Spanish private capital has increased its volume across all metrics despite a macroeconomic environment marked by uncertainty. This was evident at the twelfth edition of the LP’s & GP’s Spain Now “Unlocking Exits” event, held today in Madrid by EY and SpainCap, focused on the difficulty of rotating portfolios and on new ways to streamline divestments.
According to initial estimates by SpainCap, in collaboration with Webcapitalriesgo, investment volume in Spain by Venture Capital & Private Equity reached, as of 30 September 2025, €5,171.5 million, 22.3% more than in 2024, across a total of 581 investments (+3.6%).
Venture Capital, for its part, recorded €1,366 million (+71%) in 461 investments, driven by better financial conditions, a new wave of technological innovation, greater institutional liquidity and active public policies that support entrepreneurship.
The data confirm that the investment appetite of international funds, both Private Equity and Venture Capital, remains, with abundant liquidity and sustained interest in Spain. In the first nine months of the year they contributed €3,525.5 million across 196 investments, representing the majority of the total volume invested in Spanish companies. Domestic private managers invested €1,395 million in 282 transactions.
Total divestment volume reached €2,755 million across 219 transactions, an increase of 52% compared to the same period in 2024, but, once again, well below the volume of investment, which continues to exacerbate the issue of returning funds to investors.
Meanwhile, fundraising by domestic private funds totaled €2,300 million, driven by the prominence of continuation funds.
On this situation, Juan López del Alcázar, Managing Partner of EY-Parthenon, stated: “The slowdown in the pace of divestments is one of the major challenges facing the industry. The drop in exits forces us to ask whether we are dealing with a temporary situation or a structural change in the sector. In this context, we see signs of reactivation in Spain, but also growing pressure from LPs to generate liquidity. Continuation vehicles are gaining prominence as a solid alternative to extend the management of assets with high potential for value creation in a market where traditional exit routes have lost traction.”
In this regard, Elena Rico, President of SpainCap, highlighted: “Private capital is playing a key role in the economic growth and transformation of Spain’s business fabric, especially in a context of constant change and innovation. Spain is today an attractive and competitive market for private capital investment, and gatherings like this are essential to continue building trust and collaboration among all stakeholders in the sector.”
These figures were presented at the twelfth edition of the LP’s & GP’s Spain Now “Unlocking Exits” event, a gathering that has become a leading forum for analyzing the evolution of private capital in Spain, which brought together nearly 100 investors and Private Capital funds.
The day opened with a welcome from Juan López del Alcázar, Managing Partner of EY-Parthenon, and Elena Rico, President of SpainCap. This was followed by the panel “Continuation Vehicles: a new Route to Exit,” which brought together Carlos Juliá (Miura Partners), Norberto Arrate (Portobello Capital) and Borja Fernández Tamayo (Unigestion) to analyze the opportunities offered by continuation vehicles. Subsequently, the panel “Paths to Exit: Lessons from the Field” featured the experience of Gonzalo Santos (Advent International), Álvaro Moraga (Buenavista Equity), Aquilino Peña (Kibo Ventures) and David Arroyo (Suma Capital), who shared learnings on divestment strategies in the current market. The session concluded with “Inside the Prado: Stories Behind the Masterpieces,” a talk by María Corral, art historian and official guide of the Prado Museum, who offered insights into the secrets behind some of the museum’s most important works.
About EY
At EY, we work to build a better working world, helping to create long-term value for clients, people and society and to build trust in the capital markets.
Enabled by data and technology, EY teams in more than 150 countries provide trust and help clients grow, transform and operate.
EY is a global leader in assurance, tax, strategy, transaction and consulting services. Our professionals ask better questions to find new answers to the challenges we face in today’s environment.
EY refers to the global organization and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited is a UK company limited by guarantee (company limited by guarantee) and does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under applicable data protection legislation is available at ey.com/es_es/legal-and-privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com/en_gl
About SpainCap
SPAINCAP represents the private capital industry in Spain. Chaired by Elena Rico, it brings together more than 180 domestic and international Venture Capital & Private Equity firms, 100 service providers and 25 institutional investors. SPAINCAP’s members invest over the medium and long term in unlisted companies, from startups to established businesses, providing not only stable financing through equity capital, but also innovation and management support. The Association’s mission is to connect all the industry’s stakeholders in Spain, representing their interests before the public administration, the media and public opinion, both nationally and internationally, through alliances and synergies in Europe and Latin America. SpainCap is part of the Foro Nacional de Empresas Emergentes and the Consejo de Finanzas Sostenibles.
cloud technology axon
The first quarter of 2026 has reinforced a clear reality in the transp...
