Venture capital recovery in Spain in the first quarter of 2014

Integral service around a transaction
BY : Diego GutiérrezMay Tue, 2014
private equityEl capital riesgo vuelve a confiar en España en el primer semestre de 2014, consiguiendo  duplicar las inversiones  de €310M en el primer trimestre de 2013 a €618M. Este aumento de las inversiones se ha producido por el aumento medio del importe  de cada operación, ya que el número de operaciones  ha sido prácticamente el mismo, alrededor de 100.

Las causas de la recuperación: Nuevos fondos de capital riesgo

Entre las causas que han permitido la recuperación está la creación de nuevos fondos y  el aumento de funding a pymes  por parte de los bancos como Bankia que destinará 15.000 millones destinados a financiar a la empresa.
El aumento de dinero público ha permitido que se levanten importantes fondos en el sector. Corpfin, Diana Capital o Suma fueron tres de las firmas que se beneficiaron  de la inyección de capital de Fondico en diciembre (189 millones de euros públicos) y han logrado levantar nuevos vehículos de inversión de un tamaño conjunto de 689 millones.

“Hoy martes 27 de Mayo, Fond-ico presenta los resultados de la segunda convocatoria de Fondico, por la cual 8 gestoras se beneficiarán de una nueva inyección” comenta Diego Gutierrez, experto en financiación alternativa del grupo Abra-Invest.

Principales operaciones cerradas en el sector

Entre las principales  inversiones de este primer semestre de 2014 se encuentran la compra del 49%  Port Aventura by Kkr, por un importe de más de €200M,  La compra del 10%   de Desigual  by Eurazeo  por €285M,  La venta del 60%  de Rotor a  Proa Capital por más de €10M  y La venta de  los cuatro negocios turísticos no vinculados a cruceros de  Pullmantur al fondo suizo  Springwater.

Todas estas inversiones nos muestran que los investors internacionales  confían en España, Según Carlos Carbó, socio fundador de Nazca Capital, existe la creencia de que en España "tenemos buenos precios y grandes rentabilidades"

El capital riesgo en EEUU


En EEUU en el primer  semestre de 2014 también ha crecido el importe de invertido por el private equity, pasando de 547 operaciones por un importe total de M83$  en el primer trimestre de 2013 a  589  operaciones  con un importe total de M108$ en  2014.

According to PitchBook, entre las tendencias del capital riesgo en EEUU podemos destacar que ha crecido considerablemente el capital invertido en rondas medias de entre 100M Y 500M  y sin embargo, baja el peso que tienen las operaciones grandes, de más de $1B.

Además dentro de las operaciones de compras, el peso que tiene las ampliaciones de capital ha ido creciendo en los últimos años, llegando a ocupar en el primer semestre de 2014 al 59% de las operaciones de purchase.

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