Aspire11 has announced the launch of its first €500 million pension-backed global fund, led by long-standing Central and Eastern European (CEE) venture capital investor Pavel Mucha. Aspire11 is designed to link world-class innovation with long-term capital, backing companies for decades rather than years.
The initiative aims to open new opportunities for European pension funds to increase their exposure to venture capital and high-growth companies, taking inspiration from the Canadian Maple Model. Currently, just 0.02% of assets are directed into startups, which has contributed to Europe’s comparatively weak returns for pensioners. Aspire11 intends to change this pattern.
Pavel Mucha, who founded KAYA VC, co-founded Orbit Capital, and has been an early backer of companies such as Rohlik Group, Mews, Booksy, and DocPlanner, brings more than 15 years of private market and venture experience to Aspire11. He has also invested as an LP in leading seed funds behind global firms such as Revolut, PhotoRoom, Incident, and Yoco. His expertise underpins Aspire11’s ambition to reshape pension capital into a force for future economic growth.
The fund invests directly in VC investors and entrepreneurs without using intermediaries. By removing pressure for short-term exits, Aspire11 allows founders and investors to concentrate on building long-term, market-defining businesses. Its approach focuses on private markets, prioritises efficiency and active engagement, and seeks to strengthen pension outcomes.
Aspire11 will follow a dual strategy named Tribes and Eternals. Tribes focuses on backing a new generation of early-stage VC investors working with founders in emerging technologies and areas shaped by demographic change. Eternals is designed to hold investments for more than 20 years, supporting companies with enduring visions and strong execution to deliver lasting value.
Mucha is joined by partner Tülin Tokatli, who will help develop the Tribes portfolio. Tokatli previously worked at the European Investment Fund (EIF) and brings expertise in evaluating venture capital investors.
The fund has strong backing from Rentea, part of Czech financial group The Partners Group, which is a major limited partner (LP) in Aspire11. With €7 billion in assets under management across investments, pensions, and deposits, The Partners Group operates across four European countries, serving two million clients. This partnership underlines a shared vision for the future role of European pension funds.
Analysis by Aspire11 suggests that diverting just 1% of European pension funds’ assets under management (AUM) could unlock €87 billion – less than a quarter of their average annual yield – without undermining social stability. Over the next decade, such an allocation could release more than €1.1 trillion into Europe’s economy, thanks to valuation growth and compounding interest.
Despite Europe’s ambitions, its economy remains underfunded and reliant on international capital. Data from the European Central Bank shows EU pension funds allocate only 0.02% of assets to venture capital, compared with around 2% in the US. Aspire11 intends to expand its global presence while keeping Europe as a core priority.
Pavel Mucha, founder of Aspire11, said: “Awakening dormant pension capital and connecting it efficiently to VC investors and lifelong builders has turned into a mission for me. Thanks to broader shifts in EU pension and long-term investment rules, pension capital can now engage with the private and venture markets.
“For years, the pattern has been the same. European private markets have not been deep enough, and their progress has been painfully slow. Entrepreneurs across the continent have been scrambling for patient, long-term capital inside Europe so they can build at scale, while VC investors have been forced to seek liquidity overseas. The contrast with the depth of North American markets has been obvious and has long screamed for change.
“We designed Aspire11 to back both lifelong business builders and frontier VC investors. With Tribes, we commit ourselves to the next wave of high-conviction VC pickers. Through Eternals, we are ready to support companies not just for years, but decades, to buy them time to win.
“Aspire11 invites entrepreneurs and VC investors to join in growing this vision. With a horizon measured in decades, our goal is to turn dormant pension funds into a force that works for the people who have built and served the country, ensuring that life after work is not only secure but also rich in quality and possibility.”