{"id":52903,"date":"2022-01-14T11:46:19","date_gmt":"2022-01-14T10:46:19","guid":{"rendered":"https:\/\/techma.bakertilly.es\/?post_type=diccionario&#038;p=52903"},"modified":"2024-09-13T10:28:45","modified_gmt":"2024-09-13T08:28:45","slug":"what-is-private-equity-ss-a2","status":"publish","type":"diccionario","link":"https:\/\/techma.bakertilly.es\/en\/como-hacer\/que-es-el-capital-riesgo-ss-a2\/","title":{"rendered":"What is Private Equity?"},"content":{"rendered":"<p>Private equity is an alternative form of financing for investing directly in private companies. Occasionally, private equity funds participate in buy-outs of public companies leading to delisting.<\/p>\n\n\n\n<p>In simplified terms, the private equity fund earns a return on its investments by improving the sale price of each investment relative to the initial purchase price after a period of time of participation in the company.<\/p>\n\n\n\n<p>The structure of a private equity fund consists of the limited partners, who usually hold the majority of the fund and have limited liability, and the management company (general partner), which holds a minority stake in the fund and is responsible for operating and executing the investments. The management company aligns its interests with the capitalists through this co-investment.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"452\" src=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2022\/02\/que-es-capital-riesgo-1024x452.png\" alt=\"\" class=\"wp-image-53294\" title=\"\" srcset=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2022\/02\/que-es-capital-riesgo-1024x452.png 1024w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2022\/02\/que-es-capital-riesgo-300x133.png 300w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2022\/02\/que-es-capital-riesgo-768x339.png 768w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2022\/02\/que-es-capital-riesgo-1536x679.png 1536w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2022\/02\/que-es-capital-riesgo-2048x905.png 2048w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2022\/02\/que-es-capital-riesgo-18x8.png 18w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Private equity, although unlisted and private capital, is regulated by the governmental bodies in charge of overseeing Financial Markets such as the <a href=\"https:\/\/www.sec.gov\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">S<\/a><a href=\"https:\/\/www.sec.gov\/\" rel=\"nofollow noopener\" target=\"_blank\">EC<\/a> (US).<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Contents\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/que-es-el-capital-riesgo-ss-a2\/#%C2%BFComo_funciona_el_capital_riesgo\" >How does Private Equity work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/que-es-el-capital-riesgo-ss-a2\/#%C2%BFQue_tipo_de_capital_riesgo_existen_y_operaciones\" >What kind of risk capital and what kind of operations are there?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/que-es-el-capital-riesgo-ss-a2\/#9_cosas_que_aporta_el_capital_riesgo_al_desarrollo_de_las_Pymes\" >9 things venture capital brings to SME development<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/que-es-el-capital-riesgo-ss-a2\/#Financiacion_alternativa\" >Alternative financing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/que-es-el-capital-riesgo-ss-a2\/#Valor_anadido\" >Added value<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/que-es-el-capital-riesgo-ss-a2\/#Consolidacion_empresarial\" >Business consolidation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/que-es-el-capital-riesgo-ss-a2\/#Generacion_de_empleo\" >Employment generation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/que-es-el-capital-riesgo-ss-a2\/#Aceleracion_del_crecimiento_de_las_empresas\" >Accelerating business growth<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/que-es-el-capital-riesgo-ss-a2\/#Mejora_de_la_rentabilidad_de_las_empresas\" >Improving the profitability of enterprises<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/que-es-el-capital-riesgo-ss-a2\/#Fomento_de_la_inversion\" >Investment promotion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/que-es-el-capital-riesgo-ss-a2\/#Apoyo_a_las_empresas_en_crisis\" >Support for companies in crisis<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/que-es-el-capital-riesgo-ss-a2\/#Impacto_en_diferentes_sectores\" >Impact on different sectors<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/que-es-el-capital-riesgo-ss-a2\/#Ejemplos_de_fondos_de_capital_de_riesgo\" >Examples of private equity funds<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/que-es-el-capital-riesgo-ss-a2\/#Providence_equity_partnes\" >Providence equity partnes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/que-es-el-capital-riesgo-ss-a2\/#Nazca_Capital\" >Nazca Capital's<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/que-es-el-capital-riesgo-ss-a2\/#Ufenau\" >Ufenau<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%C2%BFComo_funciona_el_capital_riesgo\"><\/span>How does Private Equity work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The 4 main characteristics of a PE fund are as follows:<\/p>\n\n\n\n<p><strong>1. Financial partner, not managing partner:<\/strong><\/p>\n\n\n\n<p>Normally a private equity does not want to be part of the day-to-day management of the company. The fund's contribution is not to control management but to professionalise it. The evaluation of the management team is usually a key element in the investment decision. Private equity usually aligns its objectives with those of the management team through different mechanisms.