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Spanish investments on the up

Fund raising was also up, jumping 38.9% from €277m for the first half of 2002 to €385m in 2003. Over half of this amount was raised by Nmás1 Private Equity, which closed on €175m earlier this year.

Divestments in Spain did not fare so well. Only €100m was realised including Advent International’s sale of Alcalá Farma.

Spanish investment activity 2002 H1 2002 H1 2003 +/- %

Amount invested (€m) 968.2 330 415 25.8

New investments (€m) 860 277 385 38.9

No of investments 448 186 172 -7.5

New investments 241 98 107 9.2

Follow-on investments 207 88 65 -26.1

Average investment (€m) 2.1 1.8 2.4 –

Source: Asociacion Espanola de Entidades de Capital – Riesgo (ASCRI)