The Co-investment Fund (FOCO) is a public financial instrument managed by COFIDES that aims to mobilise resources from foreign investors, both public and private, to promote productive investments by private companies in Spain in strategic sectors.

FOCO promotes foreign investment in economic activities that contribute to the modernisation of the Spanish productive model, such as those linked to the green and digital transition, sustainable mobility, sustainable agriculture and technological innovation, among others.

FOCO investments will always be made jointly with a foreign co-investor. Co-investors may be: (i) private companies participating in corporate entities in Spain; (ii) foreign private (investment funds, pension funds, insurance companies, etc.) and public (public pension funds, sovereign wealth funds) institutional investors; (iii) domestic private investment vehicles and entities attracting foreign investors. The amount contributed by foreign co-investors for each operation must be at least equal to FOCO's contribution.


Those that contribute to the strategic objectives of the Recovery, Transformation and Resilience Plan.


  • Increasing renewable energy production
  • Energy efficiency
  • Decarbonisation of the economy  
  • Electric mobility
  • Digitalisation of the business sector and production processes
  • Sustainable infrastructure development
  • Biotechnology
  • Sustainable agriculture