Survey 2018 - ascri.org · Venture Capital & Private Equity activity in Spain Príncipe de Vergara,...

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2018SURVEY Venture Capital& Private Equity activityin Spain

Príncipe de Vergara, 55 4º D • 28006 Madrid

tel. (34) 91 411 96 17 • www.ascri.org

WITH THE SPONSORSHIP OF

SURVEY Venture Capital & Private Equity activity in Spain 2018

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CUBIERTA-INFORME-2018-aaff.pdf 2 7/5/18 17:45

Sponsor by:

Venture Capital & Private Equity in Spain

Survey 2018

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THIS REPORT HAS BEEN PREPARED BY:Ángela Alférez (ASCRI Research Director & Venture Capital Affairs), based on statistical data obtained and collected by José Martí Pellón (Professor of Financial Economics at the Complutense University of Madrid) and Marcos Salas de la Hera (Partner of Webcapitalriesgo.com)

All Rights Reserved ASCRI ® 2018THE TOTAL OR PARTIAL REPRODUCTION OF THE DOCUMENT, OR ITS COMPUTER TREATMENT, IS NOT ALLOWEDTRANSMISSION IN ANY WAY OR BY ANY MEANS, WHETHER ELECTRONIC, BY PHOTOCOPY, BY REGISTRATIONOR OTHER METHODS, WITHOUT PRIOR AND WRITTEN PERMISSION OF THE COPYRIGHT HOLDER.

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The Spanish Venture Capital & Private Equity Asso-

ciation (ASCRI) is the industry body that units and re-

presents the sector to the authorities, Government,

institutions, investors, entrepreneurs and media. ASCRI

regularly communicates and provides statistics and up-

dated information regarding the developments of the

tax and legal framework. ASCRI also organizes a range of

activities (training courses, events and round tables) for

the members and general public in order to disseminate

and reinforce the contribution of the Venture Capital &

Private Equity industry for the economy and growth of

SMEs in Spain.

ASCRI comprises almost 100 national and international

Venture Capital & Private Equity firms, 10 limited part-

ners and over 70 service providers, spreading and en-

suring the professional standards among its members:

transparency, good governance and best practice.

4

Index Survey 2018

5

Letter from ASCRI Chairman 7

Letter from ASCRI Managing Director 9

Summary of 2017 11

Fundraising 14

Investment in Private Equity & Venture Capital 18

Middle Market Investments 22

Large Market. The International Investor 24

Divestment 26

Portfolio 28

Venture Capital 30

2017 Main Transactions 38

Statistical appendix 42

General Partners included in this survery

54

Index

7

I have the pleasure, as the Chairman of ASCRI, of presen-ting this annual report on Venture Capital & Private Equi-ty activity in Spain during 2017.

The investment figures for 2017 broke all existing records, reaching a record high: nearly €5,000M, up 30% from 2016. The sector also reached record highs in:

• Investment vs. GDP, which grew and equals the European average: 0.43%.

• Volume of international funds (€3,590.8M), which hit a record for in-vestment in Spanish companies.

• 560 investments in early stage compa-nies (Venture Capital).

• 13 megadeals or large transactions (>€100M in equity) in 12 companies.

Middle market investment in Spain is pro-ving to be one of the most active segments among Spanish management companies, with total volume invested of €1,400M in 56 investments, accounting for 28% of to-tal sector investment in Spain.

Venture Capital and Private Equity activity in Spain primarily focused on financing SMEs: of the 715 investments made, 612 were made in SMEs with fewer than 100 workers. Financial and management support has enabled the port-folio companies to create jobs, growing faster, more sus-tainably and more profitably. ASCRI wishes to highlight the role of Venture Capital & Private Equity firms as an econo-mic growth driver, underscoring the strength of the inves-tments made by this sector, as well as their positive impact

on their portfolio companies and, therefo-re, on the Spanish economy as a whole.

Juan Luis RamírezASCRI Chairman

Letter from ASCRI Chairman

9

The goal of the Spanish Association of Capital, Growth and Investment (ASCRI) is to improve the quality of the services provided to management companies, investors and advisors by strengthe-

ning investment and optimizing our tax framework and through internationalization. In order to achieve this goal we have implemented a roadmap for public matters and are drafting a reputation improvement plan and preparing both a regional and a European roadshow.

In our 32 years of existence our mana-gement companies have invested over €44,000 million in nearly 7,500 companies. The Venture Capital & Private Equity sec-tor has become a major focus for the eco-nomy, driving growth in companies from their earliest stages through growth and expansion stages.

This is the time to invest, divest and raise new funds, while we here at ASCRI conti-nue with our training sessions, specialized publications and sector events. Suppor-ting entrepreneurs and their projects and companies, building bridges with other associations, all with institutional loyalty, collaborative spirit and a global vision.

I would like to express our sincere gratitude for the unwa-vering support of our sponsor of this publication – DIANA CAPITAL –. I also wish to thank all the Venture Capital & Private Equity Firms that provided the data necessary to collect the information and prepare these statistical data as well as to the team at Webcapitalriesgo who compiled and processed the data with ASCRI through the European EDC Platform. To all of them, many thanks for their time and

dedication.

This report may be downloaded from our website (www.ascri.org) in both English and Spanish.

José ZudaireASCRI Managing Director

Letter from ASCRI Managing Director

10

Summary of 2017

11

Summary of 2017

Record high VC&PE investmentBy both volume and nº of investments.

A year of megadeals International funds closed 13 investments of >€100M (historical record), representing 60% of total volume invested.

International funds committed to SpainInternational funds contributed 72% of investment volume for the year, record investment in Spanish companies.

Intense Middle Market activity thanks to domestic management companies that led 43 of the 56 transactions closed in 2017.

Venture Capital shows great momentumRecord high number of start ups receiving investments (449) and second highest investment volume on record (€537M).

Capital inflows from international institutional investors (LPs) The majority of total resources raised came from international investors, and were invested in middle market funds.A great number of management companies are already on their third and fourth generation of funds.

High levels of dry powderApproximately €4,100M in equity available for investment, still far from the 2008 record high (€6,000M).

Megadeal portfolio turnover drives up divestment volumes Driven by upward trending valuations for this type of asset.

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Investment in 2017

Fundraising in 2017

+30% vs. 2016

+15.8%vs. 2016

+28%vs. 2016

€4,957.9M Equity Investment

715 investments in 596 companies (92% SMEs)

€4.8MAverage investment round size

- 17.9% vs. 2016

- 7%vs.2016

- 50%vs. 2016

€1,865M Spanish private management companies

€1,581.5MSpanish Private Equity Funds

€283.6MSpanish Venture Capital Funds

Intense Fundraising in Middle Market Vehicles

Investment and Fundraising vs. GDP

2011 201720162015201420132012

0.23%

0.04% 0.04%0.07%

0.23%

0.16%

0.22%0.18%

0.23%0.24%

0.26%

0.22%

0.34%

0.43%

20172015 201620132012 201420110

2,000

1,000

€1,865M

€247M

Record high investment

20172015 201620132012 201420110

900

483

715

600

300

20172015 201620132012 201420110

5,000

€2,423M

€4,958M

4,000

• �• �

3,000

2,000

1,000

Investment Number of investments

Investment in Spain / GDP (%) Domestic Funds Raised / GDP (%)Fundraising

13

Divestment in 2017

The sector in Spain

Cumulative Investment (Portfolio)

+49% vs. 2016

+70%vs.2016

-65%vs. 2016

€3,483.9M Divestment (at price cost)

€3,357.8MPrivate Equity Divestment

€126MVenture Capital Divestment

€593MAndalusia

€238MAragon

€4,629MCatalonia

€7,284MComm. of Madrid

€958MComm. of Valencia

€453MExtremadura

€629MGalicia

€250MLa Rioja

€368MNavarre

€1,045MBasque

Country

€371MMurcia

€56MCantabria

€363MCastile-La Mancha

€216MCastile-León

€237MAsturias

€1,216MBalearic Islands

€7MCanary Islands

2,215

Investeecompanies (portfolio)(92% SMEs)

400,000

Employees

€25,400M

Funds under management

(12.000 from international funds)

342

National & international entities with

ongoing activity in Spain

Sale of large companies drives up divestment volumes

20172015 201620132012 201420110

2,000

1,000243

424

20172015 201620132012 201420110

5,000

€1,950M

€3,484M4,000

3,000

2,000

1,000

Divestment Number of divestments

14

Fundraising by private entities in recent years has remained strong. New funds raised by Private Equity and Venture Capital firms in Spain in 2017

exceeded €1,865M, representing a 17.9% decrease from 2016 (€2,271M, best figure on record since 2007). Despite this decrease, the amount of new funds raised in 2017 is in line with levels of recent years, far from the figures of 2009-2013 where the financial crisis kept funds raised below €500M annually. Nevertheless, despite the upturn in fundraising, the amount of funds raised is still far from other surrounding countries such as France (€16,738M raised in 2017), Italy (€2,563M) and Germany (€3,037M)1. Including new funds for public entities2 (€172.9M), total new funds raised for the sector reach €2,038.2M (-16% from 2016). The confidence and interest of international LPs in the Spanish market and in venture capital and private equity as an asset class, abundant liquidity and the support of the public sector through the public fund of funds Fond-ICO Global continue to drive growth in this variable. An estimated €4,100M in dry powder is currently available for investment by private domestic GPs, far from the 2008 record high (€6,000M), clearly demonstrating the need to continue raising new funds in the Spanish market.

Globally3, fundraising figures for 2017 clearly reflect that

now is an excellent time for fundraising: this variable broke all existing records, totaling €453bn (+9% from 2016). In particular, new funds raised in Europe totaled €108bn, the second highest on record for the post-crisis period, behind 2016 (€121M). Large pan-European funds continue to account for nearly half of all annual fundraising (€55bn in 2017). In particular, in 2017, the largest pan-European fund on record was raised: CVC Capital Partners Fund VII, totaling €16,000M. Market volatility, abundant liquidity from returns and profits earned on divestments of investee companies and a certain inelasticity in the face of political instability all explain the investor appetite of LPs in Private Equity and Venture Capital vehicles, to the detriment of other more rate-sensitive asset classes. According to Prequin, 53% of LPs plan to increase their allocations to Venture Capital & Private Equity in the long-term.4

As in 2016, 38 Venture Capital & Private Equity firms ("VC&PEs") headed the raising of new private domestic funds. The following middle market vehicles, inter alia, stood out5: Portobello Capital Fund IV (€600M) of Portobello Capital Gestión, Artá Capital Fund II (€400M, final fund closing) of Artá Capital, MCH Iberian Capital IV (€348, final fund closing) of MCH Private Equity Investments, Aurica III (€162M, final closing) of Aurica

1 Data from "European Private Equity Data, 2017", Invest Europe.2 This category includes the capital extensions provided under the General State Budgets (both national and regional) and aimed at public VC&PEs.3 Data from "2018 Prequin Global Private Equity & Venture Capital Report."4 The 2018 "Global Private Equity Report" published by Bain & Company places this percentage at 95%.5 Only those funds that have been disclosed are referred to herein.

Fundraising

New funds raised by type of entity (GP)

Source: ASCRI/webcapitalriesgo

Domestic private entityDomestic public entity

4,000

3,000

2,000

1,000

0

€ M

illon

s

200820072006 201120102009 201420132012 201720162015

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Capital Desarrollo, Magnum II (final fund closing €425M) of Magnum Capital, GPF Capital (final fund closing GPFII €150M), Everwood Fondo Solar III of Everwood Capital and Oquendo III (€200M, final fund closing) of Oquendo Capital. Several funds were closed to finance startups, including Seaya Ventures II (€83, first closing) of Seaya Ventures, Alta Life Sciences Spain I (first closing) managed by Altamar Capital Partners, Alma Mundi Innvierte Fund of Alma Mundi Ventures, Swanlaab Giza Innvierte I (€35M, final closing) of Swanlaab Venture Factory, Nauta Tech Invest IV (€155M, final closing), Seedrocket 4Founders Capital (€12M, final closing), inter alia, as well as several undisclosed capital extensions in Venture Capital & Private Equity vehicles.

In 2017, total funds raised by Private Equity GPs totaled €1,581.5M (€1,702M in 2016), whereas Venture Capital GPs totaled €283.6M (€568M in 2016).

6 According to the National Institute of Statistics, Spain's gross domestic product in 2017 grew by 3.1% from 2016.7 "European Private Equity Activity Report 2017," published by Invest Europe in May 2018.

Investment grew vs. GDP, reaching a record high. The relationship between investment in 2017 as a percentage of GDP6 in Spain increased by 9 percentage

points compared to 2016, reaching 0.43%, a record high for

this indicator that equals the European average for the first time (0.43%, according to Invest Europe7). Fundraising vs. GDP fell by 4 points to 0.18%.

