COFIDES
State-owned (53%) development finance company managing State funds on behalf of Spanish State (Secretaría de Estado de Comercio, Ministerio de Economía, Comercio y Empresa)
Also known as Compañía Española de Financiación del Desarrollo, COFIDES, S.A., S.M.E.
Spanish state-majority development finance company (1988). Manages the FIEX, FONPYME, FOCO and FIS State funds, taking minority equity, quasi-equity and fund stakes, plus loans.
- HEADQUARTERS
- Madrid, Spain
- FOUNDED
- 1988
- AUM
- —
- OUTSIDE CAPITAL
- —
- TEAM LISTED
- 2 people
Focus
- STAGES
- Growth
- SECTORS
- —
- ASSET MIX
- Direct investmentsPrivate equityFunds (as LP)Private creditImpact
- GEOGRAPHY
- GlobalSpain
Investment arms & vehicles
- State fund created by Law 66/1997, managed by COFIDES; temporary minority stakes (equity and participative instruments) in foreign subsidiaries of Spanish companies and in private or officially supported expansion-capital funds that foster internationalisation; also loans; €250,000–€60M per operation; €1,228M accumulated endowment (31 May 2026)
- State fund created by Law 66/1997, managed by COFIDES; same instruments as FIEX for SME projects abroad and for funds that foster internationalisation; €75,000–€5M per operation; €90M accumulated endowment (31 May 2026)
- €2,000M public fund (Recovery Plan addendum) managed by COFIDES to attract foreign investment into strategic sectors in Spain; invests mainly equity directly in companies or in investment funds alongside foreign co-investors who at least match its contribution; €10M–€150M per operation; non-majority stakes in funds
- €400M public impact fund (Recovery Plan) managed by COFIDES; by 31 July 2026 had channelled €400M in 39 direct and indirect operations through 17 impact funds and vehicles; first investment phase completed; indefinite duration, with returns reinvested
- €1,000M solvency fund (equity, participative loans, debt) for mid-sized Spanish companies hit by COVID-19; the granting period under the EU Temporary Framework has ended
Overview
COFIDES, S.A., S.M.E. (Compañía Española de Financiación del Desarrollo) is a public-private company that manages State funds under the Secretaría de Estado de Comercio and provides medium- and long-term financing to private investments; the Spanish State holds 53% and Banco Santander, BBVA, Banco Sabadell and CAF hold the remaining 47%. It has managed internationalisation funds (FIEX, FONPYME and its own resources) for more than three decades, the COVID-19 solvency fund FONREC since 2021, and, under the Recovery Plan addendum, the Fondo de Coinversión (FOCO, €2,000M) and the Fondo de Impacto Social (FIS, €400M). It also supports AECID in managing FEDES and channels EU blending and UN Green Climate Fund resources. Its corporate presentation reports more than 1,200 projects financed since its creation, more than €5,100M, in 100 countries.
Investment thesis
Contribute to the competitiveness of the Spanish economy, its internationalisation and global sustainable development through financial support for private-sector investment: minority, temporary stakes and quasi-equity in companies and funds, plus debt, and anchor commitments to VC, PE and debt funds that combine internationalisation, innovation and impact.
PORTFOLIO (5)
- SWEN Terra (fund commitment, €25M via FIS)Food & Agriculture · since 2026
- Nexxus Iberia (fund commitment, €15M via FIEX)since 2019
- Spain Oman Private Equity Fund (SOPEF) II (joint €100M fund with Oman Investment Authority)since 2023
- PLD Space (€11M FIEX loan)Space · since 2024
- Grupo Sagardi (FONREC and COFIDES financing)Consumer & E-commerce
People
Links
Frequently asked questions
COFIDES is a government-backed fund based in Madrid, Spain, founded in 1988.
Yes. COFIDES invests its own capital in private companies. It also commits capital to third-party funds as an LP.
COFIDES invests at Growth stage.
COFIDES's stated ticket size is €75K–€60M.
Key people at COFIDES include Ángela Pérez (Presidenta y Consejera Delegada (Chair and CEO)) and Miguel Tiana (Director General).
COFIDES's investments include SWEN Terra (fund commitment, €25M via FIS), Nexxus Iberia (fund commitment, €15M via FIEX), Spain Oman Private Equity Fund (SOPEF) II (joint €100M fund with Oman Investment Authority), PLD Space (€11M FIEX loan) and Grupo Sagardi (FONREC and COFIDES financing).
COFIDES states that it accepts submissions through its official contact page.