Spanish government launches €1.2bn fund-of-funds

Amy King
26 March 2013

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The Instituto de Crédito Oficial, Spain’s state-owned bank attached to the Ministry of Economic Affairs and Competitiveness, has launched a fund-of-funds holding €1.2bn.

Fond-ICO Global was announced by the Spanish prime minister during the recent state of the nation debate in the Spanish parliament. The fund is intended to act as an alternative source of financing for Spanish SMEs and will catalyse the creation of new funds in Spain.

It will act as a cornerstone investor in around 40 vehicles that invest across the investment spectrum, from seed capital investments through to growth financing. It is hoped that the newly created funds will hold capital commitments of around €3bn.

The fund-of-funds will be managed by Axis, a venture capital manager wholly owned by the Instituto de Crédito Oficial. Investments will be made across a four-year period.