The Basque Government launches a call to select a manager to create and manage a debt fund for the productive transformation of the Basque Country

The Basque Government launches a call to select a manager to create and manage a Debt Fund for the productive transformation of the Basque Country

The Basque Government, through the Basque Institute of Finance (IVF) and its public company INDARTUZ Kapitala S.A., has launched a call for proposals to select an asset management company that will be responsible for creating and managing a Debt Fund aimed at supporting the productive transformation of the Basque Country.

This new financial instrument has been launched by the IVF within the framework of Euskadi Eraldatuz 2030 and is designed to strengthen the competitiveness of the Basque industrial ecosystem by providing flexible financing for strategic projects.

The new Fund – with an expected size of €100 million – represents a milestone in public–private collaboration in the Basque Country. The IVF will act as an anchor investor through INDARTUZ, which is expected to contribute between 25% and 49% of the Fund’s total capital, while ensuring that the majority of the capital mobilised comes from private investors. In this way, the Basque Government aims to maximise the multiplier effect of public investment and attract additional capital from both domestic and international financial institutions.

INDARTUZ, a company recently established to promote strategic and impact investments, is launching through this call the formal process to select a specialised asset manager that will structure the fund, raise additional capital and manage a private debt vehicle.

The Fund will provide flexible financing through a range of instruments, including senior loans, participative loans and convertible debt, aimed at supporting business growth and productive transformation. The instrument is designed to complement traditional bank financing, with the capacity to adapt to the specific funding requirements of unique projects, thereby facilitating access to the financial resources needed for viable projects of high strategic value for the Basque Country.

Promoting Local Roots and Commitment

One of the most significant features of the Fund is its Minimum Investment Commitment in the Basque Country: at least 75% of the Fund’s total capital must be invested in companies with a strategic link to the Autonomous Community.

This link may be demonstrated through a company’s main operational base in the region, its direct impact on the local economy, or through strategic subsidiaries with significant activity in the Basque Country. The aim is to maximise the impact of the resources mobilised in order to improve competitiveness, create qualified employment, and promote the technological, energy and social transformation of the Basque business fabric.

Through this call, the Basque Government seeks to provide the Basque business community with alternative financial instruments to support its productive transformation, based on public–private collaboration. The use of financing intermediated through professional asset managers contributes sector expertise, diversifies risk and optimises the use of public resources, while expanding support for companies and strengthening the Basque investment ecosystem by attracting capital and talent.

This call for the selection of a manager to administer the Debt Fund is one of the initiatives launched within the framework of Euskadi Eraldatuz 2030, the roadmap that implements the public commitment within the Basque Financial Alliance.

In addition to launching this framework for public–private collaboration at the beginning of 2025, the Basque Government committed to allocating €1 billion of public investment to finance the economic and industrial transformation of the Basque Country — with a particular focus on industry, innovation and business anchoring — with the objective of mobilising €3 billion in private investment.

Euskadi Eraldatuz 2030 constitutes the roadmap for this commitment, announced in October, and several milestones have already been achieved:

The strengthening and adaptation of the investment criteria of Finkatuz, an investment vehicle designed to anchor leading companies through equity stakes, including the recently signed investment in Ayesa and the transaction involving Talgo.
The creation of the company Indartuz, a new vehicle for investment in major transformative projects, structured around four investment areas: the aforementioned flexible debt programme, scalability (with a first call launched last month), advanced infrastructures and social transition.
The launch of the Indartuz direct financing line of the IVF through loans and guarantees for transformation projects.
The publication of the first call under the scalability investment programme, also through Indartuz, in line with one of its objectives of acting as a fund of funds.

Throughout 2026 and 2027, the remaining initiatives and measures included in the investment plan will be implemented, including the guaranteed financing line, the remaining Indartuz investment programmes and the instruments managed by Capital Riesgo del País Vasco to promote new industries and emerging sectors.

The Debt Fund for Productive Transformation is positioned as a key instrument to support projects in innovation, growth, energy transition and digitalisation, aligned with the strategic priorities of the Basque Country and with the European competitiveness agenda

All documentation relating to the call is available on the official website of the Basque Institute of Finance

(www.ivf-fei.euskadi.eus).

Further information is available on the Irekia portal.