Prague-based investment firm Aspire11 said it is launching its inaugural €500 million global fund — backed by Czech pension funds — “to back generational companies and to bring stronger returns home to European pensions.”

The fund is backed by Czech financial organisation The Partners Group and its pension company Rentea.

Aspire11 said: “For too long, only 0.02% of European pension assets have reached high-growth companies — leaving Europe at a disadvantage in a world powered by innovation.

“We believe this can change. And we intend to play our part …

“The Aspire11 team is ready for you. Led by Pavel Mucha (growth companies) and Tülin Tokatli, CFA (VC funds).

“We stand united in ambition with the founders and VC partners to grow companies that endure for generations.

“This is only the beginning. We are live, we are ready, and we are committed to building and growing for generations.”

Mucha said: “Over the past 15 years, I’ve seen North American pension funds and non-European SWFs back our portfolio companies. But never a European one.

“When we started working on the KAYA VC succession, I imagined myself stepping into a slower life.

“But the ‘European pensions matter’ kept tugging at me. That needs a change – and I decided to play a part in it …

“Albert Hirschman once wrote — when you are handling a dissatisfying situation, you can exit, voice/act, or just live with the status quo.

“And when the change is within our reach, exit or living with the status quo is not an option.”