Private equity in Spain has quadrupled in size over the past decade, reaching €48 billion, according to CNMV

The latest Quarterly Bulletin from the CNMV reveals that the private equity sector has experienced extraordinary growth between 2013 and 2024, consolidating itself as one of the main sources of alternative financing for innovative and fast-growing companies.

According to the report “Evolution of Private Equity Entities between 2013 and 2024”, the number of private equity entities reached 1,256 by the end of 2024 —almost one thousand more than in 2013— while assets under management stood at €47.86 billion, four times higher than a decade ago. The sector’s assets now represent 3.01% of Spain’s GDP, compared to 0.85% in 2013.

Investors and market concentration

The number of investors has increased tenfold, reaching 90,993, with an average investment size of €473,000. Individual investors represent 60% of all investors, although their share of total volume barely reaches 14%. In terms of invested volume, non-financial and financial institutions dominate, accounting for 35% of the total.

The sector remains highly concentrated: 17 entities hold 26% of total assets. The average size of a private equity entity (ECR) stands at €38 million.

Types and investment strategies

Private equity companies and funds (SCRs and FCRs) remain the dominant structures (72% of the total), followed by European Venture Capital Funds (FCREs) and European Social Entrepreneurship Funds (FESEs).

Portfolio analysis shows a steady increase in investments in other ECRs (from 18% in 2013 to 46% in 2024) and a decrease in unlisted equities (from 52% to 44%). Half of the total investment volume is concentrated in transactions below €10 million, primarily in technology, digital, and renewable energy sectors.

Profitability and leverage

The average return of ECRs during the period was 8.6%, with notable differences between young entities (1.2%) and mature ones (10.2%). Financial leverage in the sector remains moderate, around 5.3% of assets, while future investment commitments amount to €20.07 billion, covered by €27.97 billion in committed but undrawn capital.

Role of public capital

The report highlights the driving role of public private equity entities such as Fond-ICO Global, Fond-ICO Next Tech, and Fond-ICO Pyme, which jointly manage €8.75 billion. These vehicles have been key to financing projects in digitalization, sustainability, and business innovation.

Stability and outlook

The CNMV notes that the financial risks associated with private equity are low, due to its closed-end structure and limited leverage. However, it stresses the importance of continuing to monitor interconnections between entities.

The regulatory framework —strengthened by Law 22/2014 and the Law 18/2022 on Business Creation and Growth— has supported the expansion of the sector, also enabling retail investors to participate under certain conditions.

Source: Comisión Nacional del Mercado de Valores (CNMV). Quarterly Bulletin II/2025 – October 2025: “Evolution of Private Equity Entities between 2013 and 2024.”