FOND-ICO GLOBAL has mobilized nearly €2 billion for investment in Spain since its launch
- After FOND-ICO Global’s third call, the Fund, managed by ICO’s Axis, has mobilized an estimated €1.99 billion
- FOND-ICO Global has become a key driver of the private equity sector’s recovery in Spain
- ICO Chairwoman Irene Garrido unveiled today the names of the new funds selected in the third call of the FOND-ICO Global tender
- She also announced the fund types of the fourth call
A total of 23 funds participated in the bidding process, many of which (44%) were international. This call included four fund categories: growth capital, venture capital, seed capital and debt funds. The strong showing by foreign funds is further evidence of international investor confidence over Spain and the interest generated by investment in Spanish companies.
The venture capital funds selected were CABIEDES & PARTNERS IV SCR SA and INVEREADY ASSET MANAGEMENT SGECR SA.
BRIDGEPOINT ADVISERS LTD, MCH PRIVATE EQUITY INVESTMENTS SGECR SAU and TALDE GESTIÓN SGECR SA were the winners in the growth fund category.
In Incubators fund category, CLAVE MAYOR SGECR SA and SUANFARMA BIOTECH SGECR SA were chosen.
Finally, in the debt fund category, the funds selected were ALTERALIA MANAGEMENT S.à.r.l (N+1) and BTC INVESTMENTS 2012 S.à.r.l (AMTREA).
FOND-ICO Global will invest €194 million in this round. Meanwhile, the chosen funds’ investment commitment in Spain amounts to €669 million.
FOND-ICO Global in numbers
Since its launch, FOND-ICO Global now has a total investment commitment of €631 million, making it a key driver of the recovery by the private equity sector in Spain, as underscored by the Spanish Private Equity & Venture Capital Association, ASCRI, in its Yearbook 2013 and its quarterly publication for the third quarter of 2014.
The ICO Chairwoman highlighted that the “investment commitment of the funds selected in the three FOND-ICO calls amounts to over €1.99 billion”.
Ms. Garrido noted the importance of public-private projects such as FOND-ICO Global, which are “designed to diversify funding sources and promote the internationalisation of Spanish companies”. In this vein, she insisted on the importance of providing SMEs with alternatives to bank finance in order for them to become more competitive.
Fund selection procedure
The ICO Chairwoman also underlined the transparency of the selection process in each of the calls, noting that tender rules and selection criteria are publicly available on the AXIS website.
The evaluation process is designed to select the funds with the highest scores according to the criteria set out in the rules for each call and fund category. All bidders are informed of the tender process and evaluation criteria beforehand.
Fourth call for FOND-ICO Global
During yesterday’s press conference, the ICO Chairwoman announced that the fourth call for the tender would target three fund categories: venture capital, growth capital and seed capital.
This call is scheduled to be held on 28 November 2014. Two seed capital, two venture capital and two debt capital funds will be selected.
About FOND-ICO Global:
FOND-ICO Global is the first public-capital private equity fund-of-funds created in Spain. It is endowed with €1.2 billion. Its aim is to foster the creation of private equity funds that invest in Spanish companies at all stages of development. The fund-of-funds is managed by AXIS, ICO’s 100%-owned private equity firm. The idea is to invigorate the private equity market and catalyse private equity investing activity.
The goal is to attract private Spanish and international investors with the ability to mobilise around €5 billion of funds. Management estimates that during its lifetime the Fund will help to create over 40 new private equity funds, in their assorted legal manifestations, which will invest in companies at various stages of development. For more information: www.axispart.com
Axis is a private equity company 100%-owned by ICO. Its track record in the private equity market dates back over 25 years, during which time it has invested over €350 million in more than 150 companies. For more information: www.axispart.com
About Instituto de Crédito Oficial (ICO):
Instituto de Crédito Oficial is a state-owned bank with the legal structure of a public sector company, attached to the Ministry of Economic Affairs and Competitiveness via the State Secretariat for Economy and Enterprise Support. From a legal point of view it is a credit institution, and it is treated as a State Finance Agency. As a state-owned bank, ICO grants loans to finance companies’ investment projects and liquidity needs, both within and beyond Spain, either through financial entities or directly. In addition, as the State Finance Agency, it manages the official financing instruments that the Spanish government deploys to promote exports and provide development aid. For more information, visit www.ico.es
FOND-ICO GLOBAL´S THIRD CALL: SELECTED MANAGEMENT COMPANIES
- Bridgepoint Advisers, L.T.D.
