The EIB Group, formed by the European Investment Bank (EIB) and European Investment Fund (EIF), is providing EUR 100 million for a private equity fund designed to support investment in midcaps mainly in the technology and industry sectors. With a first closing of EUR 400 million, the fund has also attracted a EUR 100 million participation by the Centre for Technological and Industrial Development (CDTI) as well as private investment. This is the first operation signed in Spain in 2016 under the European Fund for Strategic Investments (EFSI) and the first fund supported by EFSI aimed at capitalising tech and industrial firms.
The EUR 40 million provided by the EIB comes on top of the EUR 60 million committed by the EIF, making a joint EIB Group participation of EUR 100 million that sparked the interest of private investors and enabled the fund to achieve its target size of EUR 400 million at first closing.
Managed by N+1 Capital Privado, S.G.E.I.C., the fund will take majority stakes in unlisted Spanish and Portuguese companies. It is designed to invest in mid-sized firms with strong international growth potential, focusing mainly on the tech and industry sectors. Individual equity investments will range from EUR 35 million to EUR 75 million.
Signing the agreement, Román Escolano, EIB Vice-President said that “this equity participation is representative of what we want to do under the Investment Plan for Europe and demonstrates the EIB Group’s commitment to fostering the growth of mid-sized tech and industrial companies. I would also like to underline the Group’s close cooperation with CDTI in this operation”.
European Commissioner Miguel Arias Cañete said: “The agreement signed today under the Investment Plan for Europe is excellent news for technology-oriented companies in Spain and Portugal. Each week, the EFSI is helping small and medium-sized businesses all over Europe gain access to the finance they need to grow their companies and create local jobs.”
Compliments of the European Investment Bank