generation of venture firms by providing capital and support at the earliest stages.
Sapphire Partners
HQ: Menlo Park, California, US
Sector focus: technology-focused venture capital funds
Investment stage: early-stage venture fund managers
Sapphire Partners is the limited partner arm of Sapphire Ventures, dedicated to investing in early-stage venture capital funds across the US, Europe, and Israel. It focuses on both established and emerging managers, providing not only capital but also value-added support through industry insights, data-driven performance benchmarks, and leveraging Sapphire's Portfolio Growth services. Sapphire Partners is also known for its initiative, OpenLP, which aims to demystify the LP perspective and foster greater understanding within the venture ecosystem.
Sella Venture Partners
HQ: Milan, Italy
Sector focus: generalist
Investment stage: early stages
Sella Venture Partners is the Venture Capital arm of Sella Group, leveraging two decades of investment experience to foster innovation through fund-of-funds strategies. The firm manages SVP Fund of Funds I & II, focusing on primary and secondary commitments to early-stage VC funds across Europe and North America. As part of the Fintech District ecosystem, Sella Venture Partners plays a catalytic role in Italy’s startup scene.
Top Tier Capital Partners (TTCP)
HQ: London, UK
Sector focus: tech
Investment stage: seed to growth (via primaries, secondaries, and directs)
Top Tier Capital Partners is a global fund of funds with over 20 years of experience investing in venture primaries, LP and direct secondaries, and direct investments. It focuses on backing top-performing and emerging VC managers worldwide, emphasizing long-term relationships and institutional capital stewardship. TTCP enhances its core investments with secondary transactions and co-investments in high-growth, venture-backed companies, providing LPs diversified access to the innovation economy through a data-driven approach.
VenCap International
HQ: Oxford, UK
Sector focus: top-tier venture capital funds across various sectors in the US, Europe, China, and India
Investment stage: venture capital funds at various stages
Founded in 1987, VenCap International plc is one of the longest-established independent investment advisory firms focused on venture capital fund investing. With approximately $2.9 billion committed to over 450 venture capital funds, VenCap offers investors early exposure to many significant companies formed over the past three decades. The firm emphasizes building long-term relationships and prides itself on a culture that values emotional intelligence (EQ) and intellectual capability (IQ).
State-financed funds of funds in Europe
Bpifrance
HQ: Paris, France
Geography: Europe, Asia, North America
Sector Focus: Digital innovation
Investment Stage: All stages
The Bpifrance Digital Fund of Funds is a €140 million program that invests in digital-focused VC funds across Europe, Asia, and North America. The fund aims to deliver financial performance and strategic open innovation benefits to its investors. Selected VC funds are expected to help these investors access significant trends in digital innovation, create business development opportunities, and foster research collaborations or direct investments in startups. The fund has backed successful managers such as JVP, Sumeru Equity Partners, and Balderton.
British Business Bank
HQ: London, UK
Geography: UK
Sector Focus: generalist
Investment stage: early stages (seed to Series A)
The Enterprise Capital Funds Programme, managed by the British Business Bank, is the UK’s largest domestic investor in venture capital. It addresses the “equity gap” by increasing early-stage equity finance for high-growth UK startups. ECF backs 3-4 funds annually, deploying £100–150 million. As a public-private partnership, it attracts private sector capital into underserved areas of the VC market by supporting new fund managers and funds
targeting early-stage companies across sectors.
European Investment Fund (EIF)
HQ: Luxembourg City, Luxembourg
Geography: European Union member states, as well as in Turkey, Iceland, Liechtenstein, and Norway
Sector focus: generalist
Investment stage: emerging and established fund managers
The European Investment Fund (EIF) is part of the European Investment Bank Group. Its mission is to facilitate financing access for SMEs and small mid-caps in Europe. The EIF achieves this by supporting emerging and established fund managers with equity investments and by designing debt financing instruments that share the risk taken by financial institutions when they lend to or invest in small businesses. Its main operations involve venture capital and guaranteeing loans, aiming to foster innovation and entrepreneurship across Europe.
