Fundraising in Spain reached €4.183 billion, the second-best result in the historical series

According to initial estimates obtained by SpainCap through the European EDC platform, private capital investment volume in Spain reached €6.403 billion in 2025 (up 1.8% compared to 2024), across a total of 828 investments (also representing a 5.5% increase). In the specific case of Private Equity, activity amounted to €4,672.7 million spread across 174 investments. As for Venture Capital, last year closed with an investment volume of €1.731 billion (+57% vs. 2024) across a total of 654 investments (+3% vs. 2024). This represents the third-best historical result in Venture Capital, behind only 2021 and 2022, driven by the large number of late-stage rounds.

Elena Rico, President of SpainCap, stated: “The Venture Capital & Private Equity results in 2025 reflect the strategic role of private capital as a driver of economic and social impact in Spain. Investment activity highlights its direct impact on the economy and the creation of quality employment, innovation, and sustainable company growth, while strengthening companies’ ability to compete in international markets. The strong rebound in divestments, together with the dynamism of Venture Capital in larger rounds and the growth of the middle market, demonstrate the maturity of the Spanish ecosystem and the quality of portfolio assets. In an increasingly complex global context, private capital is a key ally in strengthening productivity, attracting foreign investment, and contributing to the development of a more robust, competitive, and long-term-oriented business fabric.”

By type of investor, appetite from international funds remains strong in both the Private Equity and Venture Capital segments, as they have ample liquidity and a proven interest in the Spanish business market. In 2025, capital from outside Spain contributed €4,082.5 million (63.8% of the total) across 266 Spanish companies, a record figure in the historical series to date. Private domestic managers, for their part, invested €1.888 billion across 155 transactions focused on Spanish companies.

By deal size, a total of 10 investments with amounts above €100 million accounted for €2,176.5 million of the total volume invested in Spain in 2025. The middle market (transactions with equity investments between €10 million and €100 million) recorded a volume of €3.011 billion across 114 deals, representing a 36% increase compared to 2025.

By stage of development, buyouts stood out, with a volume of €3,658.7 million across 71 deals. In terms of growth capital, 94 transactions were completed for a total amount of €862 million—figures that are all highly significant and compare favorably with previous years.

The sectors receiving the highest investment volumes and investor interest were Industrial Products and Services (22%), ICT/Internet (20%), and Other Services (15.6%). By number of investments, however, ICT/Internet led with 340 transactions, followed by Healthcare (92) and Biotechnology (84).

Fundraising

Fundraising by private domestic investors reached €4.183 billion, the second-best result in the entire historical series, driven by unprecedented public-sector support for SMEs through Private Capital.

Divestments

Divestment volume in 2025 reached an estimated €3.739 billion at cost price (2% more than in 2024) across 390 deals. The most commonly used divestment mechanisms by volume were “Sale to an industrial investor” (56.4%), “Sale to another PE firm” (20%), and “Write-downs/recognition of losses” (6.3%).

SpainCap

SpainCap is the association representing the Venture Capital and Private Equity industry in Spain. It brings together more than 200 domestic and international management firms, 100 service providers, and 30 institutional investors, including insurance companies and pension funds. SpainCap members make medium- and long-term investments in unlisted companies, ranging from startups to established businesses, providing not only stable financing in the form of equity but also strategic expertise, innovation, and management support. SpainCap promotes the development of Private Capital as a lever to drive the sustainable transition of Spain’s business fabric, generating value for both investors and society as a whole. The Association is also a member of the Sustainable Finance Council and the National Forum for Emerging Companies.