<\/p>\n\n\n\n<p><strong>2. Time horizon of the investment:<\/strong><\/p>\n\n\n\n<p>When a <a href=\"https:\/\/cincodias.elpais.com\/cincodias\/2022\/01\/21\/companias\/1642758009_520254.html\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/cincodias.elpais.com\/cincodias\/2022\/01\/21\/companias\/1642758009_520254.html\" rel=\"noreferrer noopener\">private equity<\/a> receives capital from its \"limited partners\", it makes a commitment to repay that investment within a maximum period of time. As a result of this commitment, the private equity fund invests in a company over a specific time horizon, typically between four and seven years.<\/p>\n\n\n\n<p>For this reason, private equity must agree in the shareholders' agreement on exit mechanisms to ensure that it can liquidate its shareholding at the end of the management period.&nbsp;<\/p>\n\n\n\n<p><strong>3. Investment in the form of equity:<\/strong><\/p>\n\n\n\n<p>A PE fund provides its investment mainly in the form of capital and not so much in the form of debt as bank financing. Thus, the PE becomes a shareholder of the company and has an impact on the shareholding structure. The business project becomes a joint project of the PE fund together with the other owners of the company and the PE fund will have at least the same rights and obligations as any other shareholder.<\/p>\n\n\n\n<p><strong>4. Majority and\/or minority participation:<\/strong><\/p>\n\n\n\n<p>Although historically, private equity was more inclined to take majority positions, it is now open to minority positions as long as they are of relative importance and reasonable exit mechanisms can be agreed upon.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%C2%BFQue_tipo_de_capital_riesgo_existen_y_operaciones\"><\/span>What kind of risk capital and what kind of operations are there?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are different ways for a PE fund to participate in a company, which mainly depend on the company's situation. They can be divided as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Development Capital:<\/strong> In the case of a company that wants to start up an investment project (internationalisation, expanding its commercial network, new machinery, technology, etc.) for which it needs large amounts of money, which it is not able to afford with its own capital, it needs external capital. We speak of <strong>Development Capital<\/strong> because through a capital increase new capital is provided to the company and gives it resources.<\/li>\n\n\n\n<li><strong>Replacement Capital:<\/strong> When the private equity fund replaces part or all of the shareholding by buying its shares or participations, we speak of <strong>Replacement capital<\/strong>. It occurs mainly in the case of retirements of entrepreneurs and\/or the acquisition of the company by its management team, known as <a href=\"https:\/\/techma.bakertilly.es\/en\/how-to\/que-es-mbo-ss-a2\/\">Management Buy Out (MBO).<\/a><\/li>\n\n\n\n<li><strong>Mixed operations:<\/strong> Finally, there are <strong>mixed operations<\/strong> that combine development capital (cash-in) with capital to replace former shareholders (cash-out).<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"708\" src=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2022\/01\/HT_private-equity-1024x708.jpg\" alt=\"private equity\" class=\"wp-image-52907\" title=\"\" srcset=\"https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2022\/01\/HT_private-equity-1024x708.jpg 1024w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2022\/01\/HT_private-equity-300x207.jpg 300w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2022\/01\/HT_private-equity-768x531.jpg 768w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2022\/01\/HT_private-equity-1536x1062.jpg 1536w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2022\/01\/HT_private-equity-2048x1416.jpg 2048w, https:\/\/techma.bakertilly.es\/wp-content\/uploads\/2022\/01\/HT_private-equity-18x12.jpg 18w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"9_cosas_que_aporta_el_capital_riesgo_al_desarrollo_de_las_Pymes\"><\/span>9 things venture capital brings to SME development<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The ASCRI study on the impact of Venture Capital on SMEs summarises the following 9 differentiating values:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Financiacion_alternativa\"><\/span><strong>Alternative financing<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>PE is a basic pillar for SME financing, complementing banking sources.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Valor_anadido\"><\/span><strong>Added value<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In addition to funding, the PE also provides the expertise of its teams:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>they offer strategic advice<\/li>\n\n\n\n<li>generate credibility with third parties<\/li>\n\n\n\n<li>they help professionalise management teams.<\/li>\n\n\n\n<li>offer exogenous business approaches<\/li>\n\n\n\n<li>they transfer best practices from other sectors.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Consolidacion_empresarial\"><\/span><strong>Business consolidation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Private Equity contributes to this consolidation in two ways:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Growing sales, turnover or EBITDA<\/li>\n\n\n\n<li>With \"build up\" operations: a company gains size by acquiring other company(ies), reducing fragmentation in its sector.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Generacion_de_empleo\"><\/span><strong>Employment generation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Private Equity-backed companies contribute more intensively to job creation. In the period analysed, the aggregate increase was 30%, while in the rest there was a destruction of 2.8%.