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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
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
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
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