Madrid, July 14, 2023. COFIDES held a working meeting at its headquarters to present the main characteristics of the Joint Investment Fund (FOCO) to a delegation of members of SpainCap (the association that brings together Venture Capital & Private Equity entities in Spain). SpainCap’s representatives were headed up by its Managing Director, José Zudaire. 

The Joint Investment Fund (FOCO) is one of the new financial instruments included in the Addendum to the Recovery, Transformation, and Resilience Plan, whose management is entrusted to COFIDES. 

COFIDES Chairman and CEO, José Luis Curbelo, stated that “FOCO's main objective is to contribute to the transformation of the Spanish model for production by attracting foreign investment in Spanish companies to invest in activities aligned with the objectives of the Recovery, Transformation, and Resilience Plan, such as the energy transition, digital transformation, and sustainable mobility – among others.” To that end, “FOCO will invest in the capital of companies established in Spain through joint venture agreements with different types of foreign investors”.

The COFIDES Director-General, Miguel Tiana, explained the characteristics and requirements of this new instrument, which will be endowed with 2,000 million euros and will have an indefinite term. “FOCO investments will always be made under a joint venture scheme with foreign investors who may be both public financial institutions (like sovereign wealth funds and public pension funds) and private investors (investment funds, private pension funds, insurance companies, non-financial corporations, etc.). Investments will mainly take the form of minority stakes in the capital of the companies invested in”. 

In his opinion, this new fund "will contribute to attracting foreign investment in production sectors that contribute to reinforcing the sustainable and inclusive growth of the Spanish economy, increasing Spain's social and economic resilience, and promoting its ecological and digital transformation”.

At SpainCap, this initiative is highly valued as it will stimulate investment in Spanish companies and promote the green transition and digitalisation. Thanks to FOCO, the venture capital and private equity industry has an opportunity to continue supporting Spanish projects and talent and to continue generating wealth for the national economy.


SPAINCAP represents the private equity industry in Spain. Chaired by Oriol Pinya, it brings together more than 180 national and international venture capital and private equity firms, 90 service providers, and 18 institutional investors. SPAINCAP members invest over the medium and long term in unlisted companies that range from start-ups to consolidated companies, providing not only stable financing through capital but also innovation and management support. The association's mission is to connect all the industry players in Spain, representing their interests before the government, the media, and public opinion both nationally and internationally through alliances and synergies in Europe and Latin America.


COFIDES is a state-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).