Asset manager GVC Gaesco presented on Thursday a venture capital fund focused on AI startups with a target size of €50 million, accessible to retail investors with a minimum ticket of €10,000.

During a telematic conference, Paco Illueca, General Director of Alternative Investments at GVC Gaesco, together with general partners Patricia Pastor and Rubén Colomer, detailed the fund—named “Next Tier GVC Gaesco” and structured as a venture capital company (SCR).

Illueca highlighted the legal structure of the vehicle, emphasizing that although it is primarily designed for professional investors with a minimum ticket of €100,000, they have also left the door open to retail investors with contributions ranging between €10,000 and €100,000.

“It is the first venture capital investment vehicle we are launching at GVC Gaesco,” he noted regarding the company, adding that this fund marks a change in the investment in unlisted companies, which “historically has not been so accessible to the retail investor.”

On the reasons for this initiative, he explained that it is driven by two main factors: “Historically, the regulation restricted access solely to professional investors, although over two years ago, the regulation changed to allow this type of investor to participate, and because investors in general are more familiar with these opportunities and more interested in accessing them.”

Illueca also elaborated on the vehicle’s ability to offer market de-correlation, noting that in exchange for illiquidity—since capital must be committed for years without the possibility of withdrawal—participants can earn an extra return, which he quantified at 35% per annum.

“We have considered that it is the right time to offer this type of product to clients, not only professionals but to all kinds of investors,” he emphasized.

Patricia Pastor focused on the fund’s intention to invest in seed-stage companies, explaining: “We are targeting young companies that are not just ideas, but that are already in the market, established, and simply need financial support to continue growing.”

Regarding the targeted business profile, she stated that the idea is to invest in B2B companies—business solutions that enhance digital transformation—with a constant focus on AI.

“The idea is to invest in about 30-35 companies, always focused on Spain and Europe…and opportunistically in the United States,” she added, noting that the average investment per company will be around €600,000.

She also remarked that although AI is a disruptive technology, it has already gone through phases—such as big data and productive AI—and now it is the turn of generative AI. “It is important that we all understand that this is not just beginning; it builds on previous phases,” she stressed, recalling that AI adoption is growing at a scale of trillions of euros.

Rubén Colomer provided real-world examples of companies that illustrate the investment profile of the fund without naming specific firms. He mentioned a company developing video games with generative AI, noting that “what it does is save tremendous costs in the creation of digital animation and video games.”

He also detailed a startup focused on AI-driven financial advisory: “It creates models using data such as historical prices, stock market trends, economic analyses… and it helps bankers and financial advisors automate and streamline processes thanks to all that information.”

Additionally, he described a legal AI and data company: “They train small language models incorporating all the legal information available under Spanish legislation; this enables them to simplify the work of any lawyer or legal advisor,” presenting it as another potential candidate for the portfolio.

On a more commercial note, GVC Gaesco stated that in the coming months the fund will initiate a fundraising round primarily targeting family offices and both Spanish and international private investors, with management fees around 2% and performance fees of 20%.