Fundraising and investments as a percentage of GDP

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

0.63%

0.42%

0.21%

0.00%

Investment in Spain / GDP (%)National funds collected / GDP (%)Source: Own elaboration with datafrom INE and ASCRI / webcapitalriesgo

16

Fundraising

Funds of funds remained the primary investor (LP) in total funds raised by domestic private entities. As regards capital raised by Spanish private

VC&PEs, by type of investor of the funds raised, funds of funds (and, in particular, European Investment Fund (EIF)) led capital contributions for the third consecutive year, accounting for 24.8% of the €1,865.2M raised in 2017. These were followed by pension funds, accounting for 20% (€372.5M) of capital contributed, in particular to Private Equity funds. Domestic pension funds only accounted for a mere €54M of the €372.5M contributed by this type of investor. The weight of pension funds in Spanish VC&PE vehicles remains far from their European counterparts with average annual contributions between 15%-30%8 of total funds raised. The public sector,9 including FOND-ICO

Global10 (investment vehicle for VC&PE funds managed by Axis Participaciones Empresariales), decreased contributions from €348.6M to €285.4M in 2017 (20% of total). Family offices also contracted during 2017, decreasing their weight to 13.9% (€260M). Insurance companies contributed 6.1% of the total, with domestic insurance companies making the largest contribution totaling €67M of the total €114M contributed by this type of investor in 2017.

New funds raised by Venture Capital vehicles in 2017 were, as in previous years, led by public investors (38%), followed by family offices (30%).

Othe

rs as

set

Mana

gers

35%

30%

25%20%

15%

10%

5%

0%

40%45%

10%8%

2%3%0%

3%2%7%

23%

0% 0% 0%2%

28% 30%

5%

38%

11%11% 10%

4%

Othe

rs

Publi

c Sec

tor

Fami

ly offi

ce

Fund

s of f

unds

Insur

ance

Comp

anies

Non-

finan

cial

Comp

anies

Comm

iteme

ntof

GPs

Finan

cial

Instit

ution

s

Acad

emic

Instit

ution

s

Pens

ion fu

nds

Source: ASCRI / webcapitalriesgo

Private Equity FundsVenture Capital Funds

New funds raised by Spanish private VC&PEs entities by type of investor (LP) (2017)

8 Pension funds accounted for 28% of total funds raised by European VC&PE vehicles in 2017, according to the "European Private Equity Activity Report 2017" published by Invest Europe in May 2018.

9 This category includes public funding aimed at funds raised by domestic private entities.10 In 2017, FOND ICO Global contributed €182.5M to domestic VC&PE vehicles. Funds allocated to international vehicles should be added to this figure. FOND ICO Global, through nine

calls (up to December 2017), has approved total commitments of €1,424M since launch across 64 funds.

17

Spanish SMEs grew and consolidated its position as the main recipient of capital raised by Spanish private entities.11 While

from 2009 to 2013, fundraising for investment in startups was the main driver of Venture Capital activity, in 2014-2017 domestic middle market funds renewed their funds for investments over the coming years. In 2017, mature companies (MBO/MBI) accounted for 65% of intended application, compared to 38% in 2016. Investments in seed, startup and late stage venture companies accounted for the second highest earmarking of investments, representing 20.9% of intended applications. Growth companies accounted for the third highest application of new funds raised (13.6% of total funds raised).


2016 2017

0% 20% 10% 40% 50% 30% 60% 70%

Early Stages(seed + start up +

late stage venture)

Growth Capital

Leveraged Buyouts

Other

International LPs are main contributors of new funds in the sector in 2017. International LPs stand out as regards geographic origin of contributions

to Spanish private VC&PEs in 2017, representing 60% (€1,124M) of funds invested. On the other hand, contributions by domestic LPs fell compared to 2016, representing 40% of capital invested in new funds in 2017. In absolute terms, volume invested by domestic LPs fell by

47% from 2016, whereas international investors increased their commitment to Spanish private VC&PEs by 29.8% as compared to the previous year, reflecting their interest in the Spanish market and renewed confidence in the national economy. Specifically, 40% (€741M) arose in Europe (Luxembourg, France and the United Kingdom stand out in particular), followed by the United States with 4.3%.

450400

350

300

250

200

150

500

100

€ M

illon

s

67102

32 18 33 29 29

409

53 6747

182

78

183

54

102

319

140 20 29

Othe

rs as

set

Mana

gers

Othe

rs

Publi

c Sec

tor

Fami

ly offi

ce

Fund

s of f

unds

Insur

ance

Comp

anies

Comm

iteme

ntof

GPs

Finan

cial

Instit

ution

s

Acad

emic

Instit

ution

s

Pens

ion fu

nds

Non-

finan

cial

Comp

anies


Domestic LPsInternational LPs

New funds raised by Spanish private VC&PEs entities by geographic breakdown of investor (LP) (2017)

11 This data is developed based on the answers provided by respondent firms to the question "Intended application of new funds raised,” and some of said firms are managing broad market funds.

Intended application of new funds raised by Spanish private VC&PEs GPs

18

Record high Venture Capital and Private Equity investment. Following extremely positive performance of the sector in 2016, despite political

uncertainty, 2017 was an exceptional year.

Private Equity and Venture Capital investment in Spain broke the highest figures on record (€4,352.8 in investments in 2007). Investment in Venture Capital & Private Equity1 in Spain in 2017 totaled €4,957.9M, representing 30% growth from 2016 (€3,809.1M). 83% of investments were allocated to new investments, compared to 16.7% in followons.

Regarding the number of investments in 2017, a total of 715 were recorded in 596 companies. 64.8% of investments recorded were new investments (compared to 35% in expansions of previous investments), a proportion which has remained stable since 2011.

Investments in 2017 were driven by different factors including economic stability, confidence in the Spanish market, low interest rates, upturn in consumption and abundant liquidity. In addition to these growth-driving factors for investment in Spain, it is also worth nothing

that international funds2 made investments totaling €3,590.8M (72% of total), a record high for investment in Spanish companies, representing 30.5% growth from 2016 (€2,750.9M). Although the amount and type of transactions carried out by these funds in the Spanish market are increasing, their activity in the megadeals segment (transactions for more than €100M) stands out, investing a total of €2,919.3M in 13 investments, an amount which significantly contributed to the record high Venture Capital and Private Equity investment in Spain in 2017. The increased activity of international funds in the Venture Capital sector is also noteworthy. In 2017, international GPs closed a total of 94 investments, the second best on record after 2015 (97 investments3). The growing presence of international funds in the Spanish market is rounded out by domestic fund activity, which made a significant contribution for the second consecutive year.

At the national level, private GPs invested a total of €1,266.2M (+27.4% from 2016) across 452 investments (+11 from 2016). This growth in investment reflects the recovery of fundraising by domestic GPs in recent years, as well as recovery of the industrial fabric following the crisis.


International GP Domestic Private GP Domestic public GP

Number of investments

6,000

5,000

4,000

2,000

3,000

1,000

0

€ M

illon

s

2016 20172015201420132012201120102009200820072006

Investment by type of entity (GP)

Investment in Private Equity & Venture Capital

1 In Spanish, the term Capital Riesgo is now referred to as Capital Privado, and includes both Venture Capital and Private Equity. In preparing the statistics, and for the sake of consistency between our methodologies and those followed by other National Venture Capital and Private Equity Associations, investment figures refer to investments made by domestic (public and private) and international management companies (GPs) in Spanish companies. Therefore, investments made by Spanish GPs outside of Spain, which totaled €364.7M across 124 investments in 2017, are not included. This is a change from the methodology previously used to prepare statistics.

2 The terms fund, management company (GP) and Venture Capital and Private Equity Firm (VC&PE) are used in this report indistinctly to refer to Venture Capital and Private Equity operators.

3 The number of investments as published in this report is calculated from the investor perspective, meaning that some investee companies may be double counted in the case of syndicated investments.

19

The investment of international funds in the large market (transactions with equity investments above €100M) boosted the

amount of leveraged transactions4, representing 60% of total investments. Domestic entities focused their investment activity on growth capital and venture capital.

Investment by development stage of the investee company followed a similar distribution to that of 2016. In terms of volume, investment focused on leveraged transactions (€2,984.2M, 60.2% of total), followed by growth capital (€765.3M, 15.4% of total).

Growth in the volume of leveraged transactions is the result of an increased number of investments (equity >

€100M) in 2017, the majority of which were buyouts led by international funds. These funds invested a total of €2,562.9M in buyouts in 2017 across 21 investments, compared to €2,077.6M in 2016 across 24 investments. The timing for buyouts is ideal thanks to abundant liquidity, loan availability, low interest rates, investor appetite of banks and the increasing presence of non-traditional debt instruments offered by banks, and which open the door for more flexible debt/equity structures. On the other hand, the share of buyout transactions carried out by domestic Private Equity funds still only accounts for a small portion of total investments, despite increases in 2017 in investment volume (€421.3M invested in buyouts in 2017 compared to €309.3M in 2016) and number (25 buyout investments in 2017 compared to 13 in 2016).

4 Transactions using equity and external debt to acquire a share in the company. Also referred to as LBO, MBO (buyouts) or MBI.

Stage distribution of Venture Capital & Private Equity investments

6,000

4,000

2,000

0

€ M

illon

s

2012 2013 2014 2015 20172016Source: ASCRI / webcapitalriesgo

Seed Start-up + other early

stages Late stage venture

Growth LBO/MBO/MBI/LBU Others

Investment of Public GPs increased to €100.9M (+57% YoY), allocated to 169 investments (+32% from 2016). Likewise, the public sector continued supporting Venture Capital and Private Equity through its investment activity (Limited Partner) both in Private Equity and Venture Capital vehicles, as further explained in the chapter on Fundraising of this report.

A comparison between the two main segments of this sector shows that Private Equity investment totaled €4,420M across 155 investments, whereas Venture Capital investment totaled €537.7M across 560 investments.

20

The Consumer Goods sector was the primary recipient of Venture Capital and Private Equity financing, and the IT sector

received the highest number of investments. With regards to sectors, the Consumer Goods sector received 17.5% of invested funds (as a result of the Pronovias, Farggi-La Menorquina, Merkal, Nice Cold Corp, Cortefiel transactions, among others), followed by Other Services (16.1%), from the NACE Schools, Grupo Pacha, Accelya, Centauro Rent a Car, Kids & Us and Sidecu transactions. These sectors were followed by Transportation/Logistics (13.7%), from the CLH, Vectia Mobility and Vicarli transactions; Financial Services (13.2%), including companies such as Allfunds Bank and appraisers including Valtecnic and Ibertasa; and IT (7.6%) from the Cabify, Satlink and Logtrust transactions.

By number of companies, the IT sector ranked first (286 investments, representing 40% of the total 715 investee companies in 2017), followed by Consumer Goods (10.5% of total), Healthcare (7.8% of total) and Industrial Products and Services (7.4% of total).


Venture Capital & Private Equity investments by sector (2017)

4%0% 2% 8%6% 10% 12% 14% 16% 18% 20%

Computer related

Financial Services

Transport

Chemistry & Materials

Industrial Products & Services

Consumer related products

Leisure

Communications

Energy / Natural resources

Medical / Helthcare

Others Production

Others services

Participation of domestic Private Equity firms in the funding of growth in more mature companies (growth capital) stood out (€520M) compared to international funds (€69.8M). 92 growth capital investments were made, most of which were led by domestic GPs (83 investments). [A list of the main growth capital and buyout investments is provided in page 38].

By number of investments, companies in start up stages (Venture Capital) received the most investments (560), setting a record high. 202 investments were made in start

up stage5, followed by other early stage6 (151), seed7 (123) and late stage venture8 (84). For a detailed analysis of investments in the seed, start up, other early stage and late stage venture stages see Chapter 6, on Venture Capital.

The remaining investee companies belong to the Other (7) and Replacement9 (10) categories.


5 Investment in start ups: first round of investment in companies with early sales but negative EBITDA6 Other early stage: refers to follow-on rounds or Series B/C investments in startups.7 Seed: Investment in companies without sales8 Investment in growth companies with positive sales and EBITDA9 €765M in investments were allocated to Replacement in only 10 investments thanks to the closing of a large transaction.

21

Venture Capital and Private Equity activity in Spain primarily focused on financing SMEs. Investments in SMEs are dominating the

Spanish Venture Capital & Private Equity market. Of the 715 investments made in Spain in 2017, 612 were made in SMEs with fewer than 100 employees.

According to transaction size, of the 715 investments, nearly half (43.8%) received contributions of less than €250,000. 66% received less than €1 million, 19.6% between €1 and 5 million, 4.8% between €5 and 10 million, 4.9% between €10 and 25 million and 2.9% between €25 and 100 million. The remaining 1.8% relates to transactions of more than 100 million.

Thanks to intense middle market activity and large transactions, the average amount invested per company increased to €6.9M per investment (the average in 2016 was €6.2M).

Madrid and Catalonia stood out as the main recipients of Venture Capital & Private Equity investment.

