Aurica Capital has closed its first search fund vehicle, Aurica Search Fund I, raising €50 million following oversubscription — well above the €30-40 million it originally targeted when it launched in 2023. This makes it one of Europe’s largest vehicles in the segment and the first to emerge from a private equity firm in Europe.
The fund aims to invest in 15 European SMEs with profitable business models, in growth phase and with recurring cash generation, prioritising sectors with structural tailwinds: services, healthcare, technology and education. It has already completed four investments: Hispania (a Spanish language school for foreigners), CSP (security at major sporting events, UK), Alfavet (nutraceuticals for pets, Germany) and SOS Software Service (software distribution, Germany).
Following the search fund model, it will back around thirty searchers, funding them to focus exclusively on identifying and acquiring a company, before taking over as its CEO. Aurica will take a hands-on approach, sitting on boards and supporting new chief executives through the professionalisation and growth of their companies.
The team is led by Ricardo Velilla as Head of Investments, alongside analysts Héctor Pont and Laura Ribas.