Criteria launches its private equity management arm, which will invest in Scaleup Europe, the European Commission’s €5 billion fund

Criteria, the investment arm of Fundación ”la Caixa”, has established its own venture capital management company, Criteria PE Management SGEIC, in line with the roadmap set out in its 2025–2030 Strategic Plan. The new firm, based in Madrid and with a share capital of €1 million, is currently awaiting authorization from the Spanish National Securities Market Commission (CNMV).

The management company will be chaired by Felipe Matías Caviedes, Criteria’s Chief Investment Officer since 2012, and its board will also include Miguel Ángel Gutiérrez Barceló, the group’s Chief Financial Officer, and Raquel Torrents Pujol, Director of Internal Resources and Control. Although headquartered in Madrid, it will be overseen by the alternative investments team operating from Barcelona.

Through this subsidiary, Criteria will invest in third-party private equity and venture capital funds with the aim of building a diversified, long-term portfolio across Spain, Europe, and North America, working with both domestic and international managers. This strategy includes stakes in funds investing in unlisted companies with strong growth potential and longer-term liquidity horizons, as well as direct or indirect investments in early-stage companies, particularly in the technology and biotechnology sectors. The latter activity has long been carried out through Caixa Capital Risc, its venture capital arm focused on startup financing.

Among its first planned investments is a role as an anchor investor in Scaleup Europe, the fund promoted by the European Commission, which aims to raise €5 billion in an initial phase—expandable to €25 billion with support from the European Investment Bank—to invest in strategic and technology companies across the continent. Other institutional investors that have confirmed their participation include Banco Santander, through its venture capital arm Mouro Capital.

This new business line forms part of Criteria’s alternative investment portfolio, which also includes its real estate business, managed through InmoCaixa, and early-stage investment activities. According to the strategic plan, the combined gross value of these activities will not exceed 10% of the group’s total assets, currently valued at around €45 billion. As of the end of 2025, this portfolio accounted for 3.5% of total assets, with approximately €750 million already committed to investments.

With this move, Criteria strengthens its strategy to diversify its portfolio and increase exposure to higher-growth assets, while contributing to the development of Europe’s technology ecosystem