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Spanish investments on the up

Spanish private equity investments continue to rise, according to the Spanish venture capital association, ASCRI. For the first six months of the year, E597 million was committed, with the number of investments also up, reaching 197 transactions.

Of these commitments, 117 were new investments, while the remainder were in follow-on investments. Seed investments accounted for 7.5 per cent in the first semester compared to a 17.8 per cent share in 2000. Growth capital continues to be a major source of deal flow, representing over two thirds of amount invested.

“The level of investment is growing. It is not a big jump in activity, but at least it is not a decrease,” says Dominique Barthel of ASCRI. She adds that the growing number of investments is due to an expanding private equity culture in Spain and a handful of new entrants to the market.

Following a boom in fundraising activity in Spain over the past year, total funds managed dedicated exclusively to Spain grew by 10 per cent. This was largely due to Spanish veteran Mercapital’s E600 million offering, the second largest country-specific fund in Europe.