Spain’s €1.2bn Fondo ICO Global prepares to back eight more early-stage funds


spain spanish flagThe €1.2bn Spain-backed fund of funds Fondo ICO Global has launched its second tender process to inject capital into growth and venture capital funds.

Axis, ICO’s captive private equity management company, will run the process to find eight suitable fund candidates, four venture capital and four growth capital.

The first tender call saw Fondo ICO invest €189m across six Spanish private equity funds, which have total commitments of €685m.

Fondo ICO said the third tender call would be launched in July and the fourth some time in the fourth quarter of this year.

The fund of funds was launched to attract national and foreign private investors capable of leveraging or mobilizing around €5bn, which it estimates create more than 40 new private venture capital funds.

Axis has been an active operator of the Spanish private equity market for 25 years, investing more than €350m Euros in over 150 companies.

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