Fond-ICO Global initiates a more flexible operation to give impetus to the venture capital sector

17 February 2026

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  • AXIS, ICO's venture capital company, has opened the new fund selection procedure which will allow managers and funds to submit their applications at any time, without having to adapt to a system of calls within a set timeframe. 
  • The Fund will focus on strategies targeting growth and venture capital funds at more advanced stages, facilitating coordination with other specialised public bodies to cover earlier stages.

Axis, the venture capital company under the Instituto de Crédito Oficial (ICO), has opened the Fond-ICO Global window with a new procedure that provides greater flexibility and dynamism in the fund selection process, as from now on managers and funds can submit their applications at any time through the AXIS website, without having to adapt to a system of calls within a set timeframe. 

This new feature will make fund screening more dynamic, improve efficiency and adapt more quickly to market conditions.

Fond-ICO Global is the first public fund of venture capital funds created in Spain with the aim of boosting private investment in Spanish companies. Following several enlargements, the Fund is currently endowed with EUR 4.5 billion. 

The main innovation now approved in the operation of Fond-ICO Global is the changeover to an open and continuous investment system, allowing applications to be submitted to the fund at any time of the year. Until now, fund selection has been done through periodic calls with a closed application deadline, which provided less flexibility to managers and other funds. The new system seeks to adapt to the maturity period of each fund, so that they can count on the participation of Fond-ICO Global as an investor at any time of the year, provided they meet the conditions established for the different categories. 

In this new strategy, Fond-ICO Global seeks to consolidate its specialisation as an investor in the two categories covering the most advanced stages:  Growth Capital and Venture Capital. This streamlines coordination with other public entities, such as CDTI and ENISA, which specialise in the earlier stage categories (incubation/technology transfer).

Capital Growth Category 

AXIS will participate with a maximum ticket of EUR 100 million in Growth Capital category funds, not exceeding 30% of the total size of the fund. The minimum size of funds applying for this category shall be EUR 200 million.

Venture Capital Category

The maximum ticket to be invested by AXIS in funds of this type will be EUR 50 million, not exceeding 40% of the total size of the fund.  The minimum size of funds opting for this category shall be EUR 50 million.
In both categories, fund managers will commit to invest at least 50% of the fund's total investment in Spain.  
In short, this new procedure provides for greater management flexibility and better adaptation to fund managers’ fundraising processes.​

​Data on Fond-ICO Global

Fond-ICO Global has made a decisive contribution to strengthening the private equity industry in Spain and has had a key impact on the Spanish economy through business development by fostering innovation, generating employment and supporting new private equity funds and managers.
Since its creation, it has approved commitments in 154 funds, 119 of which have already been subscribed for a total amount of EUR 2.83 billion. 
Through the underlying funds in which Fond-ICO Global has commitments, the Fund has invested in 1,917 transactions up to 3Q25, 1,479 of which were in Spain (77%), 85% being SMEs. These investments have generated or maintained 418,403 jobs in Spain.

The high number of funds in recent calls confirms the market's interest and Fond-ICO Global's prominent role in the Spanish venture capital ecosystem. Fond-ICO Global will continue to be an engine of development for the venture capital industry and a key instrument for economic growth, aligned with the challenges of innovation, digitalisation and sustainability.