Instituto de Crédito Oficial, a state-owned bank attached to the Ministry of Economic Affairs and Competitiveness, has launched a monstre public venture capital fund of funds in Spain.
With an investment of €1.2bn, FOND-ICO Global will aim to promote the creation of privately managed venture capital funds, making investments in Spanish companies at all stages of their development.
The fund of funds, which will be managed by AXIS, the venture capital firm fully owned by ICO, has a four-year horizon for investments in the various private funds it identifies, serving as a catalyst to create new privately managed vehicles which will raise more than €3bn in capital.
It is estimated that it will assist in creating over 40 new venture capital funds over this time in their various forms, from venture capital (including incubators) through to capital expansion.
The fund already invested in the European Angels Fund “Fondo Isabel la Católica”, which was launched in November 2012.