PE Tech Report


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Spanish middle market and venture capital deals set all-time records in H1 2022

According to the first estimates obtained by SPAINCAP Capital for a Sustainable Future through the European platform EDC, investment volume in Spain reached €5.16 billion in the first half of the year with a total of 390 investments, 170% more than in the same period of 2021.

Venture Capital has surpassed all previous records, at €850 million from a total of 298 investments.

In the first half of the year, private equity and venture capital funds contributed more than 88% of the total volume invested in Spanish companies. The number of investments remains at a record high, with 132 transactions. Domestic fund managers slightly increased their investment volume (€571 million in H1 2022 vs €462 million in H1 2021) in 207 investments in Spanish companies.

The middle market has hit a new high both in terms of volume (€1.33 billion) and number of transactions (56 investments). Until two years ago, this segment was led by Spanish private equity fund managers, and is now split between Spanish and international fund managers, with a strong presence of venture capital in this first six months of the year.

Megadeals (transactions with equity tickets of more than €100 million) have made a strong comeback, with eight investments, accounting for 64% of the total volume invested, (€1.84 billion).

Venture capital has also reached a new high, partly due to the high number of tickets above €10 million led by international funds. International VC gain registered record highs in investment (€704 million). 

The sectors that received the highest investment volume were Other Services (25%), Information Technology (23.5%) and Construction (19%).

Fundraising raised by domestic private investors reached €1.23 billion, 6% more than in the first half of 2021.

The volume of divestment recorded an estimated figure (at cost) of €548 million in 125 divestments.

The most used divestment mechanism (in terms of volume) was “Sale to another Private Capital entity” (58.4%), followed by “Sale to third parties” (33%).

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