- MCH Private Equity Investments, S.G.E.C.R., S.A.U.
- Talde Gestión, S.G.E.C.R., S.A.
- Cabiedes & Partners IV, S.C.R., S.A.
- Inveready Asset Management, S.G.E.C.R., S.A.
- Alteralia Management, S.à.r.l
- BTC Investments 2012, S.à.r.l
- Clave Mayor, S.G.E.C.R., S.A.
- Suanfarma Biotech, S.G.E.C.R., S.A.
Fourth call: 28 th November 2014
Clarification of the Basis
More information: Selection of Funds
Clarification of the Basis
More information: Selection of Funds
FOND-ICO Global´s SECOND CALL: SELECTED MANAGMENT COMPANIES
- Axon Capital e Inversiones SGECR, SA (Fund: Fondo Axon ICT III, FCR de régimen simplificado)
- Caixa Capital Risc SGECR, SA (Fund: Caixa Capital TIC II, FCR)
- Forbion III Management, B.V. (Fund: Forbion Capital Fund III C.V.)
- Seaya Capital Gestión SGECR , SA (Fund: Seaya Ventures, FCR de régimen simplificado)
- Espiga Equity Partners SGECR (Fund: Espiga Equity Fund, FCR de régimen simplificado)
- Oquendo Management S.a.r.l (Fund: Oquendo Mezzanine II SCA SICAR)
- PAI Partners (Fund: PAI Europe VI-I SCSp)
- Trilantic Capital Partners (Fund: Trilantic Capital Partners V (Europe) SCA SICAR)
FOND-ICO Global, the “fund-of-funds” initiative of ICO, launches the second call for tender to select another eight Venture Capital funds
- Axis, the private equity branch of ICO, launches the second call for tender to select eight Private Equity and Venture Capital funds, where four will be Venture Capital funds and the other four will be Growth funds.
- In 2013, the first call of the process resulted in an amount of 685 million Euros leveraged by FOND-ICO Global. That figure outnumbered the 447 million Euros leveraged by all the Spanish private equity firms in 2012.
- The basis documentation for the selection of Private Equity and Venture Capital funds can be found at Axis webpage.
- The third round of FOND-ICO Global tender process will be opened on July 11th, 2014.
February 21st, 2014.- FOND-ICO Global, the fund-of-funds initiative managed by Axis – Private Equity Management company within ICO group – launches the second call for tender to select and invest in Private Equity and Venture Capital funds. According to the investment policy of FOND-ICO Global, the tender process will be carried out in several rounds. The preferred bidders’ selection will observe the public procurement principles of communication, competition, equality and transparency, as it happened in the first round.
Further to the large amount of bids received during the first round, this second call targets the selection of another eight funds, where four will be Venture Capital vehicles and the other four will be Growth funds.
The bidding management companies will be able to submit their proposals until March 21st, 2014.
It should be underlined that, the amount leveraged by FOND-ICO Global in the first call in 2013 reached 685 million Euros, which largely outnumbered the 447 million Euros leveraged by all the Spanish private equity firms in 2012, according to ASCRI data (Asociación Española de Capital Riesgo).
In the first call of the process, six private equity funds were selected. These six funds have global commitments of 685 million Euros, where 189 million Euros are provided by FOND-ICO Global.
Within the framework of FOND-ICO Global investment program for the coming four years, the third call for tender will be launched on July 11th, 2014, while the fourth call will be opened in the fourth quarter.
More information about FOND-ICO Global
FOND-ICO Global is the first Spanish public Private Equity “Fund-of-Funds” initiative. It is endowed with up to €1.2 billion and it aims at promoting the creation of venture capital funds, privately-managed, making investments in Spanish companies at any development stage. The “Fund-of-Funds” initiative is managed by AXIS, the Private Equity Management company 100% owned by ICO. This initiative is oriented to both dynamize the private equity market and be a catalyst for the creation of about 40 new private venture capital funds.
