Aspire11, a new Prague-based venture capital firm, has launched its debut €500 million fund backed by Czech pension fund Rentea.
Why it matters: The fund aims to unlock billions in assets under management historically held by conservative EU pension funds and support both venture capital funds and startups across Europe.
The details:
- Aspire11 founder Pavel Mucha, a veteran VC investor, aims to connect European pension savings to high-growth innovation, inspired by Canada’s “Maple Model.”
- European pension funds currently allocate just 0.02% to venture capital, compared to nearly 2% in the US.
- Aspire11 will operate with a “barbell” approach: backing early-stage VC investors focused on emerging technologies and demographic shifts, and making long-horizon investments designed to hold companies for 20 years or more.
- Mucha is joined by partner Tülin Tokatli, formerly an investor at the European Investment Fund (EIF).
Mucha previously founded and co-founded Orbit Capital, investing in successful Central and Eastern European startups like Rohlik Group, Mews, Booksy, and DocPlanner.
The big picture: Aspire11’s analysis shows that redirecting just 1% of European pension funds’ assets could unlock €87 billion annually and over €1.1 trillion over a decade through compounding, providing much-needed depth to Europe’s private markets and reducing reliance on overseas capital.
What they’re saying:
- “Awakening dormant pension capital and connecting it efficiently to VC investors and lifelong builders has turned into a mission for me,” said Aspire11 founder Pavel Mucha.
- “For years, European entrepreneurs have scrambled for patient, long-term capital at home, while investors sought liquidity abroad,” Mucha added. “The contrast with North America has been glaring and demanded change. Aspire11 is here to give European builders the time, stability, and resources to win.”
What’s next: Aspire11 plans to gradually expand its footprint globally while keeping Europe at the core of its mission. Mucha has plans to raise upwards of €2 billion to address future challenges.
