Spanish set new records

Spanish private equity investment reached EUR4.3bn last year, according to figures released by the Asociacion Espanola de Entidades de Capital Riesgo (ASCRI). The figure is up from up 2006 when the volume was EUR2.9bn. This is a 44% increase in the investment volume in a year, which goes to show that the sector remains healthy in spite of the uncertainty triggered by the US sub-prime debt crisis. The number of leveraged deals was slightly down (53 deals) on 2006 (57 deals) and 2005 (61 deals).

The volume of funds raised was close to EUR4.8bn with 64% originating from national vehicles. Particularly interesting were the closings of the vehicles launched by Magnum (EUR850m), N+1 (EUR500m), Arta Capital (EUR500m of which 50% were committed by Corporacion Financiera Alba and Mercapital), Nazca (EUR150m), Realza Capital (EUR120m), N+1 Capital Empresarial (EUR120m) and Miura (EUR60m).

Meanwhile the new legislation on private equity continues to support the creation of new firms, registering 29 new private equity houses, 12 new managing firms and 16 private equity funds. Divestments have also set a new record, generating a volume of EUR1.5bn in some 331 operations. Secondary buyouts represented 33.6% of this volume, while 36% was generated via sale to third parties and 25% through buy-backs by the original shareholders.

2007 in figures

- New record high with EUR4.3bn investment volume.

- Record number of deals which reached 776.

- MBO deals represent 55% of investment volume while expansion represents 27%.

- Venture capital represents 4% investment volume but 33% of deals.

- 11 deals exceeded EUR100m equity (compared with six in 2006).

- Fundraising reached a new high with more than than EUR4.7bn raised; over half originated from national vehicles.

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• Southern Europe