Instituto Vasco de Finanzas (IVF)
Public entity under private law, attached to the Department of Finance, of the Gobierno Vasco
Also known as IVF, Finantzen Euskal Institutua, FEI, Instituto Vasco de Finanzas – Finantzen Euskal Institutua
Basque Government public finance entity (est. 2007): lends and guarantees, holds the government's stakes in public VC funds and takes long-term minority stakes in Basque companies through Finkatuz.
Not to be confused with the Institut Valencià de Finances (Valencia), also abbreviated IVF.
- HEADQUARTERS
- Bilbao, Spain
- FOUNDED
- 2007
- AUM
- —
- OUTSIDE CAPITAL
- —
- TEAM LISTED
- 1 people
Focus
- STAGES
- Growth
- ASSET MIX
- Direct investmentsFunds (as LP)
- GEOGRAPHY
- Spain
Investment arms & vehicles
- Wholly owned strategic fund taking long-term minority equity stakes (min. 3%, max. 49%) in large Basque companies to keep them rooted in the Basque Country; €300M share capital
- Wholly owned investment vehicle under Euskadi Eraldatuz 2030 offering equity and debt instruments; sole investor in the Hazten Scale-Up and Ezten II venture capital funds managed by Gestión de Capital Riesgo del País Vasco
Overview
The Instituto Vasco de Finanzas is a public entity under private law attached to the Basque Government's finance department, created in 2007 and now governed by Law 19/2023. Its mandate is to hold the Basque Government's financial stakes in funds and financial companies, manage public financial instruments for sectoral policies, and lend in co-investment with banks. Through its wholly owned subsidiary Finkatuz it holds long-term minority stakes in large Basque companies such as ITP Aero, CAF, Kaiku and, since June 2026, Iparlat; through Indartuz it is the sole investor in two €50M venture capital funds created in 2026 and managed by Gestión de Capital Riesgo del País Vasco.
Investment thesis
Finkatuz: long-term stakes (3%–49%) in large tractor companies with tax domicile or a production centre in the Basque Country, to secure their roots, continuity and growth, preferably co-investing with like-minded partners; fund stakes channel public capital to Basque start-ups and industrial SMEs.
PORTFOLIO (13)
- ITP AeroNOTABLEIndustrial & Manufacturing · since 2022
- CAF (Construcciones y Auxiliar de Ferrocarriles)NOTABLEMobility & Logistics · since 2022
- Kaiku Corporación AlimentariaFood & Agriculture · since 2022
- IparlatFood & Agriculture · since 2026
- TalgoMobility & Logistics
- ArtecheIndustrial & Manufacturing
- Ayesa
- Grupo AraniaIndustrial & Manufacturing
- Ohmnia Electronics
- InnometalIndustrial & Manufacturing
- Ezten, FCR (fund stake; €20M contribution authorised in 2023)since 2023
- Basque, FCR and Lanpar 2013, FCR (fund stakes transferred from the Basque Government)since 2022
- Hazten Scale-Up, FCR and Ezten II, FCR (€50M each, via Indartuz)since 2026
People
- Noël d'Anjou OlaizolaChair of the board (Basque Minister of Finance) · source
Links
Frequently asked questions
Instituto Vasco de Finanzas (IVF) is a government-backed fund based in Bilbao, Spain, founded in 2007.
Yes. Instituto Vasco de Finanzas (IVF) invests its own capital in private companies. It also commits capital to third-party funds as an LP.
Instituto Vasco de Finanzas (IVF) invests at Growth stage in Industrial & Manufacturing, Mobility & Logistics and Food & Agriculture.
Key people at Instituto Vasco de Finanzas (IVF) include Noël d'Anjou Olaizola (Chair of the board (Basque Minister of Finance)).
Instituto Vasco de Finanzas (IVF)'s investments include ITP Aero, CAF (Construcciones y Auxiliar de Ferrocarriles), Kaiku Corporación Alimentaria, Iparlat, Talgo, Arteche, Ayesa and Grupo Arania, among others.
The most recent publicly reported investment by Instituto Vasco de Finanzas (IVF) is Iparlat (Acquisition of a 17.16% stake by Finkatuz), announced in Jun 2026.