Estudio de la rentabilidad de los fondos de capital privado en España 2022 (SpainCap (ex-ASCRI))

Summary

• The aggregate net IRR for Spanish private equity and venture capital funds reached 11.3% for the 2006–2022 period, with a TVPI of 1.5X.p.7
• Private equity investment as a percentage of GDP in Spain reached 0.70% in 2022, an increase of 143% over the 2006–2022 period.p.6
• Investment volume recovered to pre-COVID levels with a 25% increase in 2022, reaching nearly €1,700 million across almost 600 transactions.p.5
• Funds created during the recovery period (2014–2020) yielded a 16.6% net IRR and accounted for approximately 74% of total capital contributions.p.12
• Sustainability-focused funds under SFDR Article 8 and Article 9 registered a net IRR of 14.3% with €1,552 million in capital contributions.p.15

Key insights

1. Assets under management in Spanish national private funds reached €14,984 million in 2022, expanding 1.8 times since 2006.p.5
2. Spanish private equity net annualized returns of 11.3% significantly outperformed public equity indexes IBEX 35 (2.8%) and Euro Stoxx 600 (6.5%) over 2006–2022.p.13
3. Venture capital fund net IRR decreased from 17.3% in 2021 to 12.8% in 2022, primarily driven by a c.30% decline in unrealized distributions.p.11
4. Private equity fund net IRR improved by 0.8% in 2022, rising to 11.0% from 10.2% in 2021.p.11
5. More than 60% of private equity capital contributions in 2022 were concentrated in the top two quartile performance tiers.p.14
6. Funds adhering to SFDR Article 8 and Article 9 standards delivered an above-average net IRR of 14.3% across 14 funds.p.15
7. Closed funds recorded a net IRR of 5.9% and a TVPI of 1.4x across 16 vehicles.p.15