The Board of Directors of the Basque Finance Institute (Instituto Vasco de Finanzas, IVF) has approved the appointment of Oquendo Capital SGEIC, S.A. to establish and manage the Basque Productive Transformation Debt Fund, a new financing vehicle designed to support investment in the Basque business ecosystem and strengthen its competitiveness.
The decision follows a competitive selection process involving several management companies, conducted in accordance with the principles of transparency, competition, equal treatment and objectivity set out in the tender specifications.
The Basque Productive Transformation Debt Fund is one of the initiatives included in Euskadi Eraldatuz 2030, the Basque Government's transformational investment plan developed within the framework of the Basque Financial Alliance (AFV) and managed by IVF. The fund also reflects the potential of public-private collaboration as a driver of economic transformation, a core principle of the Alliance, as it has been promoted by the Basque Government, through IVF, in strategic partnership with Euskadi's leading Voluntary Social Welfare Entities (EPSVs).
The fund has a target minimum size of €100 million, with the potential to grow further through additional private capital commitments.
The public sector's participation will be channelled through INDARTUZ Kapitala, which will act as the anchor investor with an expected commitment of between 25% and a maximum of 49% of the fund's capital, ensuring that the vehicle remains majority privately owned while fulfilling its objective of attracting institutional investment.
The fund aims to provide flexible financing—primarily through private debt—to medium-sized Basque companies undertaking growth, innovation and business transformation projects, helping to address the financing gap that exists beyond traditional bank lending.
Oquendo Capital's proposal received the highest score during the selection process, reflecting the firm's extensive track record in private debt fund management.
The investment strategy is designed to complement conventional bank financing by improving access to capital for transformational business projects aligned with the strategic priorities of the Basque Country. Among the proposal's key strengths are its commitment to allocating 100% of the fund's investments to projects linked to Euskadi, together with its experience managing comparable investment vehicles and its proven investment performance.
Following the Board's approval, the final structuring phase of the fund will begin in collaboration with IVF and the participating institutional investors.
The current timetable envisages completing the structuring process over the coming months, with a first closing expected within 12 months of notification of the award. The fund will then begin providing financing to companies with a strong presence in Euskadi whose projects generate employment, foster innovation and support industrial transformation.
The launch of this new vehicle reinforces IVF's commitment to public-private partnership models capable of expanding financing opportunities for the Basque business community by mobilising private capital and aligning the interests of institutional investors and the public sector.
The Basque Productive Transformation Debt Fund represents a new milestone in the implementation of Euskadi Eraldatuz 2030, the Basque Government's strategic investment programme, which is backed by €1 billion of public capital under its commitment to the Basque Financial Alliance. The Alliance brings together the Basque Government and local financial stakeholders, including the region's Voluntary Social Welfare Entities (EPSVs), with the objective of mobilising up to €3 billion of additional public-private investment to transform the economy, strengthen corporate roots in the region, attract talent and promote the growth of industry and SMEs.
Implementation of the plan has continued to advance since its launch, with several key initiatives already underway. Finkatuz, the investment vehicle created to support strategic companies with strong regional roots, has been strengthened and adapted, completing landmark investments in companies such as Ayesa and Talgo.
The Basque Government has also created Indartuz, a vehicle focused on major transformational investments, through which the investment in the Basque Productive Transformation Debt Fund will be made. Indartuz has also launched the first call under its Scale-up Investment Programme, which is nearing completion.
In parallel, the Hazten fund has been established, fully financed by IVF and managed by Capital Riesgo del País Vasco, to support the development of new industries and emerging sectors. IVF has also launched the Indartuz direct financing programme, providing loans and guarantees for industrial transformation projects.
The implementation of the plan will continue over the coming months with the rollout of additional initiatives, including guaranteed financing facilities through Elkargi, new Indartuz investment programmes and a second publicly owned venture capital fund to be managed by Capital Riesgo del País Vasco.
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