The sector closed last year with a historic figure in terms of investment volume, €5,843.5M, due to:
The strong activity of international funds (they represented 77% of the total investment volume).
A historical maximum in the middle market (transactions between €10M and €100M), with a total volume of €1,467M across 56 investments.
8 megadeals (transactions of more than €100M) closed during this period (3 of which were around €1,000M).
Domestic private entities raised new funds (fundraising) amounting to €151.3M.
Divestment recorded a volume of €2,049M (at cost) after closing a total of 295 deals. desinversión registró un volumen de 2.049M€ (a precio de coste) tras cerrar un total de 295 deals.
Madrid, January 16, 2019. According to the initial estimates obtained by ASCRI through the European platform EDC, investment volume in Spain reached €5,843.5M last year (a record for the second consecutive year), distributed across a total of 670 investments, which represents a clear sign of the strong dynamism of the Spanish Private Equity sector.
As pointed out by Miguel Zurita, chairman of ASCRI, “we have had two consecutive years of record investment volume, which is excellent news not only for the Private Equity sector, but for the Spanish economy as a whole. Even so, dependence on international managers and investors remains very high; therefore, it is important to move forward in developing a competitive legal and tax framework compared to the rest of Europe that facilitates access for domestic institutional investors to the asset class and allows the development and expansion of domestic managers. From ASCRI, we are working intensively to achieve these improvements, convinced that they would have a positive impact beyond our sector, also on the business fabric and on Spanish savers.”
According to the type of investor, international funds continue to show strong interest in Spain, being responsible for 77% of the total invested volume after participating in 118 investments. Los inversores nacionales privados. Domestic private investors, 454 inversiones, mientras que los inversores nacionales públicos protagonizaron 98 inversiones.
Por tamaño de las inversiones, el middle market alcanzó máximos históricos, al acaparar un volumen de 1.467M€ en 56 inversiones, demostrando su relevancia en la dinamización del sector en nuestro país. De acuerdo al número total de inversiones, el 84% de las mismas recibió menos de 5M€ en términos de equity. Además, se cerraron 8 megadeals (operaciones que superan los 100 M€), por una suma de 3.697M€ (63% del volumen total).
Según la fase de desarrollo del proyecto, destacó la inversión en buy outs con un volumen de 3.529M€ en 50 inversiones. Respecto al capital expansión (growth), se realizaron 96 deals durante este periodo hasta alcanzar una cifra de 606M€.
Venture Capital
La inversión de los fondos de Venture Capital se mantuvo elevada confirmando la tendencia de ejercicios precedentes, con un volumen de 417M€ en un total de 510 operaciones. Los fondos privados internacionales de Venture Capital cerraron 2018 con el mejor registro en cuanto a número de inversiones: 84 deals. Del total, 340 inversiones fueron protagonizadas por los fondos nacionales privados y 86 por fondos públicos.
Para el conjunto del Venture Capital & Private Equity español, los sectores con mayor volumen de inversión captada fueron Energía y Recursos Naturales (20,4%), Hostelería/Ocio (17,9%) y Comunicaciones (17,8%). En términos de número de inversiones, los sectores más relevantes fueron Informática (46%), Productos de Consumo (9,1%) y Medicina/Salud (7,2%).
Fundraising
The fundraising (fondos levantados para invertir) captado por parte de los inversores nacionales privados alcanzó la cifra de 2.151,3M€, en una muestra adicional del creciente interés de los institucionales por el capital privado español.
Divestments
Estimated divestment volume in 2018 was €2,049M after closing 295 transactions. 47% of this amount was divested through “Sale to another Private Equity firm”, 24% through “Sale to an industrial investor” and 22% through “Shareholder buybacks”. 2.049M€ tras cerrar 295 operaciones. El 47% de dicha cantidad fue desinvertido mediante “Venta a otra Entidad de Capital Privado””, el 24% como “Venta a un inversor industrial” y el 22% como “Recompra de Accionistas”.
José Zudaire, general director of ASCRI, highlighted during the meeting the strong momentum of the Association, with a record number of members (190), as well as a wide variety of operator types. He stated: “these figures confirm the good health of the sector. On the other hand, it is important that, in addition to its contribution to the business fabric as a generator of employment and wealth for the economy as a whole, this industry is firmly committed to operating under a code of best practices and to being socially responsible.” In this regard, ASCRI presented on December 11, in collaboration with Cuatrecasas, the Best Practices Guide between LPs and GPs for the Spanish market..
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Corpfin Capital y las empresas de capital privado invierten cerca de 6.000M€ – Webcapitalriesgo.com
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