Diana Capital to announce first closing

The Diana 1 fund will come in at E77m on its first closing. Managing director Francisco Gómez-Zubeldia hopes the international placement will bring the fund up to E150m.

Spanish venture capitalist Diana Capital will announce the first closing of its Diana 1 fund at E77m the week after next.

Diana will then undertake the international placement of the fund, which has an overall target of between E100m and E150m.

“So far, only Spanish money has been invested in this fund,” said Francisco Gómez-Zubeldia, managing director of Diana Capital. “We are now in discussions with two investment banks to determine who will oversee the international placement. We will reach a decision after we have announced the first closing.”

Gómez-Zubeldia said the fund would be invested in medium-sized Spanish companies and unquoted companies, mainly through capital increases. Diana aims to grow its companies to about three times their original size over about four years.