COFIDES, through the Social Impact Fund (SIF), has committed €3.9 million to Phitrust Partenaires Inclusion, a social impact investment vehicle managed by the French asset management firm Phitrust and focused on European SMEs and mid‑caps with sustainable business models in the field of the social economy.
With a vehicle size of nearly €60 million, Phitrust Partenaires Inclusion aims to narrow the inclusion gap faced by vulnerable groups and improve their access to essential resources such as housing, healthcare and employment. To date, it has invested in 14 entities in France, Italy, Belgium and Spain, focusing on areas such as social and affordable housing, the integration of people with disabilities, the circular economy, ageing populations and the social entrepreneurship ecosystem.
The SIF investment will support Phitrust, an impact‑focused asset manager with more than 20 years of experience, in allocating a significant share of its commitments to Spain for the first time. Specifically, Phitrust aims to deploy a total of €8 million into the Spanish impact economy, helping drive its growth and underscoring the SIF’s catalytic role in attracting international investors to the sector.
COFIDES Chairwoman and CEO, Ángela Pérez, highlighted that “this SIF investment is significant not only because of its size but also because of its additionality and catalytic effect. It will help channel more investment into Spain from one of Europe’s leading impact investment vehicles and contribute to reducing the financing gap in the field of the social economy.”
Having COFIDES through the SIF as investor-partner is a great proof of confidence to our team active in Spain with a first investment in 2017. It strengthens Phitrust’s Spanish footprint and fuels our mission to drive innovation and cross-fertilization among social entrepreneurs across borders” highlighted Phitrust President, Olivier de Guerre.
ABOUT SOCIAL IMPACT FUND (SIF)
The SIF is a fund created by the Government through the addendum to the Recovery, Transformation and Resilience Plan (PRTR, by its acronym in Spanish) and has resources from the NextGenerationEU instrument. It is a public financial instrument assigned to the Ministry of Inclusion, Social Security and Migration that aims to strengthen our impact ecosystem by supporting investment projects carried out by companies and other entities in Spain that generate a positive and measurable social and/or environmental impact.
With a budget of €400M, it offers financial support to projects that are financially sustainable, and which contribute to responding to insufficiently addressed social and environmental challenges, also promoting the mobilization of additional private resources.
ABOUT PHITRUST
Independent French asset management company Phitrust invests to drive change in large listed companies, encouraging them to improve their ESG practices — and in innovative European social enterprises, giving them the financial and human resources to scale up and deploy their impact. It was the first asset manager to receive the ESUS (Solidarity Enterprise of Social Utility) label in 2012. Its team has extensive experience in impact driven private equity.
Two activities, one mission: to be an engaged shareholder for impact. In June 2021, Phitrust adopted the status of “Mission driven company”. The launch of Phitrust Partenaires Inclusion was made possible, among other contributions, thanks to the support of the European Investment Fund.
ABOUT COFIDES
COFIDES is a state-owned trading company that manages financial funds from the Spanish State, as well as its own resources and those of third-party institutions with various objectives: the internationalization of the Spanish economy, the attraction of foreign investment into strategic sectors in Spain, the promotion of the impact economy in Spain, and the contribution to the development of the countries in which it invests. In addition to the State, which holds a majority position, other shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell, and CAF–Development Bank of Latin America.
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