- 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 financing for Spanish companies.
- The objective of FOND-ICO Global is to provide SMEs with alternative financing to the bank, through Venture Capital.
- It is estimated that FOND-ICO Global will participate and serve as a catalyst for the creation of Venture Capital funds with a majority of private capital, which will mobilize resources for more than 3,000 million euros.
- In the coming months, investment and dissemination strategies will be defined, 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 National Securities Market Commission (CNMV) of the fund, FOND-ICO Global. This is the first public “Fund of Funds” public venture capital that is created in Spain, endowed with 1,200 million euros, with the aim of promoting the creation of private equity risk funds, which make investments in Spanish companies in all Its development phases.
The “Fund of Funds” will be managed by AXIS, the Venture Capital Company 100% owned by ICO.
Once the registration and registration process in the CNMV FOND-ICO Global can be completed, it can begin to operate. 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 “Fund of Funds” public Venture Capital
The design and implementation of FOND-ICO Global is part of the measures included in the "Plan for Economic Stimulus and Entrepreneur Support" announced by the President of the Government in the Debate on the State of the Nation.
The ultimate goal of the creation of this “Fund of Funds” is to promote non-bank financing of projects that combine innovation and entrepreneurship, investing in companies since its inception, and during all phases of development, improving its competitiveness and internationalization.
Total investments exceeding 3,000 million euros
AXIS, the venture capital management company of the ICO group, through a public bidding system, will be responsible for selecting the most suitable private equity funds and managers over four years so that the contribution of FOND-ICO Global acts as an "anchor investor" in order to attract national and international private 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 at this time it will collaborate in the creation of more than 40 new Venture Capital funds in its different modalities. With the implementation of this “Fund of Funds”, the catalog of Risk Capital products promoted from ICO through AXIS is completed. .