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Aceleracion_del_crecimiento_de_las_empresas\"><\/span><strong>Accelerating business growth<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>El<strong> <\/strong>Private Equity intensifies the growth of investee companies. In the period analysed, each investee company increased its sales by \u20ac12.2m (3 years after the investment) more than the rest of the companies.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Mejora_de_la_rentabilidad_de_las_empresas\"><\/span><strong>Improving the profitability of enterprises<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>El<strong> <\/strong>Private Equity improves the earnings capacity of its investors. An average rate of 7% p.a. in the 3rd year compared to -6.4% p.a. on average for companies under a control group.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fomento_de_la_inversion\"><\/span><strong>Investment promotion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Private Equity financing multiplies the investment of its investees, which allows for an increase in production. In aggregate terms, the total assets of the investee companies are growing at an annual rate of 7% compared to 2.8% for the control group.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Apoyo_a_las_empresas_en_crisis\"><\/span><strong>Support for companies in crisis<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Venture Capital involves management support that helps to create value, cushion the effects of downturns through investment and seek new markets in which to grow. In the \"<em>middle market<\/em>\" segment, companies that received financing after the onset of the crisis in 2009 increased their turnover after 3 years by an average of 7 times more than control groups.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Impacto_en_diferentes_sectores\"><\/span><strong>Impact on different sectors<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Private Equity investment in the<em>middle market<\/em>\" segment is spread across almost all sectors depending on the economic cycle and growth expectations. In particular, the technology sector is becoming more prominent every year. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ejemplos_de_fondos_de_capital_de_riesgo\"><\/span>Examples of private equity funds<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Here are some examples of private equity institutions for your reference:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Providence_equity_partnes\"><\/span>Providence equity partnes<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><a href=\"https:\/\/www.provequity.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Providence equity partnes<\/a> based in Boston (USA) is one of the pioneers of sector-specific private equity firms with international coverage, in its case in software and education in North America and Europe. Some of its current investees are <a href=\"https:\/\/techma.bakertilly.es\/en\/baker-tilly-asesora-a-imaweb-en-su-venta-a-providence\/\">Imaweb<\/a>, Masmovil, Blackboard,...<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nazca_Capital\"><\/span>Nazca Capital's<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><a href=\"https:\/\/www.nazca.es\/en\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Nazca capital<\/a> based in Madrid is one of the deans of private equity in Spain with an open sectorial approach and a focus on Spanish companies. Some of its current investees are Seprotec, Filmin, IDP, ...<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ufenau\"><\/span>Ufenau<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><a href=\"https:\/\/ucp.ch\/en\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Ufenau<\/a> based in Switzerland is an example of private equity with a European geographic focus and specialised in one type of growth. It invests in companies that can lead an ambitious growth process through \"Buy&amp;build\" processes. Normally, they acquire 10 companies in each platform investment. Some of its current investees are Collana IT, MYTY, X1F, ...<\/p>\n\n\n\n<p>In the process of <a href=\"https:\/\/techma.bakertilly.es\/en\/sale-of-companies\/\" data-type=\"URL\" data-id=\"https:\/\/techma.bakertilly.es\/venta-de-empresas\/\">selling a company<\/a> or seeking for <a href=\"https:\/\/techma.bakertilly.es\/en\/investor-seeking-and-capital-raising\/\" data-type=\"URL\" data-id=\"https:\/\/techma.bakertilly.es\/busqueda-de-inversores-y-ampliacion-capital\/\">capital raising or strategic investor<\/a>, a private equity is a good option to study. <\/p>","protected":false},"author":8,"featured_media":53294,"template":"","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":""},"tags":[171,155,202,195],"paso-howto":[2228],"sectores":[],"class_list":["post-52903","diccionario","type-diccionario","status-publish","has-post-thumbnail","hentry","tag-capital-riesgo","tag-corporate-finance-spain","tag-ma","tag-private-equity","paso-howto-venta-potenciales-inversores"],"acf":[],"_links":{"self":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/diccionario\/52903","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/diccionario"}],"about":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/types\/diccionario"}],"author":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/users\/8"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media\/53294"}],"wp:attachment":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media?parent=52903"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tags?post=52903"},{"taxonomy":"paso-howto","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/paso-howto?post=52903"},{"taxonomy":"sectores","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/sectores?post=52903"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}