Conditions:

1.They shall be closed-end funds with the possibility of redemption to shareholders.

2. 70% of its assets shall continue to be allocated to non-financial corporations and real assets, such as infrastructure, or real estate, or real estate with a social component. The remaining 30% may be allocated to transferable securities and money market instruments.

 
3.Listed investee companies shall be small-cap companies.
Initially they will be aimed at institutional investors, although marketing to private individuals is permitted. 

Once the regulation enters into force, national managers will be able to use them directly in the EU framework, without the need to transpose it into Spanish law. 

Other new features of the law

In addition, the new law introduces other new features, which are described below:

1.Makes the financial regime for venture capital institutions more flexible.
 
2. It creates the figure of SME-venture capital entities, which allows these entities to invest 70 percent of their equity in SME shares, participating in their management and advising them.
 
 
3. It almost completely eliminates the regime of administrative intervention by the National Securities Market Commission (CNMV) on venture capital companies and closed-end collective investment undertakings.