ORIGIN OFTHE FUNDS
20 YEARS OF TRANSFORMATION IN THE VENTURE CAPITAL INDUSTRY
INVESTOR PROFILE
Stagnation of fundraising
Growth despite the pandemic
Strong recovery ...
The liquidity bubble bursts
Launch of activity
Uncertainty hinders growth
Peaks in fundraising and entry of individual investors
despite the exit of financial institutions
The inflow of resources drops to historic lows
Fundraising doubles
2023-24
2014-19
2004-08
2009-13
2020-22
rowth occurs alongside international investors.
ational investors dominate the market, accounting for over 70%.
he fundraising and influence of family offices and individual investors grow.
undraising recovers, with the return of international investors and the support of Fond-ICO Global.
ational investors lead the contribution of funds in the market.
Fundraising slows down due to lower returns for investors and the dry powder of fund managers.
Venture capital is back in vogue as an investment asset, although Spain still lags behind the fundraising levels of neighboring countries (France, Italy, Germany).
Access for individuals to invest in venture capital is democratized starting from €100k (later, it will decrease to €10k).
During this period, the ICO creates a fund to reactivate fundraising activity and makes its first disbursement in 2013.
Among other investors, in addition to banks and savings banks, the public sector plays a relevant role (EIF, CDTI).
3.218
2.994
fundraising in Mill.€
96%
2.512
2.384
2.306
% national investments
81%
73%
1.173
429
34%
26%
24%
Source: annual reports from Ascri and SpainCap
ORIGIN OF THE FUNDS
20 YEARS OF TRANSFORMATION IN THE VENTURE CAPITAL INDUSTRY
INVESTOR PROFILE
In the last 20 years, the profile of investors in Spain has changed significantly:
2004
2009
2014
2020
2023
rom institutional investors and a few family offices, we move to a highly diversified investor base, where family offices and individuals hold significant weight.
The investor base changes in its composition
Others Investors
16%
17%
Public Sector
7%
Family Offices and Individuals
10%
anks and savings banks were the main national investors in funds (and in some management companies); currently, they have minimal direct investment, but they are the primary channel for marketing venture capital investment products.
Financial institutions change their role in fundraising
28%
Funds of Funds
13%
Financial Entities
31%
30%
he public sector, which had a limited presence, has become one of the drivers of fundraising through the EIF, ICO, and CDTI.
The public sector has established itself as an anchor investor
11%
The investor base transforms with the entry of new players
24%
2%
Pension Funds and Insurers
11%
ome institutional investors, such as Mutua Madrileña, Mapfre, or Telefónica, have established themselves as reference investors.
Weight of different investors in the raised resources (% of total)
Source: annual reports from Ascri and SpainCap
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Transcript
ORIGIN OFTHE FUNDS
20 YEARS OF TRANSFORMATION IN THE VENTURE CAPITAL INDUSTRY
INVESTOR PROFILE
Stagnation of fundraising
Growth despite the pandemic
Strong recovery ...
The liquidity bubble bursts
Launch of activity
Uncertainty hinders growth
Peaks in fundraising and entry of individual investors
despite the exit of financial institutions
The inflow of resources drops to historic lows
Fundraising doubles
2023-24
2014-19
2004-08
2009-13
2020-22
rowth occurs alongside international investors.
ational investors dominate the market, accounting for over 70%.
he fundraising and influence of family offices and individual investors grow.
undraising recovers, with the return of international investors and the support of Fond-ICO Global.
ational investors lead the contribution of funds in the market.
Fundraising slows down due to lower returns for investors and the dry powder of fund managers.
Venture capital is back in vogue as an investment asset, although Spain still lags behind the fundraising levels of neighboring countries (France, Italy, Germany).
Access for individuals to invest in venture capital is democratized starting from €100k (later, it will decrease to €10k).
During this period, the ICO creates a fund to reactivate fundraising activity and makes its first disbursement in 2013.
Among other investors, in addition to banks and savings banks, the public sector plays a relevant role (EIF, CDTI).
3.218
2.994
fundraising in Mill.€
96%
2.512
2.384
2.306
% national investments
81%
73%
1.173
429
34%
26%
24%
Source: annual reports from Ascri and SpainCap
ORIGIN OF THE FUNDS
20 YEARS OF TRANSFORMATION IN THE VENTURE CAPITAL INDUSTRY
INVESTOR PROFILE
In the last 20 years, the profile of investors in Spain has changed significantly:
2004
2009
2014
2020
2023
rom institutional investors and a few family offices, we move to a highly diversified investor base, where family offices and individuals hold significant weight.
The investor base changes in its composition
Others Investors
16%
17%
Public Sector
7%
Family Offices and Individuals
10%
anks and savings banks were the main national investors in funds (and in some management companies); currently, they have minimal direct investment, but they are the primary channel for marketing venture capital investment products.
Financial institutions change their role in fundraising
28%
Funds of Funds
13%
Financial Entities
31%
30%
he public sector, which had a limited presence, has become one of the drivers of fundraising through the EIF, ICO, and CDTI.
The public sector has established itself as an anchor investor
11%
The investor base transforms with the entry of new players
24%
2%
Pension Funds and Insurers
11%
ome institutional investors, such as Mutua Madrileña, Mapfre, or Telefónica, have established themselves as reference investors.
Weight of different investors in the raised resources (% of total)
Source: annual reports from Ascri and SpainCap