The geographic distribution of the Venture Capital and Private Equity investments highlights the wide disparity between the various regions of Spain when it comes to attracting investment. Madrid stood out with 49.6% of total investment in Spain, followed by the Catalonia (21%) and the Balearic Islands (9.2%). In the case of Madrid, the CLH, Allfunds Bank, NACE Schools, Cabify, Cortefiel and Vertex Bioenergy transactions were crucial; in Catalonia, the Pronovias, Accelya, Farggi Menorquina, Merkal and Pronokal Group transactions; and in the Balearic Islands, the Grupo Pacha, Laboratorios Sanifit and Hundredrooms transactions. Murcia (6%) and Aragon (3%) saw significant growth from 2016 in terms of volume due to large transactions involving companies headquartered in these regions, including berchem, Moyca and Probelte Biotecnología in Murcia and Vitalia Home and Aramen in Aragon.

As regards number of investments by region, Catalonia topped the ranking with 213 investments, followed by Madrid (148), Galicia (85) and the Basque Country (68).


Volume invested by region in 2017

0.9%0.7% 0.3%

0.6%

3.1%21%0.9%

0.1%1.1%

49.6%

4.7%

6.2%1.2%

9.2%

0.1%

0.34%

0%

Venture Capital & Private Equity investments (Number) by company size (2017)


Venture Capital Private Equity

0%

20%

40%

60%

80%

100%

0 to 99 employees

100 to 199 employees

200 to 499 employees

More than 500 employees


22

Middle market investments by size of investment

2016 2017

600

400

200

0

€ M

illon

s

10 to 15 15 to 20 20 to 25 25 to 50 50 to 75 75 to 100


Middle market investments

Volume

2014 2016 2017201520132012201120102009200820072006

€ M

illon

s

0

1,000

2,000

58 63 49 30 30 33 23 12 29 50 51 56 op.


Middle Market Investments

The Spanish middle market continues to recover. Middle market investments (equity investments between €10 and 100 million)

maintained pre-crisis levels both in terms of volume and number of investments. The total amount invested in this market segment was €1,398.5M (compared to €1,209M in 2016) across 56 investments (51 in 2016), leaving behind the low investment levels seen between 2009 and 2014. This segment represented 28% of total Venture Capital and Private Equity investment in Spain (€4,957.9M), and 91% of invested capital was applied to new investments.

Domestic GPs invested a total of €920.9M (+25% from

2016) in middle market transactions across 43 investments. On the other hand, international GPs contributed €477.6M (very similar to 2016) in 13 investments (7 less than in 2016).

By size, middle market investments in 2017 followed a similar pattern to that from 2016, with the exception of transactions made between €20M–€25M, which went from 6 to 12 investments in 2017.

In the wake of the crisis, middle market investment in Spain is proving to be one of the most active segments among Spanish management companies. This momentum is supported by the highly fragmented nature of the business

23


Stage distribution of investment in middle market

2,000

1,000

0

€ M

illon

s

2016 2017

fabric, which leads to opportunities for the buy & build strategies being promoted by several funds. In addition to this offering of assets valued below those in the large market segment and which often follow a growth strategy geared towards internationalization, the strength of this

segment is further supported by the investor appetite both of Private Equity funds with ample dry powder and large corporate groups. This has resulted in a significantly more competitive environment for this type of transactions.

Investment in LBOs continues to stand out. The on-going availability of cheap bank loans over the past three years continues to drive up the number of LBOs,

from 9 in 2014 to 26 in 2017, totaling €783.9M in 2017 (€646M in 2016).

The middle market saw 19 investments in Growth Capital (totaling €398.8M) and 3 investments –all by international funds– in Venture Capital (€51.2M).

As regards management companies, international funds that invested in the middle market were focused primarily on buyouts (82.9% of volume invested in 8 investments), whereas the middle market investments of domestic funds were distributed between buyouts (42% of total investments, by volume and number) and growth capital (38.7% of volume invested and 39.5% by number of investments).

[A list of the main middle market transactions is provided in page 40]

By sectors, the middle market has historically focused on traditional industries. The Consumer Goods sector received the highest investment volume (€346.4M; 25% of total), followed by Industrial Products and Services (€223M; 15.9% of total).

The following stand out in the sector distribution by number of investments: Consumer Goods (13), Industrial Products and Services (9) and Other Services (8).

Seed Start-up + other early

stages Late stage venture

Growth LBO/MBO/MBI/LBU Others

24

Investments by international entities in Spain (by size of investment)

2014 2016 20172015201320122011201020092008200720060

1,000

2,000

3,000

4,000

€ M

illon

s

Nº i

nves

tmen

ts

0

2

6

4

8

10

12

14

5

9

6

2

5

4

6

7

9

4

9

13


Investments > 100M€ Investments < 100M€ Nº inv. > 100M€

Large Market. The International Investor

International funds led the large market in Spain. The market for large transactions (>€100M in equity1) –also known as megadeals– reached a record

high in 2017. This investment segment was led exclusively by international management companies, which are able to take on large transactions thanks to the size of their funds. Megadeals have helped to support market size contributing an average of 57% of total Venture Capital & Private Equity Investments in Spanish companies over the past five years. In particular, in 2017, 13 large transactions were closed in 12 companies: CVC Capital Partners (CLH), Hellman & Friedman (Allfunds Bank), Eurazeo (Iberchem), BC Partners (Pronovias), Providence (NACE), Lone Star (Esmalglass), Trilantic Partners (Grupo Pacha), CVC Capital Partners and PAI Management (Cortefiel), Rakuten (Cabify), CVC Capital Partners (Vitalia Home) and Warburg Pincus (Accelya) and an undisclosed transaction. These transactions represented 59% (€2,919.3M) of total investment in Spain. In 2016, 9 megadeals were carried out totaling €2,150.9M (56% of total amount invested in 2016), headed by 9 international investors.

Investment of international funds in Spain reached a record high in 2017. Growth in the Spanish economy in excess of 3% for the second

consecutive year combined with confidence in the domestic market, improved lending and investor appetite spurred by the abundance of capital available for investment drove foreign investment in Spain, which exceeded 2016 levels2 both generally and within the Venture Capital & Private Equity sector. In 2017, international management companies reached a record high with a Venture Capital & Private Equity investment in Spain of €3,590.8M (compared to €2,750.9M in 2016), €2,919.3M of which were megadeals, €477.6M (12%) in midmarket transactions (equity between €10M and €100M), and the rest, €193.9M, in transactions for less than €10M in equity.

1 All investment statistics published by ASCRI refer to the equity invested.2 Foreign investment volume in Spain in 2017 grew by 140% from 2016, exceeding €50 billion according to Thomson Reuters, and representing approximately 36% of total investment

in Spain.

DEALS CLOSED IN THE LARGE MARKET IN SPAIN

2014 2015 2016CVC (Grupo Hospitalario Quirón y Deóleo), Eurazeo (Desigual), Cinven (Ufinet), KKR (Grupo Alfonso Gallardo, Port Aventura and Telepizza), Arclight Capital (Bizkaia Energía), Investindustrial (Goldcar), Alquemy (Endeka Ceramics) and Partners Group (Savera)

Apax Partners (Idealista), L Capital Asia (Pepe Jeans), PAI (Geriatros) and Partners Group (Joyería Tous) and one unpublished operation

Cinven y CPPIB PE (Hotelbeds), Providence Equity (MásMovil), Cinven (Tinsa), ICG (Garnica), Apax Partners (Invent Farma), The Carlyle Group (Cupa Group), Cerberus (Renovalia Energy) and KKR (Telepizza)

25

Large Market. The International Investor

The number of companies invested in by international funds has continued to increase over the past few years: In 2013,

these funds closed a total of 47 investments in companies, as compared to 94 investments in 2017 (12 more than in 2016), 50 of which were new investments and 44 were follow ons. The intense LBO activity of international

management companies in Spain in 2017 stood out, indeed this has been the first year in which the largest number of investments (33) were made in "other early stages."

The number of international VC&PEs operating in Spain grew from 25 in 2006 to 1843 in 2017.

Buy outs led in international funds' portfolios. The international funds' portfolios totaled €12,193M in 2017. Investment of international

Venture Capital and Private Equity funds in Spain has been traditionally directed at consolidated companies, as evidenced by the composition of these funds' portfolios: 70% of volume is invested in consolidated companies through buyout transactions, 14.6% in companies in replacement and growth stages and 10.3% in startups and other early Venture Capital stages.

As regards sectors, interest in large companies with activity in the following sectors stood out: Other Services (16.9%), Consumer Goods (16.2%), IT (11.4%), Industrial Products and Services (11%) and Financial Services (7.3%).

3 A list of the international entities with activity in Spain is provided at the end of this report.4 Large: manage or advise on more than €150 million Medium: manage or advise on between €50-150 million Small: manage or advise on less than €50 million

Number of international entities investing in Spain (by size of funds managed)4

Large GPsMedium GPsSmall GPs

2014 2016 2017201520132012201120102009200820072006

Nº o

f ent

ities

0

40

80

120

160

200

25 29 3441 46 53

61

8498

132

155

184

Portfolio of international entities by sectoral distribution (by volume)

Computer Related 11.4%

Communications 6.5%

Transport 5.8%

Other Services 16.9%

ConsumerRelated 16.2%

Energy / Natural Resources 4.6%

Industrial Products & Services 11%

Chemistry / Materials 4.6%

Medical / Healthcare 5.8%

FinancialServices 7.3%

26

Divestment by type of entity (GP)


International GPDomestic private entityDomestic public entity

6,000

5,000

4,000

3,000

2,000

1,000

0

€ M

illon

s

2015 2016 2017201420132012201120102009200820072006

Divestment

1 The divestment activity covered in this section refers to all domestic (public and private) and international Venture Capital and Private Equity firms that have divested in companies headquartered in Spain.

2 As regards portfolio turnover of domestic management companies, regardless of whether the investee companies were headquartered in Spain or elsewhere; divestments in 2017 totaled (at price cost) €1,097.5M in 233 divestments compared to €850M in 360 divestments in 2016.

3 Solely for full divestments.

The timing is good for the sale of companies, driving portfolio turnover. Since the market moved out of the recessive stage of the economic

cycle, both in Spain and worldwide, favorable conditions have continued to support divestment of Venture Capital & Private Equity portfolio companies. Against this favorable environment for sellers, both industrial and financial investor appetite stand out thanks to the abundant liquidity on the market, affecting significant portions of economic activity. This "investment pressure" has generated very attractive multiples for divestment, resulting in higher divestment levels in 2017 than 2016 (€2,337.2M), albeit not reaching the record highs of 2014 (€5,048.4M) and 2015 (€3,850.3M). In particular, divestments in 2017 for all Venture Capital and Private Equity firms1 totaled (at price cost) €3,483.9M (+49% from 2016) across 243 divestments, as compared to 359 in 2016. The drop in number of divestments was particularly sharp in public firms.

97% of divestments were made in Private Equity transactions and 53% in Venture Capital transactions.

By type of entity, highest divestment volumes were led by international funds (€2,650.3M in 37 divestments), up 60.9% from 2016. On the other hand, private domestic funds2 completed divestments totaling (at price cost) €798.3M in 144 divestments. Public domestic funds went from 137 divestments totaling (at price cost) €40M in 2016 to €35.3M in 62 divestments in 2017.

The sector with the highest number of divestments in 2017 was IT (69 exits), followed by Industrial Products and Services (41) and Healthcare and Other Services, each with 21 divestments. The sectors with the highest divestment volumes (at price cost) were Healthcare with €896.5M (25.7%), followed by Other Services (€561.3M) (16%) and Consumer Goods (€439.6M).

The average holding period for the portfolio3 was 6.2 years, down from 7 years in 2016.

27

Divestment by exit route


4,000

3,000

2,000

1,000

0

€ M

illon

s

2015 20172016

Trade Sale Secondary Buyout Stock market Loan Repayment Others Buyback Write Off

The most commonly used divestment method in 2017 (by volume) was Trade Sale (43.7%). This was followed by Secondary

Buyout (17.1%) best record in the last five years and Stock Exchange Sale (12.3%).

By volume, Write Offs grew slightly compared to 2016 (from €91.7M to €186M in 2017), albeit still the second

lowest figure recorded since the crisis began. By number of transactions, only 24 divestments were classified as Write Offs, the best figure on record.

By number of transactions, the primary divestment method was Loan Repayment (37.4%), followed by Trade Sale (20.6%) and Owner's Buyback (17.7%).

Some of the main divestments in the Private Equity sector in 2017 were headed by, inter alia, CVC in IDC Salud, Providence in Masmovil, Triton Partners in Befesa, 3i in Memora, Permira in Cortefiel and Telepizza, Tensile Capital Management in Keraben Grupo, ICG in Esmalglass, Investindustrial in Goldcar, Magnum in NACE, Iberchem and Orliman, Alantra Private Equity in Q Diagnóstica and Probos, Miura and Demeter in Contenur, Miura

in Guzman Gastronómica, GPF in Acuntía, Artá Capital in Flex, Oquendo in Ingesport and Portobello in Vitalia Home. The following Venture Capital divestments stood out: Highland Europe Nauta Capital, Idinvest Partners and Greylocken Partners in Social Point; Active Venture Partners in Review Ranko and Uninvest in Agrenvec.

