Spanish government to launch technology fund

The Spanish ministry for trade & industry is reported to be working on a €100m fund-of-funds to invest in technology companies. The move comes after continuous complaints from companies involved in the technology sector concerning the lack of funding available for technology firms in the early stages of development. The investment vehicle will make funds available to a variety of private equity funds that will then invest in biotechnology, information technology, biomedicine and telecommunications. The amount to be invested will vary between €300,000 and €1m. The structure of the fund, which is currently in its preliminary stages, is being organised by SJ Berwin. The Centro para el Desarrollo Technológico Industrial (CDTI) and the Fondo Europeo de Inversiones (FEI) will each control 40% of the fund while the remaining 20% will be in the hands of banks and businesses. It is believed that the fund could begin to operate as early as mid-2005.

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