Investinor
HQ: Trondheim, Norway
Geography: Norway, with a particular regional focus on Northern Norway
Sector focus: Sector-agnostic, with priorities on companies leveraging natural resources, innovative technologies, climate solutions, marine and forestry sectors
Investment stage: seed, venture, growth; co-investment and matching investment models
Investinor is an investment company that backs sustainable, competitive Norwegian businesses through direct and indirect investments. As a long-term, commercial co-investor, it deploys capital alongside private investors in early to growth-stage companies. With a portfolio of 79 companies and 45 funds, totalling €6.6 billion in assets, its strategies include direct investments, regional co-investments, and commitments to seed/venture funds. Over the last decade, Investinor has driven about one-third of all VC investments in Norway.
KfW Capital
HQ: Frankfurt am Main, Germany
Geography: Germany and Europe
Sector focus: innovative technology
Investment stage: venture and growth capital
KfW Capital is one of the largest VC fund investors in Germany and Europe, acting as the investment arm of KfW Bankengruppe. Established in 2018, it invests in German and European VC funds, requiring portfolio funds to channel at least the equivalent amount into innovative tech companies in Germany. The firm promotes responsible investing by applying ESG standards, sustainability guidelines, and an exclusion list to its fund selection process.
PFR Ventures
HQ: Warsaw, Poland
Geography: Poland
Sector focus: broad innovation across tech, climate, AI, deeptech, and more (via sector-specific VC funds)
Investment stage: pre-seed to growth
PFR Ventures is the largest fund-of-funds manager in Central and Eastern Europe, deploying capital into venture and private equity funds to support Polish innovation across all stages. With over €1.4 billion in assets under management and 80+ portfolio funds, it plays a pivotal role in financing Polish startups through indirect investments. PFR utilizes both national and EU funds — such as the FENG program — to stimulate early-stage and growth-stage financing, particularly in capital-constrained segments. It backs fund managers with strong local relevance and offers programs like PFR Starter and PFR Biznest tailored for the earliest-stage startups.
Saminvest
HQ: Stockholm, Sweden
Geography: Sweden, with selective international fund investments that contribute to the Swedish ecosystem
Sector Focus: tech
Investment stage: pre-seed to early growth via venture capital funds and angel investor programs
Saminvest strengthens the Swedish venture capital ecosystem by investing in privately managed funds and angel investor programs. As a long-term anchor investor, it catalyzes private capital into sectors with scarce funding, focusing on high-growth startups. Saminvest supports fund managers with strong business development skills, prioritizing sustainability, gender diversity, and value creation. Its strategic goal for 2026 and beyond is for 40–60% of investment teams to be led by women, with clear diversity expectations.
SmartCap
HQ: Tallinn, Estonia
Geography: Estonia
Sector focus: general innovation, greentech, defence technologies
Investment stage: pre-seed to growth (via VC funds and selective direct investments)
SmartCap is a state-owned Estonian fund-of-funds manager that invests in private VC funds with a strong local or strategic value-add for Estonia’s innovation ecosystem. Through its Venture Capital Fund, Green Fund, and Defence Fund, SmartCap supports a broad range of early-stage startups by backing sector-specific VC managers and selectively co-investing in high-impact companies. The Green and Defence Funds also operate as hybrid models, investing directly in Estonian Greentech and dual-use defence innovations.
Tesi
HQ: Helsinki, Finland
Geography: Finland
Sector focus: Generalist
Investment stage: venture capital, growth, and buyout
KRR is a series of Finnish funds of funds managed by Tesi Fund Management that acts as an anchor investor in Finnish venture capital, growth, and buyout funds, with a total of 44 portfolio funds to date. It typically commits €5-30 million per target fund, with a maximum of 40% of total fund commitments. Major Finnish institutional investors back the funds and have supported the growth of over 350 Finnish companies.
Fond-ICO Global
HQ: Madrid, Spain
Geography: Spain
Sector focus: tech
Investment stage: from early stages to expansion and growth
Fond-ICO Global is Spain's first public venture capital/private equity fund of funds, with EUR 4.5 billion in assets. It supports Spanish companies at all stages, from early-stage to expansion, focusing on digital and sustainable sectors. By selecting funds with significant private capital and experienced managers it aims to strengthen Spain’s entrepreneurial ecosystem and enhance global competitiveness.
