Private Equity and Venture Capital Performance Study 2025 (SpainCap (ex-ASCRI))

Summary

• Spanish private capital funds generated an aggregate net IRR of 11.1% and a TVPI multiple of 1.6x over the 2006–2024 period.p.15
• Private Equity funds achieved an 11.6% net IRR with €8,824 million in capital calls, while Venture Capital funds reached an 8.8% net IRR across €3,307 million.p.23
• Sustainability-focused funds classified under Articles 8 and 9 SFDR achieved a net IRR of 15.2% across €3,156 million in contributions.p.34
• The average holding period for divested companies increased to 5.6 years in 2024, marking the second-highest level in the historical series.p.24

Key insights

1. Private capital investment in Spain stood at 0.39% of GDP in 2024, compared to the estimated European average of 0.54%.p.13
2. Spanish private capital funds concentrated 83% of total capital contributions in the top two performance quartiles.p.32
3. Funds classified under Articles 8 and 9 of SFDR delivered a net IRR of 15.2%, exceeding the general study average by over 4 percentage points.p.34
4. The average holding period for divested portfolio companies rose to 5.6 years in 2024, confirming an ongoing delay in distributions to investors.p.24