Fond-ICO Global

• The investment programme is implemented through the periodic publication of calls, which are open to all those who meet the qualification requirements defined in each call, and in which the vehicles in which the Fund will invest will be selected. The final selection will be made on the basis of the points obtained by the different candidates according to the criteria defined in the terms and conditions of each call. 
• The call will be created by type of strategy (Incubation, Technology Transfer, Venture Capital, Expansion Capital, among others), according to the needs observed in the market at any given time.
   

The launch of future calls will depend on investor appetite and the alternatives available in the market at the time. However, we estimate that calls will be published regularly.   To date, fifteen calls have been concluded.

Quantitative criteria:

• Investment strategy: encompassing parameters such as the number of funds managed by the fund manager, the consistency of the strategy with previous funds, the volume of investment in Spain.

• Investment team: these criteria assess the experience of the team, the turnover of executive team members, or the commitment of the management team to the fund. 

• Track Record: which includes aspects such as returns in terms of internal rate of return (IRR) and multiple returns, experience in partial and total disinvestments with positive returns, or the number of companies to be divested. 

• Investor base and capital raising: involving analysis of the level of professionalisation and internationalisation of the investor base, the amount raised to date by the fund, or the volume requested over the target size of the fund.

• Remuneration: including details of management fees and success fees.

• Others: This last section assesses aspects such as whether or not the fund manager or fund is registered in Spain. 
   

Qualitative criteria:

• Size and structure of the team
• Decision-making process
• Quality of quarterly/annual reports and company monitoring
• Use of environmental and social policies and good corporate governance
• Employment policies in investees of previous funds.
• The fund management company's commitment to Sustainability in its investments.
• Commitment of the fund management company to Digitisation: both in the company itself and in its investees

Fond-ICO Global promotes the development and consolidation of the private venture capital fund ecosystem in Spain. 

In the fifteen Fond-ICO Global calls held to date, 130 private funds have been selected to invest a maximum of EUR 3.426 billion.  It is estimated that the multiplier effect of Fond-ICO Global, together with private sector investment, will allow EUR 11.492 billion to be injected into Spanish companies, mobilising a total of EUR 30.288 billion.

The positive evolution of Fond-ICO Global shows the consolidation of this successful public-private collaboration model to boost the venture capital sector in Spain and will be one of the key elements in the implementation of the second phase of the Recovery Plan.

axis@axispart.com