28

Portfolio

Portfolio at cost in Spain

2016 201720152014201320122011201020092008200720060

5,000

10,000

15,000

20,000

25,000

The Venture Capital and Private Equity sector has a total of 2,644 investee companies in Spain valued at €18,913M.

The portfolio, at price cost, of the Venture Capital and Private Equity firms (hereinafter, VC&PEs) operating in Spain totaled €18,913M as of 31 December 2017. This includes the investee companies of 161 domestic entities and 180 international entities, 53 of which have on-going activity in Spain. Portfolio value increased again following the significant divestments of 2014 and 2015. International VC&PEs accounted for 64.5%, private domestic VC&PEs for 30.7% and public ones for 4.8%. This amount does not

include an outstanding cumulative portfolio of €593M in loans from CDTI, Enisa and other regional organizations.

The portfolio of investees for the aforementioned domestic and international Venture Capital & Private Equity operators as a whole totaled 2,644 companies at the end of 2017. After excluding the investments syndicated between several operators, the total portfolio was estimated to consist of 2,215 companies. 4,268 companies backed by CDTI, Enisa and/or a similar regional organization should be added to this figure.


International entityDomestic private entityDomestic public entity

29

Impact of Venture Capital & Private Equity in Spain

Employees in portfolio companiesEmployees in initial investmentsCummulative number on investee firms


Venture Capital and Private Equity portfolio companies employ a total of 345,600 people. The average investment at price cost of

the domestic and international VC&PEs in each portfolio company was estimated at €7.2M at the end of 2017, rising to €8.5M if the investments of several operators are grouped in the same firm. However, there is a noticeable difference between the average per company investment at the end of 2017 recorded for international VC&PEs (approx. €45.8M) and for private domestic VC&PEs (€4M).

The average length of time that firms remain in the portfolio of domestic and international VC&PEs, after subtracting syndicated investments, was estimated at 4.6 years.

With the 417 additional investee companies in 2017, including syndicated investments by various investors in a single company, the historic portfolio of the firms backed by

domestic and international VC&PEs since 1972 is estimated at 6,470 companies. Firms backed by CDTI and Enisa that have not yet received Venture Capital/Private Equity should be added to this figure.

In aggregate employment terms, the out standing portfolio of the domestic and international VC&PEs totaled 331,000

employees, compared to 417,000 in 2015, with an average of 148 employees per company. Employment in the portfolio companies of CDTI, Enisa and/or other regional organizations with activity through programs based in participative loans, added another 45,000 at the end of 2016. Employment in new investee companies in 2016 was estimated at 38,100 workers, with an average of 128 workers for each new company added.

2016 20172015201420132012201120102009200820070

100

200

300

400

500

600

Thou

sand

s of

em

ploy

ees

Num

ber o

f firm

s

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

30

Venture Capital Key Indicators

Fundraising Investment Divestment

Fundraising DivestmentsInvestment international VC entityInvestment domestic private VC entityInvestment domesitc public VC entity

201720162015201420130

100

200

300

400

500

600

700

20172015 2016201420130

100

200

300

400

500

600

700

2016 20172015201420130

100

200

300

400

500

• Venture Capital momentum in 2017, with €537M2 in investments, is driving growth in this segment, making 2017 one of the best years on record, just behind 2015 (€548M).

• Record high number of Spanish start ups funded by domestic and international Venture Capital (449 start ups in 2017). By number of companies invested, all stages saw growth, in particular seed capital and series A funding. Likewise, growth of companies funded was very scattered across different sectors (ICT, Digital and Consumer, Life Sciences and Industry).

• Investor Appetite: 300 Spanish start ups received Venture Capital funding for the first time, the best figure on record.

• Activity in the €5M–€10M investment range grew,

correcting for the lack of capital available for funding this range; in 2017, 15 investments3 were closed in 8 companies, the majority of which were led by international funds.

• Record high number of scaleups: 88 start ups received investments >€1M, double the figure on record for 2012.

• In 2017, private domestic Venture Capital firms drove increases to early stage investment in Spain, both by investment volume and number of investee companies, reaching record highs for both variables. This intense activity is supported by the new funds being raised both by existing firms and by new management companies that have started activity in recent years.

• Public Venture Capital firms regained some of the ground lost in direct investment, doubling the investment

MAIN CONCLUSIONS FOR 20171

1 All statistical data on the Venture Capital sector is available on page 36. 2 For methodological reasons, the round in Letgo was not included in the statistics as it has no branch in Spain. In general, the information both in this chapter and in the rest of this

report refer to investments (equity and quasi-equity, including equity and convertible loans) made in Spanish companies by domestic and international firms, not including investments made outside Spain by domestic management companies.

3 The number of investments published is calculated from the perspective of the funds, meaning that some investee companies may be double counted in the case of syndicated investments.

Venture Capital

31

Summary of Venture Capital investment in Spanish start ups in 2017

4 Data from the "2017 European Private Equity Activity" annual report published by Invest Europe in May 2018.5 As in 2016, the investment by Rakuten in Cabify (also held by, inter alia, the Spanish fund Seaya Ventures) in 2017 was decisive for International Corporate Venture investments.6 A total of 449 companies received funding in 2017, 17 of which were co-invested by domestic and international funds.7 Investment by Rakuten in Cabify8 The number of investments published in this report is calculated from the perspective of the funds, meaning that some investee companies may be double counted in the case of

syndicated investments. 9 Of these 381 companies, 18 companies received co-investments from domestic and international funds.10 Venture Capital and Private Equity firms with an investment focus on Venture Capital and that have portfolios in which seed, startup, other early stage and late stage venture account

for at least half of the portfolio.

2017 DOMESTIC INTERNATIONAL

Corporate VC (Investment) €8.7M €146.7M5

VC (Investment) €176M €161.4

Public VC (Investment) €44.4M -

Active Investors 2017 72 51

Invested (M€) €229.6M €308.1M

Nº of Investments 497 63

Start Ups Invested 4326 34

Avg. Round (M€) €0.55M €9.1M

Avg. Ticket (M€) Investments €0.46M €4.9M

volumes recorded in 2016. Their investment activity had a particularly strong impact on the Industry sector, the fastest growing sector in terms of investment received in 2017.

• The interest of international funds in the Spanish market continues to be reflected by investment volume (57% of total Venture Capital investment in Spain in 2017), by the record high number of investments closed (63 in 34 companies), by the new funds that continue to open each

year (of the 26 new funds making a first-time investment in Spain, 18 were Venture Capital funds), and more and more funds are increasingly investing without the backing of local funds.

• Spain surpassed the European average for Venture Capital investment in terms of GDP, reaching 0.043% in 2017.4

VENTURE CAPITAL ACTIVITY IN 2017

Venture Capital investment in Spain is growing. Venture Capital funds (domestic (72) and international (51)) invested a total of €537.7M

in Spanish companies in 2017, a 23.9% increase from investment volume in 2016 (€433.9M), close to the all-time high recorded in 2015 (€548.3M).

This excellent figure is driven in part by recovery in the number of large funding rounds (>€10M) directed to 8 start ups, all performed by international funds, as is coming to be the norm in the Spanish market. Furthermore, the 15 investments closed in the €5M–€10M segment, totaling €101.4M, also had a positive impact and temporarily corrected for the lack of capital available for funding this

segment. In 2017, a transaction for >€100M was closed by a single investor7 for the second consecutive year. International funds, attracted by the maturity of the sector, have become one of the primary actors in the domestic Venture Capital sector in just 4 years, increasing their commitment to the Spanish start up, both by volume, totaling €308M (+20% vs. 2016), the second best figure on record, as well as by number of investments8 (63 in 34 companies9), a record high. As at the end of 2017, 118 of the approximately 182 international entities with Spanish portfolio companies were Venture Capital firms. At the national level, the sector had close to 95 Venture Capital active firms10, 12 of which were public.

32

Venture Capital

Private Venture Capital firms led investment activity. By type of entity, the significance of investment fell, primarily, in private entities,

totaling €493.3M in investments in 2017 (92% of total volume invested), as compared to €44M in investments by public funds (8%). The role of public funds has without a doubt evolved since the start of the crisis, reducing support of SMEs through direct investment and strengthening its role as an investor (LP)

in start ups through Venture Capital funds, using funds of funds programs such as FOND-ICO Global (managed by Axis), Innvierte (managed by CDTI through 2017 and playing a significant role in the growth of technology Venture Capital funds during the crisis years) and the fund investment program of Institut Català de Finances. In particular, the public sector is once again positioned as a primary investor (LP) for domestic Venture funds, 12with over €109M.

Record high Venture Capital investment by domestic funds. Fundraising by private domestic Venture Capital funds in recent years,

together with increased leeway in the budget of public entities, has stimulated their investment activity. In particular, domestic entities increased their investment in Spanish start ups, totaling €229.6M (+29% from the €177.8M invested in 2016). Capital was invested across 497 investments. Looking to the coming years, the outlook remains positive thanks both to the available offering of start ups which continues to mature and to demand driven by local Venture Capital funds with dry powder and international funds coming to Spain as one of the most attractive countries for channeling investor appetite.

Record high in number of start ups receiving Venture Capital funding for the first time. The number of start ups funded by Venture

Capital grew for the fifth consecutive year. In 2017, a total of 560 Venture Capital investments were made in 449 companies, of which 299 start ups received Venture Capital funding for the first time (51 more companies than in 2016 and a record high). Capital injections in 150 companies were used to support the portfolio (+4% vs. 2016). As regards Venture Capital funds that invested capital in new portfolio investments, a total of €249M was invested, compared to €288.7M11 in extensions and follow ons in 2017. 58.6% of start ups received investment rounds below €250,000 in equity.

Recovery in late stage venture in the Spanish market. As a sign of the maturity attained by a growing number of start ups in the

Spanish ecosystem, late stage venture continues to grow every year, reaching a record high in investment volume in 2017, totaling €250M in 50 companies, 23 of which received Venture Capital funding for the first time (3 more than in 2016 and a record high). The remaining categories, by stage of investment, also grew compared to 2016 in terms of volume and number of investee companies. In particular, investment in start ups and round A funding stood out with €102M (+33% from 2016), a record high in number of investee companies (177), 130 of which were new investments.

Seed capital increased by 48% in 2017 in terms of investment volume (€22M in 2017), and by 44% in terms of number of investee companies (118, 102 of which were new investments, a record high for both variables), thanks to the domestic Venture Capital funds that are currently the main driver for future start ups.

11 This figure was the highest on record thanks to the reinvestment of Rakuten in Cabify.12 A more detailed description of the fundraising activity in 2017 is provided in the chapter of this report on "Fundraising, page 14."

33

Volume30025020015010050

0

Thou

sand

s €

SeedStartupOther early stagesLate stage venture

2013 2014 2015 20169.0

49.8

52.9

82.9

2017

12.8

42.8

51.0

185.6

18.5

167.6

134.1

228.0

14.7

76.6

151.0

191.5

21.7

101.9

163.7

250.3

Seed Startup Other early stages Late stage venture

Number of start ups20018016014012010080604020

0

Numb

er

SeedStartupOther early stagesLate stage venture

2013 2014 2015 2016 201739

118

43

55

52

80

47

55

66

117

69

66

82

156

107

47

118

177

104

50

Seed Startup Other early stages Late stage venture

Venture Capital investment by company stage

Nevertheless, in 2017, economic recovery in general and of the public sector in particular was confirmed, with the latter increasing direct investment in start ups by 61% as compared to 2016, across a total of 152 investments, a record high.

In 2017, the most active private domestic investors (by number of investments) were, inter alia: Caixa Capital Risc, Inveready Technology Investment Group,

Sabadell Venture Capital, Kibo Ventures and Bankinter (Intergestora). In the public sector: Seed Capital Bizkaia, Xesgalicia, Sodena, Vigo Activo and Gestión Capital Riesgo País Vasco. As regards international funds, the following stood out by number of investments: Idinvest Partners, Pointnine Capital, Mangrove Capital Partners, Innogest Capital.

34

Venture Capital Investment Volume by Sector

Thou

sand

s €

0

100,000

200,000

300,000

400,000

500,000

600,000

Industrial & others59,979 139,688 109,350 62,659

Life Sciences

59,260 31,412 65,362 63,469ICT

Digital 40,445 89,939 324,247 245,423

2013 2014 2015 201671,43591,769

307,57734,842 31,207 49,335 62,309 66,890

2017


ICT Industrial & others Digital Life Sciences

Venture Capital support across all sectors has increased, and in particular, in the Industry sector. In 2017, the four categories

resulting from the sectoral classification grew both by capital received and number of starts up funded. In particular, a total of €307.6M was invested in 148 companies in the Digital and Consumer sector. In this category, international funds stood out, as is becoming the norm, contributing 80% of investment volume in this category.13 The Life Sciences sector continues to attract investment from both private domestic funds as well as from several international funds, which contributed €31M (€21M invested in biotechnology start ups, a record high) of the total €66.9M received by this sector in 2017.

