Figures published by the Spanish Venture Capital Association (ASCRI) and EVCA show a sharp fall in Spanish private equity fund raising in 2001.
The survey, co-ordinated by Universidad Complutense de Madrid, reports that venture capital vehicles raised E1.05bn for investment in 2001, 60 per cent lower than the E2.53bn raised during 2000.
Despite the reduced levels of fundraising, there was some consolation for Spanish private equity as the figure for 2001 was still 64 per cent higher than the 1999 levels, suggesting that the new technology boom that saw massive investments in private firms in 2000 has given way to a steadier pattern of growth.
Investment in start-up companies suffered a sizeable fall in 2001, decreasing from 17.8 per cent of overall investments in 2000 to just over half that level (9.5 per cent) last year.
VC investments held relatively steady in 2001, with E1.2bn invested during the year, down slightly on the E1.25bn invested in 2000. The 2001 figure bucks a trend for growing VC investment that dates back to 1994, although the figures were an improvement on European VC investment as a whole, which, according to EVCA findings is likely to fall by around 34 per cent this year.