ICO will invest up to 450 million euros in 9 private equity funds that will channel up to 2,000 million euros into Spanish companies
28 septiembre 2022
- This investment will be made through the 15th call of Fond-ICO Global, the fund of public venture capital funds managed by AXIS
- The new features of this call will further encourage investment in Spanish companies to facilitate their growth and help strengthen the economic recovery
- In the 14 previous calls, 123 funds have been selected to invest a maximum of 3,016 million euros which, in collaboration with private investors, will mobilise 10,545 million euros for Spanish companies
Instituto de Crédito Oficial, through AXIS, the venture capital management company wholly owned by ICO, will open tomorrow the 15th call for Fond-ICO Global, the first fund of public venture capital funds created in Spain.
This Fond-ICO Global call has an amount of up to 450 million euros, being the largest after the 14th call. Thanks to the pull effect generated by the public-private partnership scheme under which Fond-ICO Global operates, with the €450 million of approved investment, the selected funds will be able to mobilise between €1 billion and €2 billion in financing for Spanish companies.
With the 15th call of Fond-ICO Global, the ICO Group strengthens its commitment to the development of the venture capital sector by promoting complementary financing channels to the banking sector as a strategic instrument to underpin the recovery of the Spanish economy and boost the entrepreneurial ecosystem.
In this new round, 9 funds will be selected in the different categories: venture capital, incubation and technology transfer and growth capital.
Some new features have been introduced to multiply the capacity to mobilise resources in public-private partnerships to consolidate the growth of Spanish companies at all stages and to help consolidate the recovery.
In this call, investment in Spanish companies is further encouraged, raising the requirement for fund managers to invest in them. Specifically in the Venture category, as a new feature, the funds invested by Fond-ICO Global must meet two requirements: invest at least 50% of the resources in Spanish companies and double Fond-ICO Global's contributions. In previous calls, only one of the two conditions had to be met.
In addition, private investment will be further encouraged in the Growth category, with the aim of promoting the presence of private investors who invest in well-established growth companies. Therefore, Fond-ICO Global's maximum stake is 40% of the fund's size.
Likewise, the importance of the digitalisation and sustainability of companies and projects is consolidated as qualitative criteria to be assessed for the selection of funds, with higher scores being awarded to those funds that fall under articles 8 and 9 according to the European Union regulation.
The publication date of the rules of the 15th call will be 29 September and the deadline for submission of documentation will be 19 and 20 October 2022.
Fond-ICO Global and its key figures
Fond-ICO Global promotes the development and consolidation of the private venture capital fund ecosystem in Spain from the early stages to growth and debt. It is endowed with €4.5 billion, following an extension in July 2020 for an additional €2.5 billion for the period 2021-2025.
In the fourteen Fond-ICO Global calls that have been made, 123 private funds have been selected to invest a maximum of 3,016 million euros. It is estimated that the multiplier effect of Fond-ICO Global, together with private sector investment, will inject €10,545 million into Spanish companies and mobilise a total of €29,008 million in resources.
The positive evolution of Fond-ICO Global demonstrates the consolidation of this successful model of public-private collaboration aimed at boosting the venture capital sector in Spain.
Axis acts in public-private partnership with the venture capital sector in all areas of activity and currently has commitments to manage up to €7.15 billion in its four funds: Fond-ICO Global, Fond-ICO Next Tech, Fond-ICO Pyme, and Fond-ICO Infraestructuras ESG. These commitments will allow a joint mobilisation of public and private resources of more than €15 billion over the next five years, depending on the private sector's capacity to absorb resources and materialise projects.