Fondo ICO commits €189m to six Spanish funds

The commitment is the first made by the state-backed fund-of-funds. The vehicle was launched in March this year on €1.2bn by The Istituto de Crédito Oficial, Spain's state-owned bank attached to the Ministry of Economic Affairs and Competitiveness.

Fondo ICO is expected to commit up to €5bn to 40 Spanish funds across a four-year investment period.

ICO has committed to Adara Ventures II, managed by Adara Ventures Partners, Ambar Capital y Expansion's fund Reemprende Empresa y Crecimiento, and Suma Capital's Green Buildings Equity Fund I. The remaining three funds to receive a capital injection are Corpfin Capital's Corpfin Capital Fund IV, Diana Capital II, managed by Diana Capital, and Portobello Capital Fondo III, owned by Portobello Capital Gestion. 

The aggregate value of the six funds is €689m. 

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• Southern Europe
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