N + 1 Private Capital has been selected to manage the fund. Five other managers participated in the selection process.
CDTI contributes 100 million euros through Innvierte and becomes the anchor investor of the fund
The fund will be one of the largest nationally and high foreign participation is expected.
The fund plans to target medium-capitalization companies from different sectors.
The CDTI has selected the manager N + 1 Private Capital to manage a fund of more than 400 million euros. The CDTI contributes 100 million euros as an anchor investor of the fund, while the manager must incorporate 300 million national and international private capital.
This new fund will be able to attend investments of up to 60 million euros in Spanish new capitalization companies (technological and industrial midcaps). For the selection of the manager, an open procedure has been carried out in which 6 national and international entities have competed.
N + 1 will manage one of the largest Spanish private equity funds, in which a high level of foreign participation is expected. The chosen company stands out for its team, its trajectory, its experience managing funds of similar size and the adaptation of its investment strategy to the objectives pursued by the initiative promoted by CDTI.
The fund, which is expected to have a minimum of 400 million euros and a maximum of 525 million euros, aims to consolidate the size of Spanish midcaps by improving their competitiveness.
The main sectors to which the fund is directed, although none are excluded, are: Chemical, Pharmaceutical, Biotechnological, Biosanitary, Electronic, IT, Agri-food, Electronic and mechanical equipment, Automotive, Aerospace and transport materials and Energy.
Through this instrument, the public sector shares risk with Spanish innovative companies that are committed to growth, quality employment and international competitiveness. This measure, together with others of a similar nature dedicated to earlier phases (seed capital and venture capital), allow the reinforcement of specialized investments in technology companies, completing a path that began in 2012, when the CDTI launched a first initiative in this regard: venture capital funds Innvierte.
Since its establishment, in 2011, the INNVIERTE program has formalized 3 co-investment agreements in the field of energy and the environment, and has committed funds in 7 capital Venture vehicles (four of them specialized in bio-sanitary technologies, two in ICT technologies and one in industrial technologies) which has made possible the investment of almost 90 million euros in 80 Spanish technology SMEs. Two procedures are currently under evaluation, one of them specializing in technology transfer in the early stages and the other for Venture Capital vehicles in the field of ICT.