Chart of the week: Spanish private equity fundraising in decline

Capital gathered for closed-ended private equity funds in 2015 has fallen by 29 percent since 2014.


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In 2015, $280.1 million was collected in total from the close of one Spanish-focused private equity fund. This represents a 29 percent decrease on total capital raised from the close of six smaller vehicles in 2014, the largest of which was Miura Private Equity II which gathered $263.06 million at final close in September. The smallest was Avindia Seed Capital Fund I, which collected $11.84 million from investors.

Further, it is important to note that 2013 was a bumper fundraising year for such vehicles due to the close of FOND-ICO Global at $1.6 billion.Therefore, this suggests an overall downward trend since 2010.

The only vehicle focused exclusively on investments into Spain to close in 2015 was Corpfin Capital IV. Initially targeting $219.69 million, Corpfin Capital closed the fund at $60.41 million above this figure in April. No Spanish-focused private equity vehicles have closed in 2016 to date.

As popular discontent in the country has allowed more radical political parties to emerge alongside the two leading parties, ongoing talks to form a new government has led to national instability. This has turned investors off Spanish-focused investments, resulting in a decline in fundraising for private equity funds focused on the region.

However, there are currently 20 Spanish-focused closed-ended private equity vehicles on the road targeting $2.91 billion collectively. The largest of these is CDTI Private Equity Fund, with a target of $652.84 million. There are also a number of European-focused funds in the market, or coming to market, which may opportunistically invest into the country.