The public agency Andalucía TRADE has published the proposed award of the new growth capital funds for expanding companies, ranking Alter Capital as the highest-rated manager in the process.
This outcome represents recognition of the work, experience, and commitment of the Alter Capital team in supporting the growth of Andalusian companies in recent years, and further strengthens the firm’s position as one of the leading private equity managers in Andalusia.
At this stage of the process, alongside Alter Capital, Quadriga Asset Managers has also obtained the highest score. Both managers have outperformed Axon Partners Group Investments and Actyus Private Equity. Following this provisional award, the process will continue with the submission of the required documentation, prior to the final allocation.
Two managers with prior experience in Andalusian public funds
Both Alter Capital and Quadriga have experience managing venture capital funds in Andalusia, including vehicles under the 2014–2020 programme. In addition, both have submitted competitive fee structures aligned with market conditions.
Alter Capital is an independent fund manager with its registered office and main headquarters in Seville, making it the only venture capital manager based in the Andalusian capital that has been proposed in this process. Quadriga Asset Managers, for its part, is headquartered in Madrid, although it also has an office and team in Andalusia.
A programme to mobilise investment and support scaling SMEs
The new growth venture capital funds promoted by Andalucía TRADE have a public allocation of €49 million, co-financed with the ERDF (FEDER), and will target Andalusian SMEs with high growth potential, focused on investment, job creation, and market expansion.
Through equity injections or participating loans, transactions may reach up to €2.5 million per company. The funds may finance investments in tangible and intangible assets, working capital, operating expenses, and inorganic growth projects, within the established limits.
The selected fund managers will have full autonomy in investment and divestment decisions, while Andalucía TRADE will supervise eligibility and purpose of the transactions. Their responsibilities include attracting private investors, establishing the funds as independent vehicles, identifying investment opportunities, and channelling capital into value-creating projects in Andalusia.
Expected impact: €150 million mobilised
Andalucía TRADE estimates that, across the three funds, approximately 60 investments will be made with a 2.5x leverage effect, resulting in around €150 million of total investment mobilised. Of this amount, approximately €60 million will come from public resources, while €90 million will be contributed by private capital.
The strategic objective of these public-private venture capital vehicles is to correct the market failure in financing innovative companies at early or expansion stages, enabling capital to scale businesses, access new markets, and strengthen the Andalusian business ecosystem.
Alter Capital’s role in the Andalusian investment ecosystem
This award further reinforces Alter Capital’s track record in Andalusia, where the regional government previously entrusted it with managing a €15 million fund, of which €10 million was provided by the public administration and the remainder by private investors.
The firm, which specialises in small and medium-sized enterprises, has managed more than €100 million in investments and has participated in over 40 private equity transactions. Its portfolio includes companies such as Dental Company, Kampaoh, ABK Group, Trending, Tu Super, Global Coffee, Ecofruit Guadalquivir, Wifit Gym, Villagallo, Educrea, and Business Software Group, among others.
In addition, Alter Capital has reached an agreement with a pan-European fund for investments ranging from €15 million to €30 million, in both minority and majority transactions, aiming to provide liquidity solutions and generational succession support for shareholders.
Quadriga’s track record in Andalusia
Quadriga Asset Managers also has experience managing public funds in the region. It previously secured management of a €6.3 million fund promoted by IDEA (now Andalucía TRADE) to support innovation, which reached a total investment volume of €8.9 million under the Sherry Ventures vehicle.
Through this fund, Quadriga invested in companies such as Gridflight, Stemdo, Clintell, Viver Kombucha, Oniad, Velca, Staria, and Imatio, among others. To date, the manager has returned public funds on seven occasions to the Andalusian government and other investors, including family offices.
An expanding ecosystem of funds in Andalusia
In parallel, Andalucía TRADE is also tendering a startup-focused venture capital fund with a public allocation of €9.8 million. Four managers have submitted bids, with Mar Oceana Venture Capital Investments — linked to Tom Horsey’s Eoniq fund — ranking first in the initial evaluation, followed by Quadriga Asset Managers, Austral Venture Gestión, and Actyus Private Equity.
In addition, the agency is developing the FAST Fund, a €30 million repayable instrument aimed at digital technologies and deep tech projects (including defence), biotech, and clean technologies. This fund will also allow participation from non-SMEs, which often face greater difficulties accessing private financing for capital-intensive, long-term innovation projects.
A tool to boost Andalusia’s economic development
Together, these instruments reinforce Andalucía TRADE’s strategy to strengthen the Andalusian business ecosystem through public-private collaboration, promoting investment in high-growth companies and contributing to regional economic development, innovation, and quality job creation
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