The purpose of this instrument is to attract national and foreign private investors capable of leveraging / mobilizing around 5 billion Euros. Therefore, according to initial estimates, the initiative could help creating more than 40 new private venture capital funds to be invested in companies in different growth stages.
More information about Axis
Axis is a regulated Private Equity Management company 100% owned by ICO. Axis has been an active operator of the Spanish Private Equity market for the latest 25 years. Historically, Axis has invested more than 350 million Euros in more than 150 companies.
FOND-ICO GLOBAL´S FIRST CALL: SELECTED MANAGMENT COMPANIES
- Adara Ventures Partners II SARL (Fund: Adara Ventures II, SCA. SICAR)
- Ambar Capital y Expansión SGECR SA (Fund: Reemprende Empresa y Crecimiento, FCR)
- Suma Capital SCR SA (Fund: Green Buildings Equity Fund I, FCR)
- Corpfin Capital Asesores SGECR SA (Fund: Corpfin Capital Fund IV, FCR)
- Diana Capital SGECR SA (Fund: Diana Capital II, FCR)
- Portobello Capital Gestión SGECR (Fund:Portobello Capital Fondo III, FCR)
Second Call: 21 february 2014
EXPIRED DEADLINE OF THE FIRST CALL FOND-ICO GLOBAL, FUND OF FUNDS
for the selection of venture and growth capital funds.
FOND-ICO Global announces its first call for the selection of venture capital funds
- The conditions for the selection of the different funds will be published in the webpage of AXIS during the next two weeks.
- The investment programme will be implemented by means of a call for public tenders that will be carried out over the next four years.
- FOND-ICO Global aims to strengthen venture capital activity, offering alternative, non-bank funding to Spanish businesses.
24 September 2013.- FOND-ICO Global, the “fund of funds” managed by AXIS, ICO’s venture capital firm, has launched the first call for tenders for the selection and investment in venture capital funds. There are plans to carry out subsequent calls for tenders over the next four years depending on investor demand and the market situation at the time.
FOND-ICO Global is the first public venture capital “fund of funds” created in Spain, and holds €1.2 billion. The design and roll-out of the “fund of funds” fall within the framework of the measures set forth in the “Economic Stimulus and Support for Entrepreneurs Plan” announced by the President of the Government.
The call for the first tenders is in line with the schedule established in the FOND-ICO Global launch, after being registered with the Spanish Securities Market Commission and having defined its investment strategy.
One of the major objectives of FOND-ICO Global is to promote the creation of privately managed venture capital funds that invest in Spanish companies at all capital investment stages.
Moreover, the roll-out of this initiative will help to improve and diversify the sources of funding available to businesses, create jobs, attract foreign investors and drive the internationalisation of Spanish companies.
Investments exceeding €3 billion
AXIS, the ICO group’s venture capital manager, has designed an investment programme that will be implemented by means of periodic calls for tenders. These calls are open to any funds that meet the qualification requirements defined in each round. This investment programme will mean that FOND-ICO Global’s contribution will act as the “anchor investor” and attract both domestic and foreign private investors.
FOND-ICO Global has a four-year horizon for investments in the various private funds it identifies. It is estimated that in this timeframe it will collaborate on the creation of over 40 new venture capital funds in their various forms. The launch of this “fund of funds” completes the catalogue of venture capital products promoted by ICO through AXIS.
The aim is to promote the creation of venture capital funds managed by private managers covering the investment in Spanish companies within all their development stages. Find out more
The aim is to promote the creation of venture capital funds managed by private managers covering the investment in Spanish companies within all their development stages
Find out more
What is AXIS
Wholly owned by Instituto de Crédito Oficial, AXIS is a venture capital manager providing enterprises with
capital and quasi-capital instruments to finance their growth.
Our aim is to provide backing for the long-term growth of enterprises at the forefront of their market
segment. This is always done in accordance with financial criteria, supporting the entrepreneur/management
Since its cration in 1986 AXIS has provided assistance for enterprises’ expansion plans with
financing and a long-term business vision.
Isabel La Católica Fund
The Isabel La Católica Fund-EAF Spain provides equity to Business Angels and other non-institutional investors for the financing of innovative companies in the form of co-investments.