Private Capital is resilient in Spain despite a macroeconomic environment marked by uncertainty. This was made clear at the tenth edition of the "Annual Conference for Private Capital Managers and their Investors" (LPs & GPs Spanish Conference) held today by EY and SpainCap.
In this sense, the investment volume of Venture Capital & Private Equity in Spain has reached, as of September 30, 2023, 4.185,5M€ in a total of 584 investments. These figures reflect the first estimates obtained by SpainCap, in collaboration with Webcapitalriesgo, and made public today in the context of this meeting, already consolidated as a reference in the sector when it comes to analyzing the investment situation in Spain and the short-term outlook. Nearly 80 investors and Private Capital firms participated in the conference.
The information gathered by SpainCap shows that the investment appetite of international Private Capital and Venture Capital funds, which have abundant liquidity and continue to be committed to Spain, remains strong. In the first nine months of the year, they contributed 3.083,6M€, 73.6% of the total volume invested in Spanish companies (€4.185,5M). Domestic fund managers slightly increased their investment volume: €146.6M as of 30 September 2023 (compared to €115.6M in the same period of 2022) in 92 transactions.
In the words of Juan López del Alcázar, Managing Partner of Strategy and Transactions at EY: "This year's data shows that the Private Capital industry in Spain continues to enjoy good health and, although the economic context has remained uncertain, it is clear that investors, especially international investors, continue to find Spain as an attractive opportunity due to the quality of the projects available."
Oriol Pinya, president of SpainCap and co-founder of ABAC Capital, said: "This is not the first time that our industry has experienced periods of uncertainty. We have always known how to adapt to adverse situations by creating new formulas to continue generating profitability in a sustainable way: taking care of employment and generating innovation. We are confident that in 2024 we will resume our investment pace and face new challenges."
Regarding the agenda of the event, EY and Spaincap have organized an interesting program on the past, present, and future of the private capital industry. The event opened with Juan López del Alcázar and Oriol Pinya, followed by a macroeconomic analysis of Spain by Carlos Cuerpo, Secretary General of the Treasury and International Finance, entitled 'How to navigate the economic tides'. After that, there was a panel on private capital which counted with the participation of industry leaders, including Gonzalo Fernández-Albiñana, head of Buyout Iberia and managing director at Ardian, Pedro López, managing director for Spain at Permira, Joaquín Alexandre Ruiz, head of Secondaries at the European Investment Fund (EIF), and Louis Trincano, managing partner at Cornerstone Fund Placement. The debate was moderated by Isabel de Dios, Strategy and Transactions partner at EY.
The event concluded with a roundtable of industry experts who shared their experiences and perspectives on the diversification strategies of Spanish GPs, including Lucille Bonet, managing partner of KLIMA Energy Transition Fund (Alantra), Álvaro Mariategui, co-founder and co-CEO of Nazca Capital, Juan Luis Ramírez, founding partner of Portobello Capital, and Luis Seguí, founding partner and CEO of Miura Partners. The roundtable was moderated by Carmen Alonso, CEO for UK and Iberia at Tikehau Capital.
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About SpainCap
SpainCap is the association that brings together Venture Capital & Private Equity entities in Spain, as well as their investors, including insurance companies and pension funds. 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 mission of the association is to connect all industry players in Spain, representing their interests before the Administration, the media and public opinion, both nationally and internationally, through alliances and synergies in Europe and Latin America. Its objectives include establishing an appropriate regulatory framework for the sector and communicating the positive impact of its activity on the industrial fabric and the job creation it generates. As a member of the UN Global Compact, one of SpainCap's main missions is to promote sustainability among its members and in the companies in which they invest. It also promotes professional development through training programs and actively promotes knowledge through the publication of statistical reports and economic and social impact studies, which demonstrate the added value provided by this sector. www.spaincap.org
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