Axis, the venture capital arm of the Instituto de Crédito Oficial (ICO), has opened a new window for Fond-ICO Global through a procedure that introduces greater flexibility and dynamism in the selection of funds. From now on, fund managers and funds will be able to submit their applications at any time via the AXIS website, without having to follow a call-based system with fixed deadlines.
This new approach will streamline the fund selection process and help improve efficiency while allowing for faster adaptation to market conditions.
Fond-ICO Global is Spain’s first public fund of funds for private equity and venture capital, created with the aim of boosting private investment in Spanish companies. Currently, following several capital increases, the Fund has total resources of €4.5 billion.
The main innovation now 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 periodic calls with fixed application deadlines, which provided less flexibility for fund managers and funds. The new system seeks to adapt to each fund’s maturity cycle and enable Fond-ICO Global to participate as an investor at any point during the year, provided that the established conditions for the different categories are met.
Under this new strategy, Fond-ICO Global aims to consolidate its specialization as an investor in the two categories covering the more advanced stages: Growth Capital and Venture Capital. This will facilitate coordination with other public entities such as CDTI and ENISA, which specialize in earlier-stage categories (incubation and technology transfer).
AXIS will invest a maximum ticket of €100 million in funds within the Growth Capital category, not exceeding 30% of the fund’s total size. The minimum size for funds applying under this category will be €200 million.
The maximum ticket AXIS will invest in funds under this category will be €50 million, not exceeding 40% of the fund’s total size. The minimum size for funds applying under this category will be €50 million.
In both categories, fund managers will commit to investing at least 50% of the fund’s total investments in Spain.
In short, this new procedure provides greater flexibility in management and better alignment with fund managers’ fundraising processes.
Fond-ICO Global has made a decisive contribution to strengthening Spain’s private capital industry and has had a significant impact on the Spanish economy through business development, the promotion of innovation, job creation, and support for new fund managers and private equity and venture capital funds.
Since its inception, commitments have been approved for 154 funds, of which 119 have already been subscribed, for a total amount of €2.83 billion.
Through the underlying funds in which Fond-ICO Global has subscribed commitments, the Fund has invested, up to the third quarter of 2025, in 1,917 investment transactions, of which 1,479 were in Spain (77%), and 85% of them in SMEs. These investments have helped to create or maintain 418,403 jobs in Spain.
The strong participation of funds in recent calls confirms market interest and the prominent role of Fond-ICO Global in the Spanish venture capital ecosystem. Fond-ICO Global will continue to be a driving force for the development of the venture capital industry and a key instrument for economic growth, aligned with the challenges of innovation, digitalization, and sustainability
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