The venture secondary market is no longer a niche corner of private capital. In 2024, global secondary transaction volume reached a record $152 billion, up nearly 40% year-over-year, as investors searched for liquidity amid a prolonged slowdown in IPOs and M&A activity.
The trend first gained momentum in the US, where a growing ecosystem of dedicated secondary funds emerged to acquire stakes from founders, employees, early investors, and LPs seeking liquidity. As startups stay private for longer and fund holding periods continue to stretch, secondary transactions have become an increasingly important tool for managing liquidity and portfolio construction.
Europe is now beginning to follow that trajectory. While the market remains less mature and dedicated venture secondary vehicles are still relatively scarce, a new generation of investors is actively building exposure to secondary opportunities across startup shares, fund interests, and continuation vehicles. We mapped some of the most active funds and investors pursuing venture secondaries across Europe.
Dedicated venture secondary investors
Isomer Capital, UK
Isomer Capital has expanded beyond its fund-of-funds model with a dedicated secondary strategy. In 2024, it launched a £100 million specialised fund focused on buying stakes from LPs and participating in GP-led transactions. The firm primarily targets venture funds that are 5–10 years old, offering liquidity to existing investors while gaining exposure to mature European startups through secondary investments.
To learn more about how secondary transactions are reshaping LP liquidity and what fund managers can do to raise capital in today's challenging fundraising environment, read our interview with Chris Wade, where he shares his perspective on the evolving venture capital landscape.
Nordic Secondary Fund, Denmark
Nordic Secondary Fund, founded in 2018, was the first dedicated secondary investor in the Nordics, focused exclusively on Nordic and Baltic companies. It buys secondary stakes in post-Series A companies, providing liquidity to founders and early investors. In June 2025, it completed the deployment of Fund II with an investment in Norwegian Pistachio; the portfolio includes Klarna, Bolt, GoMore, and Wingcopter, among others.
Siena Secondary Fund, Estonia
Siena is one of the first European investors to focus entirely on venture secondaries. The firm provides liquidity to founders, employees, and early investors in high-growth startups across Central and Eastern Europe and the Nordics. In September 2025, Siena announced a €50 million final closing for its second vehicle, Siena Secondary Fund II. The fund targets stakes in late-seed to Series B+ companies, with a portfolio that includes regional champions such as Bolt, Wise, Veriff, and Starship Technologies.
Previously, we talked to Rando Rannus, GP at Siena, about the evolution of Europe’s secondary market, why more venture firms are seeking liquidity solutions, and how he sees the market's future.
VC firms using secondaries and continuation vehicles
Aspire 11, Czech Republic
Launched in September, 2025, Aspire11 is a long-term investment firm backing venture funds and growth-stage companies across Europe. While not a dedicated secondary investor, the firm actively pursues secondary opportunities through its direct-growth strategy, providing liquidity to existing shareholders and gaining exposure to mature private companies. Its patient, pension-backed capital allows it to participate in longer-duration secondary transactions and continuation structures.
HV Capital, Germany
HV Capital is one of Germany’s leading venture capital firms and an early adopter of continuation funds in Europe. In 2022, it launched Germany’s first VC continuation fund, HV COCO Growth, with €430 million in capital. The fund acquired stakes in portfolio companies such as Flix, SumUp, and Global Savings Group from older HV funds, giving existing investors the option to cash out while allowing HV to continue supporting these companies.
Lightspeed Venture Partners, UK
The fund has become an active participant in the secondary market, using secondary transactions as an extension of its investment and portfolio strategy. The firm acquires shares from founders, employees, and early investors in high-growth private companies, allowing it to build positions in mature startups outside traditional primary funding rounds.
Molten Ventures, UK
Molten Ventures has made secondary investments an important part of its strategy. In 2024, the firm acquired a majority stake in the portfolio of Connect Ventures’ first fund through a secondary transaction. The deal gave Molten exposure to a group of later-stage startups with strong potential for exits in the near future.
Speedinvest, Austria
Speedinvest has been experimenting with GP-led secondaries and continuation vehicles. In 2025, the firm launched two continuation vehicles totaling €60 million in commitments, designed to acquire partial stakes in high-performing portfolio companies from earlier funds while providing liquidity to existing LPs. Rather than pursuing large, single-asset transactions, Speedinvest has developed a tailored approach focused on seed-stage portfolios, allowing investors to realize returns while retaining exposure to future upside.
