According to Ascri's report "2016 Venture Capital & Private Equity in Spain", Spanish fundrasing by private entities experienced a certain slowdown compared to 2014, reaching a figure of €1,481M. If we add to this figure the resources raised by public entities and the application of international resources when making their investments, the total amount of funds raised was €3,359M. Although this figure is considerably lower than in 2014, it is considerably higher than the funds raised during the crisis period.
What has caused the fall in fundrasing? There is already liquidity in the market for companies.
One of the causes has been that institutions raised a lot of funds in 2014 and are now making investments. We are in a good moment, in which there is liquidity to invest. According to the Ascri report, 2015 saw a peak in investment by venture capitalists, both national and international.
In addition, the favourable conditions that encouraged the attraction of new funds remain in place across the board. These are: The high liquidity generated by capital repayments to LPs, the investor appetite towards private equity by LPs to the detriment of other types of assets linked to interest rate developments and the support of the public sector through funds of funds (Fond-ICO Global and Innvierte).
Which entities raised funds in 2015?
In 2015, 37 entities raised funds, 6 more than in 2014.
Undoubtedly, the two main drivers of activity in 2015 were the midmarket and Venture Capital. The middle market (deals between €10M and €100M) was particularly dynamic, with 57 investments in the year (compared to 33 in 2014) for a total investment of €1,661M (56.5% of the volume). Apax Partner in Idealista.com and that of Partners group in Tous.
In addition, venture capital reached an all-time high volume of €534M, an increase of 86% over the previous year's volume.
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