Third Profitability Study of Private Equity in Spain 2023 (SpainCap (ex-ASCRI))

Summary

• Assets under management in Spanish private equity reached €14.689 million in 2023, growing 1.8 times since 2006.p.9
• Spanish private equity funds achieved an aggregate net IRR of 11.2% and a TVPI of 1.6x for the period 2006–2023.p.20
• Private Equity funds recorded a net IRR of 11.5% in 2023, while Venture Capital funds achieved a net IRR of 10.0%.p.23
• Funds launched during the recovery period (2014–2023) generated a net IRR of 15.4% and represented 77% of total capital calls.p.24
• Funds categorized under SFDR Articles 8 and 9 delivered a net IRR of 14.6% in 2023 with total capital calls of €2.646 million.p.30

Key insights

1. Spanish private equity significantly outperformed liquid public equities between 2006 and 2023, delivering an 11.2% net IRR compared to 5.1% for the IBEX 35 PME and 7.3% for the Euro Stoxx 600 PME.p.27
2. The study sample covers 52 fund managers and 194 Spanish private equity funds, accounting for 64% of total committed contributions between 2006 and 2021.p.18
3. Top-quartile Private Equity funds generated an average net IRR of 32.7%, while top-quartile Venture Capital funds achieved an average net IRR of 37.6%.p.29
4. Funds created prior to the financial crisis (2006–2008) yielded a lower net IRR of 7.1% due to forced disinvestments during unfavorable economic cycles.p.25
5. Over 70% of total Venture Capital capital contributions maintained a positive average net IRR, totaling €1.985 million.p.28