Axis, the private equity arm of Spain’s Official Credit Institute (ICO), has modified the operating framework of Fond-ICO Global with the aim of streamlining the fund selection process, improving efficiency and adapting more agilely to market conditions.
Fond-ICO Global is the first public fund of funds for private equity created in Spain, designed to foster private investment in Spanish companies. Following several capital increases, the Fund currently has total commitments of €4.5 billion.
The Fund has played a decisive role in strengthening Spain’s private capital industry and has had a significant impact on the Spanish economy by supporting business development, fostering innovation, creating jobs, and backing new private equity managers and funds.
One of the main changes approved in the operation of Fond-ICO Global is the shift to an open and continuous investment system, allowing applications to be submitted at any time of the year. Until now, fund selection had been carried out through 17 periodic calls with closed application deadlines, which offered less flexibility to managers and funds. The new system seeks to adapt to each fund’s individual maturation period, enabling Fond-ICO Global to participate as an investor at any point during the year, provided that the requirements established for each category are met.
Under this new strategy, Fond-ICO Global aims to consolidate its specialisation as an investor in the two categories covering more advanced stages: Growth Capital and Venture Capital. This approach facilitates coordination with other public entities, such as ENISA, which specialise in earlier-stage categories (incubation and technology transfer).
Growth Capital category
AXIS will invest a maximum ticket of €100 million in Growth Capital funds, without exceeding 30% of the fund’s total size. The minimum fund size eligible for this category will be €200 million.
Venture Capital category
The maximum ticket AXIS will invest in Venture Capital funds will be €50 million, without exceeding 40% of the fund’s total size. The minimum fund size eligible for this category will be €50 million.
In both categories, fund managers will commit to investing at least 50% of the fund’s total investment in Spain.
Overall, the new procedure will allow for greater management flexibility and better alignment with fund managers’ fundraising processes.
Fond-ICO Global figures
Since its inception, Fond-ICO Global has completed 17 calls, approving commitments to 154 funds, of which 116 funds have already been subscribed for a total amount of €2.672 billion.
Through the underlying funds in which Fond-ICO Global has subscribed commitments, the Fund had invested, as of the third quarter of 2025, in 1,917 investment transactions, of which 1,479 were in Spain (77%), with 85% of these investments in SMEs. These investments have helped to create or maintain 418,403 jobs in Spain.
In the last two calls for Fond-ICO Global, AXIS used European funds from the Recovery Plan and approved its participation in 24 private equity funds for a total amount of up to €1.9 billion.
The strong demand from funds in recent calls confirms market interest and highlights the prominent role of Fond-ICO Global within the Spanish private equity ecosystem. Fond-ICO Global will continue to act as a driving force for the development of the private equity industry and as a key instrument for economic growth, aligned with the challenges of innovation, digitalisation and sustainability.
cloud technology axon
Dental Company has established itself as one of the leading dental net...
