ICO chairman announces that the second round of the Fond-ICO Global fund will begin on 21 February 2014
At a conference of the Spanish Venture Capital Association (ASCRI), ICO chairman Román Escolano announced that 23 funds participated in the first round of the Fond-ICO Global, a fund managed by AXIS (ICO Group).
The chairman of ICO, Román Escolano, announced today at an ASCRI conference that the second round of the Fond-ICO Global fund will be launched on 21 February 2014. In this second phase, Escolano said that "three venture capital funds and three capital expansion funds, with conditions similar to the first phase" will be tendered.
The deadline for offers for the first round of the Fond-ICO Global fund was 31 October. The chairman of ICO announced that the first round had been "successful" since 23 funds had participated in the tender. Of the total proposals submitted, 11 were for venture capital and 12 were for capital expansion.
Escolano also explained to the large audience at the conference that the process of creating and developing the Fond-ICO Global is based on three fundamental pillars of "complementarity with the private sector, flexibility and transparency".
The Fond-ICO Global, with 1,200 million euros, is the first public venture capital fund-of-funds created in Spain and is managed by AXIS, the venture capital management company of the ICO Group. The objective of this initiative, included in the "Economic Stimulus and Enterprise Support Plan", is to promote the creation of privately managed venture capital funds that invest in Spanish companies at all stages, diversifying the sources of funding available to companies.
Spanish Venture Capital Association (ASCRI) Conference
The conference organised by ASCRI in collaboration with KPMG, AXIS and ICO Foundation brought together numerous representatives from the sector at a national and European level.
During the conference, Fernando García Ferrer, the partner responsible for private equity in Spain, presented the results of the report prepared by the consultancy firm, entitled "Perspectives of the Venture Capital Sector in Spain".
Later, representatives of ICO, AXIS, KPMG, ASCRI, Arcano, Cross Road Biotech, Qualitas Equity Partners, Permira Asesores, Adara and Corpfin discussed the future of venture capital in Spain and the role of the Fond-ICO Global in two round table sessions.