This volume yet again surpassed the record highs registered over the past three years, as did the number of start ups receiving investments in the Life Sciences sector (60, four more than 2016). Recovery of public Venture Capital fund activity in 2017 drove the Industry sector, which saw the most growth (44% vs. 2016), totaling €91.8M in investment in 127 start ups, both record highs.

Venture Capital

13 The new Cabify round was decisive for this category.

35

Madrid and Barcelona, the two Venture Capital hubs. With a total of €236M in investments in start ups in Madrid14 and

€201.8M in Catalan start ups in 2017,15 these two regions continue to position themselves as innovation and entrepreneurship hubs, standing out for the concentration of Venture Capital funds and start ups, as well as for holding events and creating start up communities that have without a doubt contributed to the development of

early stage investments. In distant positions were Galicia (€17.7M invested in the region), Navarre (€13.8M) and the Balearic Islands (€11.7M). Catalonia also led by number of start ups financed (115). Followed by Madrid (77 start ups), the Basque Country (63 start ups), Galicia (55 start ups) and Navarre (37 start ups).

Swlowdown in divestments in 2017. 2016 was an exceptional year for portfolio turnover for early stage companies, both by volume (€363.8M)

and number (228) and quality of exits, and in 2017, this variable dropped considerably, totaling €126M in divestments (at price cost), in 131 divestments. These figures highlight the need to continue driving the sale of investee companies as one of the challenges of the sector. The "Trade Sale" category shows positive figures,

as the main divestment method used by volume (47.5% of total), with the number of write-offs decreasing to a record low (only 15 divestments made using this divestment method).

14 According to "The State of European Tech 2017" study published by Atomico, Madrid is the fourth largest hub by number of developers.15 According to "The State of European Tech 2017" study published by Atomico, Barcelona is the third most preferred city by entrepreneurs for building start ups.

36

INVESTMENTAMOUNT (M€)

TYPE OF GP 2013 2014 2015 2016 2017International VC 58.6 158.1 401.3 256.0 308.1

Domestic Private VC 101.6 112.6 119.9 150.3 185.2

Domestic Public VC 34.4 21.5 27.0 27.5 44.4

TOTAL 194.5 292.2 548.3 433.9 537.7STAGE OF DEVELOPMENTSeed 9.0 12.8 18.5 14.7 21.7

Start-up 49.8 42.8 167.6 76.6 101.9

Other early stage 52.9 51.0 134.1 151.0 163.7

Late stage venture 82.9 185.6 228.0 191.5 250.3

TOTAL 194.5 292.2 548.3 433.9 537.7SIZE0 - 0.25 M€ 19.7 15.8 22.4 21.7 24.1

0.25 - 0.5 M€ 17.5 16.6 16.2 27.5 20.2

0.5 - 1 M€ 30.9 41.2 45.5 40.2 52.8

1 - 2.5 M€ 57.3 59.9 83.6 92.2 108.5

2.5 - 5 M€ 39.6 22.6 64.2 69.2 70.5

5 - 10 M€ 29.5 52.1 49.6 29.4 101.4

10 - 15 M€ 0.0 24.0 28.3 10.0 33.7

15 - 20 M€ 0.0 30.0 34.8 0.0 17.5

20 - 25 M€ 0.0 0.0 0.0 0.0 0.0

25 - 50 M€ 0.0 30.0 114.8 37.5 0.0

50 - 75 M€ 0.0 0.0 0.0 0.0 0.0

75 - 100 M€ 0.0 0.0 89.1 0.0 0.0

More than 100M€ 0.0 0.0 0.0 106.2 109.0

TOTAL 194.5 292.2 548.3 433.9 537.7INDUSTRYLife Sciences 34.8 31.2 49.3 62.3 66.9

Digital & Consumer 40.4 89.9 324.2 245.4 307.6

Industry and others 59.3 31.4 65.4 63.5 91.8

TIC 60.0 139.7 109.4 62.7 71.4

TOTAL 194.5 292.2 548.3 433.9 537.7REGIONSAndalucía 7.9 4.2 7.2 4.6 4.2

Aragón 0.3 0.5 0.1 0.6 2.2

Asturias 3.3 2.9 1.6 2.1 7.2

Baleares 0.1 2.3 10.3 23.2 11.7

Canarias 0.0 0.0 0.1 0.0 0.0

Cantabria 0.4 0.0 0.0 0.0 0.0

Castilla-La Mancha 1.8 3.0 4.8 3.0 1.8

Castilla-León 12.0 4.8 2.7 12.0 25.9

Cataluña 64.9 172.4 342.4 144.3 201.8

Cdad. de Madrid 53.6 64.8 129.6 195.6 236.0

Cdad. Valenciana 15.2 10.1 20.1 4.7 3.6

NUMBER START UPS

2013 2014 2015 2016 201733 38 73 43 63

261 258 293 338 345

68 53 107 108 152

362* 349* 473* 489* 560*

39 52 66 82 118

118 80 117 156 177

43 47 69 107 104

55 55 66 47 50

255 234 318 392 449

145 136 202 213 263

38 26 30 50 36

31 27 35 56 61

25 32 24 50 59

10 4 12 13 13

5 6 5 3 8

0 0 4 2 3

0 1 2 2 2

1 1 2 1 1

0 0 0 1 2

0 0 0 0 0

0 1 1 0 0

0 0 1 1 1

255 234 318 392 449

55 48 51 56 60

110 106 129 142 148

72 56 75 113 127

69 61 88 79 114

306 271 343 390 449

22 14 16 8 7

2 2 2 2 5

14 12 9 12 28

3 1 4 4 6

0 1 2 1 0

1 0 0 0 0

4 6 21 4 3

15 9 7 18 16

75 75 88 105 115

42 47 63 64 77

22 19 16 32 23

Venture Capital

*Number investments.

37

FUNDRAISINGAMOUNT (THOUSANDS)

TYPE OF LP 2013 2014 2015 2016 2017Financial institutions 82,846 65,333 37,917 109,965 6,000

Pension funds 9,614 32,798 23,610 15,007 9,892.47

Insurance Companies 2,114 1,000 6,003 16,700 6,383

Fund of funds 24,700 2,519 26,137 98,440 15,575

Corporate investors 43,254 87,484 40,224 30,532 22,955

Family office 19,170 41,799 75,439 179,271 84,167

Government agencies 20,381 112,013 82,026 98,271 109,139

Academic institutions - - 988 - -

Stock Market - 2,228 - - -

Others 1,000 7,176 14,141 20,800 29,583

Capital gains available for re-investment 750 6,412 - - -

TOTAL 203,829 358,761 306,484 568,987 283,694

DIVESTMENTAMOUNT (M€)

EXIT WAY 2013 2014 2015 2016 2017Owner/manager buy-back 36.3 40.1 41.8 27.2 24.5

Sale to PE & VCs 2.2 3.6 11.5 97.2 0.0

Trade sale 26.6 62.9 15.7 204.8 59.9

Stock Market 2.7 0.0 0.2 1.4 0.2

Write-offs 78.5 71.4 30.7 23.5 28.4

Repayment of loans 10.2 8.0 8.6 8.2 8.8

Others 5.7 8.0 6.3 1.5 4.4

TOTAL 162.2 194.0 114.7 363.8 126.2STAGE OF DEVELOPMENTSeed 17.5 31.9 11.3 9.9 38.2

Start-up 109.0 130.2 62.9 116.6 18.7

Other early stage 33.2 8.1 19.5 25.7 8.9

Later stage venture 2.6 23.8 21.0 211.7 60.9

TOTAL 162.2 194.0 114.7 363.8 126.2

NUMBER OF DIVESTMENTS

2013 2014 2015 2016 201740 46 38 36 18

4 6 6 4

32 24 17 39 20

1 0 3 4 3

97 60 70 36 15

40 120 133 87 67

11 12 14 22 8

225 268 281 228 131

79 118 117 86 52

124 114 113 88 40

16 19 36 40 17

6 17 15 14 23

225 268 281 228 131

AMOUNT (M€)

REGIONS 2013 2014 2015 2016 2017Extremadura 2.0 4.1 8.0 1.7 3.9

Galicia 11.7 2.7 4.8 10.8 17.7

La Rioja 0.3 0.0 0.3 0.1 0.3

Murcia 2.0 2.3 0.4 3.9 0.6

Navarra 13.5 8.9 6.0 14.7 13.8

País Vasco 5.5 9.0 10.1 12.7 7.1

Ceuta/Melilla 0.0 0.0 0.0 0.0 0.0

TOTAL 194.5 292.2 548.3 433.9 537.7

NUMBER OF START UPS

2013 2014 2015 2016 201715 8 9 2 3

9 12 26 46 55

1 0 1 1 4

4 3 3 6 7

12 11 15 36 37

14 14 36 51 63

0 0 0 0 0

255 234 318 392 449

38

2017 Main transactions

39

2017 LARGE TRANSACTIONS IN SPAIN WITH EQUITY INVESTMENT > €100M

TARGET PRIVATE EQUITY & VENTURE CAPITAL FIRM INDUSTRY TYPE OF DEAL TYPE OF FIRM

Compañía Logística de Hidrocarburos (CLH)

CVC Capital Partners Energy - International

Allfunds Bank Hellman & Friedman Financial Services Buyout International

Iberchem EurazeoConsumer Products & Services

Buyout International

Pronovias BC PartnersConsumer Products & Services


NACE Providence Education Buyout International

Esmalglass Lone Star Materials Buyout International

Grupo Pacha Trilantic Partners Leisure Buyout International

CortefielPAI Management / CVC Capital Partners

Consumer Products & Services


Cabify Rakuten Transport Late Stage Venture International

Vitalia Home CVC Capital Partners Elderly Care Homes - International

Accelya Warburg Pincus Consumer Products & Services Buyout International

Source: ASCRI/webcapitalriesgoNote: Infrastructure, real estate and financial sector not included


40

MIDDLE MARKET DEALS CLOSED AND PUBLISHED IN 2017TARGET PRIVATE EQITY & VENTURE CAPITAL FIRM TYPE OF DEAL INDUSTRY TYPE OF FIRM

Emeru Investindustrial Buyout Commercial and industrial services International

Vertex Bioenergy Trilantic Capital Partners Buyout Energy International

Farggi-Menorquina Black Toro Capital Partners Turnaround Food industry Domestic

Contenur Acon Investments / Oquendo Capital Buyout Waste processing International

Merkal OpCapita Buyout Consumer products International

Nice Cold Corp Moira Capital Partners Growth Food industry Domestic

Resorts Blue Sea Portobello Capital Gestión Buyout Hostelry Domestic

Vivanta Portobello Capital Gestión Buyout Dental care Domestic

Moyca ProA Capital Buyout Food industry Domestic

Marypaz Black Toro Capital Partners Growth Consumer products Domestic

Valtecnic e Ibertasa Charme Capital Partners / Miura Private Equity Buyout Real state appraisal International

Alvinesa Arta Capital Growth Consumer products Domestic

Pronokal Group Abac Capital Buyout Health Domestic

Extrusiones de Toledo MCH Growth Manufactures Domestic

Satlink Arta Capital Growth Communications Domestic

Plating Brap Abac Capital Buyout Plastics Domestic

Gestión Tributaria Territorial

GED Iberian Privete Equity / Oquendo Capital Buyout Municipal services Domestic

Grupo Pachá MCH / GPF Capital Buyout Leisure Domestic

Centauro Portobello Capital Gestión Buyout Rental car Domestic

Lateral Bluegem Capital Partners Buyout Branded restaurant chain Domestic

Kids & Us Coprfin Capital / Oquendo Capital Growth Education Domestic

Pumping Team MCH Growth Industrial products and services Domestic

Grupo 5 Corpfin Capital Growth Health Domestic

Mr. Wonderful Realza Capital / Oquendo Capital Buyout Gift items and stationery Domestic

Araven GED Iberian Private Equity / Oquendo Capital Buyout Materials Domestic

Flex Equipos de Descanso Aurica Capital Desarrollo Growth Other consumer goods Domestic

