According to initial estimates from SpainCap, based on data from the European platform EDC, the volume of private capital investment in Spain in 2024 reached €6.54bn in a total of 725 investments (which represents a decrease of 2.6% compared to 2023, when €6.71bn was recorded in a total of 844 investments). Looking ahead to the current year, and based on the improvement in market conditions, everything points to a very positive 2025 in all the variables analyzed.
In 2024, Private Equity recorded a volume of activity of€5.61bn in 150 investments. Regarding Venture Capital, last year ended with a volume of €925M in a total of 575 investments (3% more than in 2023): this is the third best historical record in Venture Capital, behind 2021 and 2022, driven by the numerous rounds of more than €10M in series B and C.
Elena Rico, President of SpainCap: "SpainCap is facing 2025 with optimism. The improving market conditions (with both the Eurozone and the United States experiencing growth) along with the adjustment of interest rates and the total capital available for investment, signal increased market activity, as evidenced by the momentum seen in the final months of the year. In 2023 and 2024, processes have lengthened, and Venture Capital & Private Equity firms have remained primarily focused on managing their portfolio companies. Our industry will continue to drive value, innovation, employment, and sustainability for Spanish startups and SMEs.”
When it comes to type of investors, the appetite of international funds remained strong, both in the Private Equity and Venture Capital segments, as they have abundant liquidity and a proven interest in the Spanish business market. In 2024, foreign capital contributed with a volume of investments of €4.81bn (73.5%) in Spanish companies. Domestic private asset managers, on the other hand, contributed €1.49bn in 426 investments in Spanish companies.
By investment size, a total of 8 investments with amounts above €100M accounted for €3.57bn of the total volume invested in our country in 2024. The middle market (operations with an equity investment of between €10M and €100M) registered a volume of €2,15bn in 82 deals, 23.5% more than in 2023.
According to the stage of development, investment in buy outs stood out, with a volume of €4.14bn in 42 deals. Regarding growth capital, 105 transactions were carried out for a total amount of €1.47bn.
The sectors that received the highest volume of investment and interest were ICT/Internet (36%), Medical/Health (15%) and Other Services (12.6%). By number of investments, however, ICT/Internet (224 deals), Medicine/Health (77) and Biotechnology (73) stood out.
New fundraising
Fundraising raised by domestic private investors reached €4.07bn, 50% more than in 2023 (€2.70bn), the best record in the entire historical series.
Divestments
The volume of divestments in 2024 recorded an estimated figure (at cost price) of €2.90bn in 304 deals, a 113% increase from 2023. The reason for this was the reactivation of portfolio turnover by private capital firms, the second-best record in the entire historical series.
The most used divestment mechanism, in terms of volume, was “Sale to another Private Capital Firm” (43.4%), followed by “Recognition of capital losses” (16.4%) and “Sale to Third Parties” (13.9%).
SPAINCAP
SPAINCAP represents the Private Capital industry in Spain. Chaired by Elena Rico, it brings together more than 180 national and international Venture Capital & Private Equity firms, 100 service providers and 25 institutional investors. SPAINCAP members invest in medium and long term in unlisted companies, from startups to established companies, providing not only stable financing through equity, but also innovation and management support. The Association's mission is to connect all industry players in Spain, representing their interests before the Administration, media and public opinion, both nationally and internationally, through alliances and synergies in Europe and Latin America.
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