According to the first estimates obtained by SpainCap (formerly known as Ascri) through the European platform EDC, the volume of private capital investment in Spain in 2022 reached €8,735M in a total of 935 investments. Despite the current context of macroeconomic uncertainty, all previous records have been broken, maintaining the dynamism of 2021, resulting in another historic year for Venture Capital and the second-best year in the middle market.
Second best year for Spanish Private Equity: €7,257M in 190 investments in 2022 compared to 2019, which recorded €7,805M in 172 investments. Regarding Venture Capital, second best historical year in 2022, both in terms of volume (€1,478.5M) and number of deals (745), compared to 2021 (€2,108M in 773 investments). International Venture Capital again registered record highs in 2022 (€1,033M in 138 investments, only behind 2021 (€1,670M in 184 investments), demonstrating the maturity of the entrepreneurial ecosystem in Spain.
Oriol Pinya, President of SpainCap: "Despite the global economic slowdown, our industry remains optimistic and committed to new companies and staff, with a new record of investment volume and number of deals. The Venture Capital & Private Equity sector has demonstrated, throughout previous periods of slowdown, its capacity to finance and support the companies in which it invests. We will continue to promote Spanish startups and SMEs, which are currently in need of capital for a sustainable future and support in their management".
By type of investor, the appetite of international funds remains strong, both in the Private Equity and Venture Capital segments, as they have abundant liquidity and a proven interest in the Spanish market. In 2022, capital from abroad contributed 80.7% of the total volume invested in Spanish companies. Domestic managers increased their investment volume by 15% (€1,554.4M in 2022 compared to €1,350.6M in 2021) and made a record 570 investments in Spanish companies, another milestone.
By size of investments, a record number of large deals (above €100M) were made, with a total of 15 investments accounting for more than half of the total volume invested. The middle market (transactions with an equity investment of between €10M and €100M) continues to be very active and maintains the intense dynamism of recent years. In 2022, it registered a new record number of investments (108) with a volume of €2,880M, 18% more than in 2021 (€2,437M).
By stage of development, investment in buyouts stood out, with a volume of €5,647M in 58 investments. Regarding growth capital, 120 deals were made for €1,544.5M
The industries with the highest investment volume were ICT/Internet (24.5%), Industrial Products and Services (14%) and Hospitality/Leisure (13%). By number of investments, ICT/Internet (392 operations), Medical/Health (98) and Consumer Products (84) stood out.
New funds raised
Funds raised by Spanish GPs reached €2,011M, a drop of 36% compared to 2021. This decline is due to the current macroeconomic situation, a trend that is being experienced in the rest of European markets.
Divestments
The volume of divestments in 2022 registered an estimated figure (at cost) of €1,711.6M in 307 deals, a decrease of 36% in volume compared to 2021 (€2,668M in 361 divestments). The exit schedules of investee companies are lengthening due to uncertainty. GPs are focusing their efforts on portfolio management and are prepared to inject the necessary liquidity in their investee companies.
The most used divestment mechanism, in terms of volume, was "Sale to another Private Capital firm" (53.5%), followed by "Sale to an industrial investor" (39.5%).
About SpainCap
SPAINCAP represents the Private Capital industry in Spain. Chaired by Oriol Pinya, it brings together more than 160 national and international Venture Capital & Private Equity firms, 90 service providers and 17 institutional investors. SPAINCAP members invest with amedium and long term view in private 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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