Rosberg Ventures Raises €86M for Third Fund as European VC Moves From FoFs to Co-Investments

Rosberg Ventures’ successful close of its third fund at €86 million (approximately $100 million) signals both confidence in its investment thesis and affirming momentum in a selective European fundraising climate. The oversubscription and capping of allocations underscore LPs’ enthusiasm but also suggest Rosberg is mindful of trade-offs between scale and performance.

The AUM now sits at roughly €172 million (per EU-Startups) or “over $200 million” (per Tech.eu), indicating growth not just through fundraising but through portfolio appreciation and possibly reinvestment or carry. Discrepancy in USD vs Euro denominated AUM highlights foreign-exchange considerations or rounding in reports.

The strategic shift wherein Rosberg Ventures, originally fund-of-funds, is now making direct co-investments—particularly in high-growth startups like ClickHouse, Ivy, Fuse Energy, and Cardino—indicates a hybrid model. This amplifies both upside potential and execution risk. Direct deals necessitate different operational capabilities, diligence, and governance.

Within the broader VC environment in Europe, Rosberg’s fund is emblematic of mid-sized and specialized funds that continue to raise capital even as overall VC fundraising (especially for larger generalist funds) has softened. LPs are showing preference for vehicles with clear strategy, sector focus, and conviction instead of scale alone.

Strategic implications:

• Rosberg Ventures’ hybridity (fund-of-funds + direct) can position it to capture both broad exposure and sector alpha, but may strain resources without specialized deal teams.
• Strong LP demand allows selective scaling, but future funds may need to balance oversubscription with preserving flexibility and avoiding overcommitment.
• In an environment of constrained overall European VC capital inflows, success may lead to competitive pressure for mid-sized funds, especially those with focus in deeptech, climate, fintech, etc.

Open questions:

• What is the LP composition for Fund III—geographies, types of institutions—and how does that affect follow-on funding and co-investment potential?
• How will Rosberg Ventures manage allocation between its fund-of‐funds commitments versus direct startup co-investments in terms of risk, team bandwidth, and expected returns?
• Given FX fluctuations and reporting differences, what is the exact AUM in USD, and what portion of gains are marked vs committed yet to be deployed?
• How will forthcoming European regulatory changes (e.g., ESG disclosures, fund-of-funds oversight, SFDR or its successor frameworks) affect Rosberg’s operations and attractiveness to global LPs?