- This initiative is part of the commitment announced by the President of the Government in the Debate on the State of the Nation to improve access to finance for Spanish companies.
- The objective of FOND-ICO Global is to provide SMEs with alternative financing to banking, through Venture Capital.
- It is estimated that FOND-ICO Global will participate and serve as a catalyst for the creation of Private Equity funds with a majority of private capital, which will mobilize resources of more than 3,000 million euros.
- Investment and dissemination strategies will be defined in the coming months, and the first tenders are scheduled for the third quarter of the year.
The Official Credit Institute (ICO) has completed the registration process with the fund's National Securities Market Commission (CNMV), FOND-ICO Global. It is the first public venture capital “Fund of Funds” created in Spain, endowed with 1,200 million euros, with the aim of promoting the creation of privately managed venture capital funds that make investments in Spanish companies in all its stages of development.
The “Fund of Funds” will be managed by AXIS, the Venture Capital Company 100% owned by ICO.
Once the registration and registration process with the CNMV FOND-ICO Global is complete, it can start operating. In the coming months, AXIS, together with an external advisor, will determine the investment and dissemination strategies. The objective is that the first tenders can be held in the third quarter of 2013.
FOND-ICO Global: the first public Venture Capital “Fund of Funds”
The design and implementation of FOND-ICO Global is part of the measures included in the "Plan for Economic Stimulation and Support for Entrepreneurs" announced by the President of the Government in the Debate on the State of the Nation.
The final objective of the creation of this “Fund of Funds” is to promote non-bank financing of projects that combine innovation and entrepreneurship, investing in companies from the start, and during all phases of development, improving their competitiveness and internationalization.
Total investments of over 3,000 million euros
AXIS, risk management company of the ICO group, through a public bidding system, will be in charge of selecting, over four years, the most appropriate private venture capital funds and managers for the contribution of FOND-ICO Global to act as an “anchor investor” in order to attract private national and international investors.
FOND-ICO Global has a time horizon of four years to make investments in the different private funds in which it participates. It is estimated that during this time it will collaborate in the creation of more than 40 new Venture Capital funds in their different modalities. With the launch of this "Fund of Funds" the catalog of Venture Capital products promoted by ICO through AXIS is completed. .