McBath Nazca Capital Buyout Construction materials Domestic

Tubing Food Espiga Equity Partners Buyout Industrial products Domestic

Hedonai 3 Sherpa Capital Turnaround Health services Domestic

Suaval Oquendo Capital Growth Thermal isolation Domestic

Andilana Meridia Capital Growth Hostelry Domestic

Devo (Logtrust) Insight Venture Capital Growth Big data International

Tiko Real Estate Technologies Rocket Internet Other early

stages Real state appraisal International

Delta Tecnic Aurica Capital Desarrollo Growth Chemistry & materials Domestic

Envases Soplados GED Iberian Privete Equity Growth Industrial products Domestic

Grupo La Flauta GPF Capital Buyout Restaurants Domestic

Cabify GAT Inversiones / Endeveavor Capital Late stage Transport Domestic / International

Vicarli GPF Capital Buyout Logistic DomesticGrupo de Dermatología Pedro Jaén Moira Capital Partners Growth Health services Domestic



41

SOME OF THE MAIN VENTURE CAPITAL1 INVESTMENTSN CLOSED IN 2017TARGET VENTURE CAPITAL FIRM TYPE OF DEAL INDUSTRY TYPE OF FIRM

CabifyRakuten, GAT Inversores, Endeavor, Liil Ventures

Later stage VC InternetInternational / Domestic

TypeformConnect Ventures, GEN Atlantic, Index Ventures, Pointnine Capital,

Later stage VC Internet International

Glovo App

Rakuten, Cathay Capital, Seaya Ventures, Entrée Capital, Bonsai Venture Capital, Caixa Capital Risc


LogtrustInsight Venture Partners, Kibo Ventures, Investing Profit Wisely

Other early stages SoftwareInternational / Domestic

VerseE.Ventures, Greycroft, Spark Capital

Other early stages Internet International

Tiko Real Estate Technologies

Rocket Internet Other early stages Proptech International

Medlumics

Seroba Life Sciences, Ysios Capital Partners, Edmon de Rothchild, Innogest Capital, Caixa Capital Risc

Other early stages BiotechInternational / Domestic

Minoryx Therapeutics

Idinvest Partners, Ysios Capital Partners, Caixa Capital Risc, Chiesi Ventures, Roche Venture Fund

Other early stages HealthInternational / Domestic

WorldsensingMcRock Capital, ETF Partners y Cisco Investments

Other early stages Internet of things International

Cornerjob

North Zone, Innogest Capital, E. Ventures, Randstad Innovation Fund, Sabadell Venture Capital, Caixa Capital Risc, Bonsai Venture Capital, Samaipata Capital Partners.


Red de Calor de Aranda Suma Capital Start-up Energy Domestic

NinjatruckAtomico, Pointnine Capital, Samaipata Capital Partners, Idinvest Partners

Other early stages InternetInternational / Domestic

21 Buttons APP

JME Venture Capital, Kibo Ventures, Samaipata Capital Partners, 360 Capital, Breega Capital, Sabadell Venture Capital, Venturcap

Other early stages InternetInternational / Domestic

Scytil

Adams Street Partner, Balderton Capital, Sap Ventures, Vulcan Capital, Riva y Garcia

Late stage VC ICTInternational / Domestic

Tritium SoftwareNauta Capital VC, Axa Strategic Ventures, Sabadell VC

Other early stages ICTInternational / Domestic

1 Investments closed in Spain by national and international Venture Capital firms.


Note: Deals listed by the amount invested by the Venture Capital firm (minority investors might not appear in this list).

42

Statistical appendix

43

Statistical appendixNEW FUNDS RAISED

AMOUNT (M€)

TYPE OF ENTITY (GP) 2015 2016 2017Domestic private entity 1,529.0 2,271.1 1,865.2

Domestic public entity 152.9 167.1 172.9

TOTAL 1,681.9 2,438.3 2,038.2

TYPE OF LPs Domestic private entity

Financial institutions 156.6 211.6 168.9

Pension funds 168.5 97.8 372.5

Insurance Companies 216.7 174.9 114.2

Fund of funds 296.2 491.7 462.1

Corporate investors 123.8 81.4 61.7

Family office 235.1 459.9 260.0

Government agencies 147.2 348.6 285.4

Academic institutions 82.4 13.6 1.0

Other asset managers - 150.0 60.1

Others 102.5 241.7 79.3

TOTAL 1,529.0 2,271.1 1,865.1

GEOGRAPHIC BREAKDOWN OF TYPE OF LP IN 2017 Domestic private entity Domestic LPs Intenational LPs LPs

Financial institutions 66.8 102 168.9

Pension funds 53.8 318.6 372.5

Insurance Companies 67.3 46.8 114.2

Fund of funds 53.3 408.6 462.1

Corporate investors 33.1 28.5 61.7

Family office 181.6 78.3 260.0

Government agencies 183.4 101.9 285.4

Academic institutions 0 1 1.0

Other asset managers 40 20.1 60.1

Others 61.3 18 79.3

TOTAL 741.0 1,124.2 1,865.2

44

NEW FUNDS RAISEDAMOUNT (M€)

LOCATION LP Domestic private entity 2015 2016 2017

Spain 543.8 1,404.8 806.1

Other European countries 634.8 581.1 814.2

United States 168.0 121.4 80.3

Asia 76.9 5.4 5.0

Canada 0.0 0.0 35.0

Others 105.5 158.6 124.7

TOTAL 1,529.0 2,271.1 1,865.2

DRY POWDERAMOUNT (M€)

Domestic private entity 2,896.1 4,085.2 4,096.3

Domestic public entity 278.3 68.6 115.2

TOTAL 3,174.3 4,153.8 4,211.5

FUNDS UNDER MANAGEMENT1

AMOUNT (M€)

TYPE OF ENTITY (GP) 2015 2016 2017Domestic private entity 8,660.5 10,355.4 10,797.6

Domestic public entity 2,168.4 2,015.8 2,205.7

International entity 9,811.0 11,004.3 12,393.4

TOTAL 20,639.9 23,375.4 25,396.7

NUMBER OF ENTITIESBY TYPE OF ENTITY 2015 2016 2017International entity 132 157 182

Domestic private entity 110 121 141

Domestic public entity 17 17 19

TOTAL 259 295 342

BY SIZE OF FUNDS UNDER MANAGMENTInternational Entity National Entity All Entities

2016 2017 2016 2017 2016 2017

Large entities (>150 m.) 130 155 25 29 155 184

Medium entities (between 50 and 150 m.) 23 21 37 33 60 54

Small institutions (<50 m) 4 6 76 98 80 104

TOTAL 157 182 138 160 295 342

Statistical appendix

1 Due methodological reasons. managed funds are now being obtained from adding the portfolio value at cost and dry powder

45

INVESTMENT1

AMOUNT (M€)

BY TYPE OF ENTITY (GP) 2015 2016 2017

International VC2 401.3 256.0 308.1

Domestic Private VC 119.9 150.3 185.2

Domestic Public VC 27.0 27.5 44.4

TOTAL 548.3 433.9 537.7

International PE3 998.6 2,494.9 3,282.7

Domestic Private PE 749.9 843.6 1,081.0

Domestic Public PE 80.5 36.6 56.5

TOTAL 1,829.1 3,375.2 4,420.2

International Entity (VC+PE) 1,400.0 2,751.0 3,590.8

Domestic Private Entity (VC+PE) 869.9 994.0 1,266.2

Domestic Public Entity (VC + PE) 107.6 64.2 100.9

TOTAL 2,377.4 3,809.1 4,957.9

NEW - FOLLOW ONS

New Investments 1,925.1 3,490.3 4,128.2

Follow ons investments 452.3 318.8 829.7

TOTAL 2,377.4 3,809.1 4,957.9

STAGE OF DEVELOPMENT

Seed 18.5 14.7 21.7

Startup 167.6 76.6 101.9

Other early stages 134.1 151.0 163.7

Late stage venture 228.0 191.5 250.3

Growth 222.0 734.5 590.3

Replacement 405.8 129.2 765.3

LBO/MBO/MBI/LBU 1,155.0 2,387.3 2,984.2

Others 46.3 124.2 80.5

TOTAL 2,377.4 3,809.1 4,957.9

INDUSTRY

Computer related 671.5 310.6 380.0

Other Electronic related 9.5 1.5 1.9

Industrial Products & Services 212.1 346.4 257.0

Consumer-related Products 437.3 426.7 866.3

Agriculture 63.2 49.1 4.7

Energy 37.0 290.4 175.4

Chemistry & Materials 19.5 137.1 236.7

Construction 51.2 177.0 44.5

Health related 437.3 446.3 301.3

Leisure 37.4 58.6 91.1

Communications 27.4 358.8 72.9

Biotechnology 23.7 100.2 42.9

Industrial Automation 3.2 0.0 0.0

Financial Services 31.4 215.3 658.4

Other Services 293.6 819.5 798.0

Others - 0.1 32.0

Transportation 6.8 50.6 679.8

Other Manufacturing 15.3 20.9 314.9

TOTAL 2,377.4 3,809.1 4,957.91 The investment figures contained in this report refer to investments made by domestic (public and private) and international GPs in Spanish companies. thus excluding investments by Spanish GPs abroad. which totaled €364M across 124 investments in 2017

2 Venture Capital3 Private Equity

46

INVESTMENTAMOUNT (M€)

REGION 2015 2016 2017

Andalucía 47.1 53.0 58.7

Aragón 39.1 1.1 155.3

Asturias 2.5 41.9 36.1

Baleares 10.3 740.1 455.5

Canarias 0.1 0.0 3.8

Cantabria 0.0 0.0 0.0

Castilla-La Mancha 5.2 232.5 54.8

Castilla y León 10.7 42.2 45.7

Cataluña 796.4 742.9 1,040.5

Cdad. de Madrid 996.3 1,095.6 2,457.1

Cdad. Valenciana 141.2 242.2 232.7

Extremadura 21.1 30.7 3.9

Galicia 52.6 267.1 43.0

La Rioja 75.9 145.9 16.9

Murcia 0.6 43.4 308.3

Navarra 67.5 43.8 31.7

País Vasco 110.8 86.8 14.0

Ceuta/Melilla 0.0 0.0 0.0

TOTAL 2,377.4 3,809.1 4,957.9

SIZE OF INVESTMENT

0 - 0.25 M€ 22.9 23.5 26.3

0.25 - 0.5 M€ 19.8 30.4 22.2

0.5 - 1 M€ 47.9 47.1 59.2

1 - 2.5 M€ 114.3 117.6 144.4

2.5 - 5 M€ 78.8 98.6 156.2

5 -10 M€ 134.4 131.9 231.8

10 - 15 M€ 203.1 168.0 150.0

15 - 20 M€ 139.8 149.8 177.2

20 - 25 M€ 107.7 126.1 266.6

25 - 50 M€ 404.7 601.0 559.9

50 - 75 M€ 221.8 164.2 67.4

75 - 100 M€ 248.7 0.0 177.4

More than 100 M€ 633.5 2,150.9 2,919.3

TOTAL 2,377.4 3,809.1 4,957.9

Between 10 and 100 M€ 1,325.8 1,209.1 1,398.5

COMPANY SIZE Private Equity Venture Capital All

0 to 9 € employees 153 100.9 253

10 to 19 employees 25 101.7 127

20 to 99 employees 317 130.9 448

100 to 199 employees 418 190.3 608

200 to 499 employees 902 13.8 916

500 to 999 employees 688 0.0 688

1,000 to 4,999 employees 1,615 0.0 1,615

More than 5,000 employees 303 0.0 303

TOTAL 4,420 537.7 4,957.9

47

INVESTMENTNº INVESTMENTS


International VC 73 43 63

Domestic Private VC 293 338 345

Domestic Public VC 107 108 152

TOTAL 473 489 560

International PE 24 39 31

Domestic Private PE 55 69 107

Domestic Public PE 25 20 17

TOTAL 104 128 155

International Entity (VC+PE) 97 82 94

Domestic Private Entity (VC+PE) 348 407 452

Domestic Public Entity (VC + PE) 132 128 169

TOTAL 577 617 715

NEW - FOLLOW ONS

New Investments 350 387 463

Follow ons investments 227 230 252

TOTAL 577 617 715


Seed 83 87 123

Startup 149 176 202

Other early stages 114 165 151

Late stage venture 127 61 84

Growth 46 74 92

Replacement 10 6 10

LBO/MBO/MBI/LBU 38 37 46

Others 10 11 7

TOTAL 577 617 715

SECTOR

Computer related 275 256 286

Other Electronic related 6 5 6

Industrial Products & Services 36 50 53

Consumer-related Products 40 60 75

Agriculture 19 22 18

Energy 9 29 38

Chemistry & Materials 8 16 20

Construction 3 6 11

Health related 47 57 56

Leisure 13 7 10

Communications 11 17 20

Biotechnology 48 44 45

Industrial Automation 9

Financial Services 11 4 10

Other Services 28 28 43

Others 1 3

Transportation 1 7 10

Other Manufacturing 13 8 11

TOTAL 577 617 715

48

INVESTMENTNº INVESTMENTS

REGION 2015 2016 2017

Andalucía 25 11 15

Aragón 4 4 11

Asturias 12 18 33

Baleares 11 16 17

Canarias 2 1 1

Cantabria 0 0 0

Castilla-La Mancha 24 5 5

Castilla y León 12 24 23

Cataluña 174 192 213

Cdad. de Madrid 133 116 148

Cdad. Valenciana 33 46 32

Extremadura 14 9 3

Galicia 50 55 85

La Rioja 3 6 9

Murcia 4 10 11

Navarra 23 46 41

País Vasco 53 58 68

Ceuta/Melilla 0 0 0

TOTAL 577 617 715

SIZE OF INVESTMENT

0 - 0.25 M€ 272 272 313

0.25 - 0.5 M€ 61 88 67

0.5 - 1 M€ 73 74 92

1 - 2.5 M€ 75 75 94

2.5 - 5 M€ 23 30 46

5 -10 M€ 19 18 34

10 - 15 M€ 17 15 13

15 - 20 M€ 8 9 10

20 - 25 M€ 5 6 12

25 - 50 M€ 13 18 18

50 - 75 M€ 4 3 1

75 - 100 M€ 3 0 2

More than 100 M€ 4 9 13

TOTAL 577 617 715

Between 10 and 100 M€ 50 51 56

COMPANY SIZE Private Equity Venture Capital All

0 to 9 employees 35 303 338

10 to 19 employees 11 107 118

20 to 99 employees 33 123 156

100 to 199 employees 25 19 44

200 to 499 employees 17 8 25

500 to 999 employees 14 0 14

1,000 to 4,999 employees 17 0 17

More than 5,000 employees 3 0 3

TOTAL 155 560 715

49

DIVESTMENTAMOUNT (M€)



