Fond-ICO injects €160m into eight Spain-focused funds

Following the most recent €71m call in June 2016, which saw Fond-ICO commit capital to four vehicles, this new plan foresees commitments of €160.6m across eight funds.

According to a statement, commitments include a €100m injection into two private equity funds: Magnum Capital II, a SICAR vehicle managed by Magnum Capital and Portobello Capital's fourth vintage, Portobello Fondo IV.

Furthermore, the fund-of-funds will invest €47.5m in a France-based vehicle, Biodiscovery 5, managed by GP Edmond de Rothschild Investment Partners; and two Spanish venture capital vehicles, Seaya Ventures II of Seaya Capital Gestión and Suma Capital's SC Efficiency & Environment Fund II.

Lastly, Fond-ICO will commit the remaining €13.1m to three incubators: Valencia-based business BBoostern, seed capital investor Encomenda Venture Partners's fund, Encomenda Seed I, and technology-transfer investor IUCT Emprén.

Following the injections, the fund-of-funds expects to boost the fundraising activity of the selected GPs, which aim to raise an aggregate €625m in commitments. Since its foundation in 2013, Fond-ICO has deployed €1.26bn with 56 domestic and international GPs.

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• Axis Participaciones Empresariales