Madrid, December 20, 2024. The Interministerial Technical Investment Committee of the Co-investment Fund (FOCO), managed by COFIDES, which reports to the Ministry of Economy, Trade and Enterprise by means of the Secretary of State for Trade, has approved the first three investments of this fund, created by the Government to attract foreign investment to Spain and boost the green and digital transition as well as technological innovation. These first investments add up to €220M and will be made in favor of three investment funds managed by Azora Gestión, Eurazeo and Hy24, respectively. At least twice the amount invested by FOCO in these funds will be invested in Spanish companies, i.e. €440M.
These operations have received the favorable opinion of the Panel of Independent Experts and the FOCO Interministerial Technical Investment Committee at the proposal of the fund manager, COFIDES.
AZORA FUND
FOCO will participate with €50M in the Azora European Climate Solutions Fund, F.C.R., managed by Azora Gestión, S.G.I.I.C., S.A.U. (“Azora Gestión”), which invests in lower-mid market companies operating mainly in Europe and offering decarbonization solutions for real assets. With a target size of €200M and a majority of foreign investors, Azora Gestión is part of the Azora Group, a group specialized in alternative investments in real assets, with more than 20 years of experience and more than €14.6bn in assets under management.
EURAZEO GROWTH FUND IV
The FOCO fund will invest 150 million euros in the Eurazeo Growth Fund IV, managed by Eurazeo. The fund, which will invest in Spanish companies, focusses on growth-stage companies operating in the digital transformation sector (e.g., software applications, data software, fintech, digital health, and deep tech, among others). This fund aims to invest in companies that are technological leaders in Europe, providing growth capital and strategic value to generate returns and foster innovation and economic growth. Eurazeo has over 50 years of investment experience and manages assets worth 35.5 billion euros.
CLEAN HYDROGEN EQUIPMENT FUND
FOCO will contribute up to 20 million euros to the Clean Hydrogen Equipment Fund, managed by Hy24, the world's leading private asset manager focused on the hydrogen economy. This operation is expected to attract additional foreign investment, enabling the fund to invest two times the commitment of FOCO in projects in Spain. This investment aligns industrial development, foreign funding and the green transformation of the economy, as the fund invests in venture and growth-stage technology companies across the low-carbon hydrogen value chain, including production, transportation, and storage. Hy24 is a joint initiative between Ardian (with $176 billion in assets under management) and FiveT Hydrogen (the first asset manager specialized in hydrogen), focusing on investment strategies to accelerate decarbonization using hydrogen-based renewable fuels.
INNOVATIVE TOOL
The Secretary of State for Trade, Amparo López Senovilla, stated that “with these initial FOCO operations, we reinforce Spain's commitment to attract foreign investment with the aim to boost the modernization of our production model. This new instrument represents a key opportunity to boost strategic sectors, especially around the digital and green transition, consolidating our country as a preferred destination for transformative projects."
The chairperson and CEO of COFIDES, Ángela Pérez, pointed out that “these are the first investments to be approved by FOCO, an innovative instrument and catalyst of foreign investment for the modernization of the Spanish economy. With a strategic framework that promotes sustainable innovation and digital transition, FOCO provides a unique environment for international investors to drive projects that generate economic impact and contribute to building a more sustainable and technological future."
CO-INVESTMENT FUND FOR ATTRACTION OF FOREIGN INVESTMENT (FOCO)
FOCO is a fund created by the Government through the addendum to the Recovery, Transformation and Resilience Plan (PRTR) and has resources from the NextGenerationEU instrument. The purpose of FOCO, which is endowed with €2,000M, is to favor foreign investment in the Spanish economy, boosting access to financing for companies linked to the ecological and digital transitions, as well as biotechnology and technological innovation. FOCO investments must be contributed by a foreign co-investor and may be made through direct investment in companies or investment funds. The fund is fully operational and project proposals for FOCO funding can be submitted to foco@cofides.es.
ABOUT COFIDES
COFIDES is a state-owned trading company that manages state funds, as well as its own resources and those of third-party institutions. COFIDES's mission is to support the internationalization of the Spanish economy, attract foreign investment into strategic sectors in Spain, promote the impact economy, and contribute to global economic development. COFIDES is also instrumental in strengthening the solvency of Spanish companies, particularly in response to challenges such as the COVID-19 pandemic. COFIDES’s shareholders include the Spanish State, Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell, and CAF-Development Bank of Latin America.