Domestic Private Entity (VC+PE) 1,700.7 650.1 798.3


TOTAL 3,850.3 2,337.2 3,483.9

CONCEPTS

Final Divestments 3,264.9 2,051.7 2,836.5

Partial Divestments 585.4 285.5 647.4

TOTAL 3,850.3 2,337.2 3,483.9


Seed 11.3 9.9 38.2

Start-up 62.9 116.6 18.7

Other early stage 19.5 25.7 8.9

Later stage venture 21.0 211.7 60.9

Growth 609.8 336.3 570.9

Replacement 291.1 90.2 7.5

LBO/MBO/MBI/LBU 2,548.5 1,511.20 2,752.90

Others 286.2 35.6 26

TOTAL 3,850.3 2,337.2 3,483.9

EXIT WAY

Owner/manager buy-back 183.3 282.5 170.7

Sale to PE & VCs 314.7 293.2 594.4

Trade sale 1,631.7 1,183.7 1,522.8

Stock Market 1,255.8 244.1 426.8

Write-offs 392.2 91.7 186.5

Repayment of loans 41.6 95.0 304.2

Others 30.9 146.9 278.4

TOTAL 3,850.3 2,337.2 3,483.9

INDUSTRY

Computer related 124.7 253.1 255.5


Industrial Products & Services 103.9 254.5 260.0

Consumer-related Products 481.4 216.1 439.6

Agriculture 7.3 21.2 5.2

Energy 701.3 375.6 389.5



Health related 118.2 53.3 896.5

Leisure 274.9 171.8 208.5

Communications 763.0 79.1 321.8




Other Services 1,137.3 194.4 561.3

Others 3.4 16.4 24.2



TOTAL 3,850.3 2,337.2 3,483.9

50

DIVESTMENTNº DIVESTMENTS



Domestic Private Entity (VC+PE) 224 181 144


TOTAL 463 359 243

CONCEPTS

Final Divestments 257 216 157

Partial Divestments 206 143 86

TOTAL 463 359 243


Seed 117 86 52

Start-up 113 88 41

Other early stage 36 40 17

Later stage venture 15 14 21

Growth 111 82 63

Replacement 11 12 2

LBO/MBO/MBI/LBU 38 31 43

Others 22 6 3

TOTAL 463 359 243

EXIT WAY

Owner/manager buy-back 74 72 43

Sale to PE & VCs 20 11 14

Trade sale 73 72 50

Stock Market 13 9 6

Write-offs 81 45 24

Repayment of loans 179 120 91

Others 23 30 15

TOTAL 463 359 243

INDUSTRY





Agriculture 14 8 7

Energy 55 16 11


Construction 5 10 7


Leisure 16 12 5



Industrial Automation 8 - -



Others 8 4 2

Transportation 6 4 -


TOTAL 463 359 243

51

PORTFOLIOAMOUNT (M€)



Domestic Private Entity (VC+PE) 4,884.8 5,387.5 5,815.5

Domestic Public Entity (VC + PE) 803.5 841.0 904.2

TOTAL 15,499.3 17,232.8 18,913.2

INDUSTRY

Computer related 1,684.7 1,778.3 1,917.6


Industrial Products & Services 2,168.4 2,540.6 2,472.0

Consumer-related Products 2,424.5 2,697.1 3,293.0

Agriculture 132.1 162.3 161.9

Energy 1,022.1 893.6 927.3



Health related 1,339.9 1,795.4 1,231.6

Leisure 1,327.8 1,152.5 822.3

Communications 1,053.9 1,285.2 1,073.7




Other Services 2,220.5 2,607.6 2,874.8

Others 31.2 28.6 60.5



TOTAL 15,499.3 17,232.6 18,913.2

REGION

Andalucía 505.2 561.1 592.8

Aragón 164.2 138.9 238.3

Asturias 182.6 216.6 237.4

Baleares 22.6 780.1 1,216.0

Canarias 4.0 3.4 7.2

Cantabria 57.2 56.0 56.0

Castilla-La Mancha 82.3 310.9 363.3

Castilla y León 237.6 252.6 216.4

Cataluña 3,633.5 3,881.5 4,628.6

Cdad. de Madrid 7,242.3 6,897.3 7,284.2

Cdad. Valenciana 804.8 1,000.4 957.5

Extremadura 397.4 450.5 452.6

Galicia 422.3 673.5 628.7

La Rioja 87.8 233.7 250.5

Murcia 83.3 126.9 371.3

Navarra 313.2 338.1 367.5

País Vasco 1,259.1 1,311.4 1,044.9

Ceuta/Melilla 0.0 0.0 0.0

TOTAL 15,499.3 17,232.8 18,913.2

52

CARTERANº INVESTMENTS



Domestic Private Entity (VC+PE) 1,175 1,275 1,463


TOTAL 2,170 2,328 2,644

INDUSTRY





Agriculture 46 56 63

Energy 99 110 138


Construction 39 40 44


Leisure 79 69 69



Industrial Automation 20 20 20



Others 18 16 19

Transportation 26 31 34


TOTAL 2,170 2,328 2,644

REGION

Andalucía 199 186 187

Aragón 38 38 39

Asturias 91 100 114

Baleares 18 25 33

Canarias 9 7 8

Cantabria 11 9 9

Castilla-La Mancha 73 70 72

Castilla y León 71 72 84

Cataluña 535 589 659

Cdad. de Madrid 375 380 425

Cdad. Valenciana 112 130 149

Extremadura 122 115 115

Galicia 200 231 286

La Rioja 9 15 22

Murcia 18 25 28

Navarra 80 92 116

País Vasco 209 244 298

Ceuta/Melilla 0 0 0

TOTAL 2,170 2,328 2,644

53

INVESTMENT BY REGION IN 2017Type of investment by region (number of investments)

Seed Start-upOther eraly

stages

Late Stage

VentureExpansion Replacement

LBO / MBO /

MBI / LBUOthers Total

Madrid 13 37 35 14 31 3 14 1 148

Cataluña 26 50 60 48 14 3 10 2 213

Andalucía 1 2 4 1 5 2 0 0 15

País Vasco 16 34 11 3 4 0 0 0 68

Galicia 25 33 9 0 17 0 1 0 85

Castilla y León 2 7 6 1 5 0 1 1 23

Castilla-La Mancha 0 1 2 0 1 1 0 0 5

Aragón 0 2 3 1 2 0 3 0 11

Extremadura 0 2 1 0 0 0 0 0 3

Canarias 0 0 0 0 1 0 0 0 1

Navarra 18 10 5 5 1 0 2 0 41

Asturias 8 11 5 4 3 0 1 1 33

Comunidad Valenciana 12 5 2 5 2 1 4 1 32

Baleares 0 5 3 1 1 0 7 0 17

Murcia 1 1 5 0 1 0 3 0 11

Cantabria 0 0 0 0 0 0 0 0 0

La Rioja 1 2 0 1 4 0 0 1 9

Ceuta/Melilla 0 0 0 0 0 0 0 0 0

ALL 123 202 151 84 92 10 46 7 715

TYPE OF INVESTMENT BY REGION IN 2017Type of investment by region (amount M€)

