Fondo ICO launches second tender

Managed by Axis, the vehicle will invest in funds spanning seed capital, venture, buyouts, turnaround and distressed deals across a four-year period. The team or management company must have managed at least one fund in order to be eligible for ICO funding.

International funds are able to enter the tender process, but investment strategy must include a significant percentage of investments in Spain, equal to at least twice the size of ICO's commitment.

Between 6-8 capital injections are expected to be made following the latest tender process, with an even split expected between venture capital and private equity.

The fund-of-funds made its first capital commitments in December 2013 with an €189m injection into six Spanish private equity and venture capital funds. ICO committed to Adara Ventures II, managed by Adara Venture 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 were Corpfin Capital's Corpfin Capital Fund IV, Diana Capital II, managed by Diana Capital, and Portobello Capital Fondo III, managed by Portobello Capital Gestion. 

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

Spanish fundraising dropped to historical lows last year, with not a single buyout fund holding a final close.

For more on Fondo ICO and the changing fortunes of the Spanish market, look out for the cover story of the upcoming unquote" Analysis magazine, out next week.

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• Topics
• Southern Europe
• Fund-of-funds
• Fundraising
• Spain