Seed Start-upOther eraly

stages

Late Stage

VentureExpansion Replacement

LBO / MBO /

MBI / LBUOthers Total

Madrid 5.1 20.9 57.6 152.5 247.4 672.9 1,281.4 19.3 2,457.1

Cataluña 11.3 27.1 77.0 86.4 161.0 55.9 571.9 50.0 1,040.5

Andalucía 0.0 0.3 3.9 0.0 44.1 10.4 0.0 0.0 58.7

País Vasco 0.6 3.1 2.6 0.8 6.9 0.0 0.0 0.0 14.0

Galicia 1.9 14.2 1.6 0.0 18.2 0.0 7.1 0.0 43.0

Castilla y León 0.2 19.7 2.9 3.0 8.4 0.0 7.0 4.5 45.7

Castilla-La Mancha 0.0 0.1 1.7 0.0 27.0 26.0 0.0 0.0 54.8

Aragón 0.0 1.2 0.7 0.3 5.3 0.0 147.8 0.0 155.3

Extremadura 0.0 3.9 0.0 0.0 0.0 0.0 0.0 0.0 3.9

Canarias 0.0 0.0 0.0 0.0 3.8 0.0 0.0 0.0 3.8

Navarra 1.0 2.1 6.5 4.1 4.0 0.0 13.9 0.0 31.7

Asturias 0.5 3.7 1.6 1.3 22.5 0.0 5.0 1.5 36.1

Comunidad Valenciana 1.0 0.7 0.7 1.1 6.4 0.1 220.5 2.0 232.7

Baleares 0.0 4.5 6.6 0.7 22.0 0.0 421.7 0.0 455.5

Murcia 0.0 0.1 0.5 0.0 0.1 0.0 307.7 0.0 308.3

Cantabria 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

La Rioja 0.0 0.2 0.0 0.0 13.5 0.0 0.0 3.2 16.9

Ceuta/Melilla 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

ALL 21.7 101.9 163.7 250.3 590.3 765.3 2,984.2 80.5 4,957.9

54

CONSIDERED INVESTORS

I. DOMESTIC PRIVATE VENTURE CAPITAL & PRIVATE EQUITY ENTITIES (S.C.R.)

1. Activos y Gestión Empresarial, SCR, S.A.

2. Amadeus Ventures

3. Angels Capital S.L.

4. Bonsai Venture Capital

5. BStartup

6. Caja Burgos, Fundación Bancaria

7. Collins Capital Desarrollo SCR-PYME, S.A.

8. Compas Private Equity

9. Corporación Empresarial de Extremadura, S.A.

10. Fides Capital, SCR, S.A.

11. FIT Inversión en Talento SCR de Régimen Simplificado S.L.

12. Gat Technology Tecnología, Telecomunicaciones y Movilidad

13. Grupo Intercom de Capital, SCR, S.A.

14. Grupo Perseo (Iberdrola)

15. Healthequity SCR, de Régimen Simplificado S.A.

16. Indes Capital

17. Integra Capital SCR, S.A.

18. Investing Profit Wisely

19. Landon Investment

20. Moira Capital Partners, SGEIC, S.A.

21. Murcia Emprende Sociedad de Capital Riesgo, S.A.

22. Najeti Capital, SCR, S.A.

23. Navarra Iniciativas Empresariales, S.A. (Genera)

24. Nero Ventures

25. Onza Venture Capital Investments Régimen Simplificado S.A.

26. Repsol Energy Ventures

27. Ricari, Desarrollo de Inversiones Riojanas S.A.

28. Sinensis Seed Capital SCR, S.A.

29. Santander Innoventures

30. SeedRocket 4Founders Capital S.A. SCR-Pyme

31. Soria Futuro, S.A.

32. Telefónica Open Future

33. Torreal, SCR, S.A.

34. Unirisco Galicia SCR, S.A.

35. Univen Capital, S.A., SCR de Régimen Común

36. Up Capital

37. Vigo Activo, SCR de Régimen Simplificado, S.A.

38. VitaminaK Venture Capital SCR de régimen común, S.A.

II. DOMESTIC PUBLIC VENTURE CAPITAL & PRIVATE EQUITY ENTITIES (S.C.R.)

1. INVERTEC (Societat Catalana d'Inversió en Empreses de Base Tecnològica, S.A.)

2. Sadim Inversiones

3. SEPI Desarrollo Empresarial, S.A. (SEPIDES)

4. Sociedad de Desarrollo de las Comarcas Mineras, S.A. (SODECO)

5. Sociedad de Desarrollo Económico de Canarias, S.A. (SODECAN)

6. Sociedad de Desarrollo de Navarra, S.A. (SODENA)

7. Sociedad para el Desarrollo Industrial de Aragón, S.A. (SODIAR)

8. Sociedad para el Desarrollo Industrial de Castilla-La Mancha, S.A. (SODICAMAN)

9. Sociedad para el Desarrollo Industrial de Extremadura, S.A. (SODIEX)

10. Sociedad Regional de Promoción del Pdo. de Asturias, S.A. (SRP)

III. DOMESTIC PRIVATE VENTURE CAPITAL & PRIVATE EQUITY ENTITIES (S.G.E.C.R.)

1. Abac Capital

2. Active Venture Partners, SGEIC, S.A.

General Partners included in this survey

55

3. Adara Venture Partners

4. Addquity Growth Capital, S.A.

5. Ade Gestión Sodical SGEIC, S.A.

6. Alma Mundi Ventures, SGEIC, S.A.

7. Alta Life Sciences

8. Alter Capital Desarrollo SGEIC, S.A.

9. Ambar Capital y Expansión SGEIC S.A.

10. Artá Capital SGEIC, S.A.

11. Athos Capital, SGEIC, S.A.

12. Atlas Capital Private Equity SGEIC, S.A.

13. Aurica Capital Desarrollo, SGEIC, S.A.U.

14. Axón Capital e Inversiones SGEIC, S.A.

15. Bankinter Capital Riesgo, SGEIC (Intergestora)

16. Baring Private Equity Partners España, S.A.

17. Beable Capital SGEIC, S.A.

18. Black Toro Capital LLP

19. Bullnet Gestión, SGEIC, S.A.

20. Caixa Capital Risc SGEIC, S.A.

21. Cantabria Capital SGEIC, S.A.

22. Clave Mayor SGEIC, S.A.

23. Corpfin Capital Asesores, S.A., SGEIC

24. CRB Inverbío SGEIC

25. CVP Asset Management, SGEIC, S.A.

26. Decenes Mecenes SGEIC, S.A.

27. Diana Capital, SGEIC, S.A.

28. EBN Capital SGEIC, S.A.

29. Eland Private Equity SGEIC S.A.

30. Endurance Equity Partners, SGEIC, S.A.

31. Espiga Capital Gestión SGEIC, S.A.

32. Everwood Capital SGEIC, S.A.

33. Finaves

34. Gala Capital Desarrollo

35. GED Iberian Private Equity, SGEIC, S.A.

36. Going Investment Gestión SGEIC

37. GPF Capital

38. Hiperion Capital Management, SGEIC, S.A.

39. Institut Català de Finances Capital SGEIC

40. Inveready

41. JB Capital Markets, S.V., S.A.

42. JME Venture Capital, SGEIC, S.A. (antes Fundación Entrecanales)

43. Kanoar Ventures, SGEIC, S.A.

44. Kibo Ventures

45. Magnum Industrial Partners

46. MCH Private Equity, S.A.

47. Meridia Capital Partners, SGEIC, S.A.

48. Miura Private Equity

49. Nauta Tech Invest

50. Nazca Capital, S.G.E.C.R, S.A.

51. Nekko Capital, S.G.E.I.C. S.A.

52. Neotec Capital Riesgo

53. Next Capital Partners, SGEIC, S.A.

54. Nmás1 Capital Privado, SGEIC, S.A.

55. Ona Capital

56. Oquendo Capital

57. PHI Industrial Acquisitions

58. Portobello Capital

59. Proa Capital de Inversiones SGEIC, S.A.

60. Qualitas Equity Partners

61. Realza Capital SGEIC, S.A.

62. Renertia Investment Company SGEIC S.A.

63. Riva y García Gestión, S.A.

64. Sabadell Venture Capital

65. Samaipata Ventures

66. Seaya Ventures

67. Santander Private Equity SGEIC

General Partners included in this survey

56

68. SES Iberia Private Equity, S.A.

69. Sherpa Capital Gestión

70. SI Capital R&S I S.A., SCR de Régimen Simplificado

71. Swanlaab Venture Factory, SGEIC, S.A.

72. Suma Capital Private Equity

73. Taiga Mistral de Inversiones

74. Talde Gestión SGEIC, S.A.

75. Telegraph Hill Capital

76. Thesan Capital

77. Torsa Capital, SGEIC, S.A.

78. Uninvest Fondo I+D

79. Venturcap

80. Victoria Venture Capital

81. Ysios Capital Partners

IV. DOMESTIC PUBLIC VENTURE CAPITAL & PRIVATE EQUITY ENTITIES (S.G. E.C.R.)

1. AXIS Participaciones Empresariales, SGEIC, S.A.

2. Cofides

3. Extremadura Avante Inversiones (antes Sociedad de Fomento Industrial de Extremadura)

4. Gestión de Capital Riesgo del País Vasco, SGEIC, S.A.

5. Innova Venture, SGEIC, S.A. (antes Invercaria Gestión)

6. Seed Capital de Bizkaia, SGEIC, S.A.

7. XesGalicia, SGEIC, S.A.

V. INTERNATIONAL VENTURE CAPITAL & PRIVATE EQUITY ENTITIES WITH OFFICE IN SPAIN

1. Ardian

2. Advent International Advisory, S.L.

3. Aurelius

4. Bridgepoint

5. Cinven

6. Charme Capital Partners SGR S.p.A.

7. CVC Capital Partners Limited

8. Demeter Partners

9. EQT Partners

10. Ergon Capital

11. Harvard Investment Group Capital (HIG)

12. Intermediate Capital Group (ICG.)

13. Investindustrial Advisors, S.A.

14. Kohlberg Kravis Roberts (KKR)

15. MBO Partenaires

16. PAI Partners

17. Permira Asesores

18. Quantum Capital Partners AG

19. Riverside España Partners, S.L.

20. Springwater Capital

21. The Carlyle Group España, S.L.

VI. INTERNATIONAL VENTURE CAPITAL & PRIVATE EQUITY FIRMS WITHOUT OFFICE IN SPAIN (RECURRENT ACTIVITY)

1. 3i Europe plc (Sucursal en España)

2. 14W

3. Accel Partners

4. Apax Partners España, S.A.

5. Atomico

6. Balderton Capital

7. BC Partners

8. Bertelsmann SE & Co

9. Breega

10. Canada Pension Plan Investment Board (CPPIB)

11. CCMP Capital Advisors

12. Cerberus Capital

13. Digital Sky Technologies

14. DLJ South American Partners

57

15. Edmon de Rothschild I.P.

16. Elaia Partners

17. Entrée Capital

18. E.Ventures

19. Forbion Capital Partners

20. General Atlantic

21. Gilde Healthcare Partners

22. Greycroft

23. Idinvest Partners

24. Index Ventures

25. Insight Venture Partners

26. Institutional Venture Partners

27. Investcorp

28. JZ International

29. Kleiner Perkins C&B

30. Kurma Partners

31. L Catternon Europe (antes L Capital.

32. London Venture Partners

33. Mangrove

34. Naspers Limited

35. New Enterprise Associates

36. Northzone

37. Otium Capital (antes Smart Ventures)

38. Palamon Capital Partners

39. Partech Ventures

40. Partners Group

41. Passion_Capital

42. Prime Ventures

43. Providence

44. Serena Capital

45. Spark Capital

46. Stage 1 Ventures

47. Sun Capital

48. TA Associates

49. Tiger Global Management

50. Trident Capital

51. Trilantic Partners

52. Warburg Pincus

VII. INTERNATIONAL VENTURE CAPITAL & PRIVATE EQUITY FIRMS WITHOUT OFFICE IN SPAIN (NON RECURRENT ACTIVITY)1

1. 123 Investment Managers

2. 360 Capital

3. Acon Investments

4. Adams Street Partners

5. Adventure

6. Alchemy Capital Management

7. Altpoint Capital

8. Amadeus Capital Partners

9. ArcLight Capital Partners

10. Avalon Ventures

11. Avenue Capital Group

12. AXA Strategic Ventures

13. Bain Capital

14. Baxter Ventures

15. Bessemer Venture Partners

16. Boehringer Ingelheim

17. Boston Seed Capital

18. Bruckmann, Rosser, Sherrill & Co

19. Cathay

20. Chiesi Ventures

21. Cisco Investments

22. Connect Ventures

23. Coral Group

24. Correlation Ventures

25. Data Collective VC

1 In 2017 there were 20 other international investors whose name are confidential although their aggregate activity in 2017 is reflected in the survey.

58

26. Delta Partners Group

27. Early Bird

28. Eight Road Ventures

29. Emerige Societe par Accions Simplifiee

30. Endeavor

31. Eurazeo

32. Fidelity Growth Partners Europe

33. GGM Capital

34. GGV Capital

35. Hellman & Friedman

36. Holtzbrinck

37. Horizon Ventures

38. Industry Ventures

39. Initial Capital

40. Innogest Capital

41. Intel Capital

42. Inversur Capital

43. Jackson Square Ventures

44. JJDC Innovation

45. L Capital Asia

46. Liil Ventures

47. Lone Star

48. Lundbeckfond Ventures

49. Magenta Partners

50. Maveron

51. Middleland Capital

52. Monsanto Growth Ventures

53. Nokia Growth Partners

54. Omega

55. OpCapita

56. Open Ocean

57. Oxford Capital Partners

58. P101

59. Philips N.V.

60. Platinum Equity

61. Point Nine Capital

62. Roche Venture Fund

63. QED Investors

64. Qualcomm

65. Randstad

66. Rakuten Inc.

67. Rocket Internet

68. Rose Tech Ventures

69. Rothenberg Ventures

70. RTAventures

71. SalesForce Ventures

72. Sandton Capital

73. Sapphire Ventures (antes SAP Ventures)

74. Scope Capital Advisory

75. Sequoia Capital

76. Seroba Life Sciences

77. Sigma Partners

78. SoftBank

79. Sonae Ventures

80. Spark Capital Partners

81. StepStone Group

82. Sunstone Capital A/S

83. TC Growth Partners

84. Techstars Ventures

85. Tekton Ventures

86. Theventure.city

87. Top Tier Capital

88. Triton Investment Advisers

89. Vulcan Capital

90. Vy Capital

59

VIII. ENTITIES THAT CEASED ACTIVITY IN 2017

1. Arle Capital Partners

2. Avet Ventures SGEIC S.A.

3. First Reserve

4. Gescaixa Galicia, SGEIC, S.A.

5. Highland Capital Partners

6. Costanoa Venture Capital

7. G Square

8. Greylock Partners

9. Javelin Venture Partners

10. Kennet Partners

11. Oaktree Capital Management, L.P.

12. Siemens AG

13. Suanfarma Biotech, SGEIC, S.A.

IX. ENTITIES THAT START THEIR ACTIVITY IN SPAIN IN 20172.

1. 123 Investment Managers

2. 360 Capital

3. Acon Investments

4. Adventure

5. Alta Life Sciences

6. Ardian

7. Athos Capital, SGEIC, S.A.

8. AXA Strategic Ventures

9. Bessemer

10. Cathay

11. Decenes Mecenes SGEIC, S.A.

12. Endeavor

13. EQT Partners

14. Gat Technology Tecnología, Telecomunicaciones y Movilidad

15. Hellman & Friedman

16. Holtzbrinck

17. Innogest Capital

18. Liil Ventures

19. Lone Star

20. Moira Capital Partners, SGEIC, S.A.

21. Nekko Capital, S.G.E.I.C. S.A.

22. Omega

23. Randstad

24. Rocket Internet

25. SeedRocket 4Founders Capital S.A. SCR-Pyme

26. Seroba Life Sciences

27. Theventure.city

X. OTHER PUBLIC ENTITIES WITH COMPLEMENTARY INVESTMENT IN THE PRIVATE EQUITY & VENTURE CAPITAL SECTOR

1. Centro para el Desarrollo Tecnológico Industrial (CDTI)

2. Empresa Nacional de Innovación, S.A. (ENISA)

3. Institut Català de Finances (ICF)

4. Institut Valenciá de Competitivitat Empresarial (IVACE)

5. SODIAR

XI. MANAGING COMPANIES OR ADVISERS OF TRANSNATIONAL FUNDS THAT REACTIVATED THEIR ACTIVITY IN SPAIN

1. BC Partners

2. General Atlantic

3. Warburg Pincus

2 To these 27 incorporations in the Private Capital market, we should add several international investors whose name are confidential although their aggregate activity in 2017 is reflected in the survey.

60

Notes

1

2018SURVEY Venture Capital& Private Equity activityin Spain

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tel. (34) 91 411 96 17 • www.ascri.org

WITH THE SPONSORSHIP OF

SURVEY Venture Capital & Private Equity activity in Spain 2018

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