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Government-backed FundAllocates capital directlyLAST VERIFIED Oct 2026 · 11 SOURCES

SEPI

Public-law State holding company attached to Spanish State (Ministerio de Hacienda)

Also known as Sociedad Estatal de Participaciones Industriales, Grupo SEPI

Spanish State holding company (1995). Owns 14 majority-held SOEs and direct minority stakes in 11 companies incl. Telefónica (10%), Indra (27.99%), Redeia (20%) and Airbus (4.12%).

HEADQUARTERS
Madrid, Spain
FOUNDED
1995
AUM
€15B (2026)
OUTSIDE CAPITAL
No — own capital only
TEAM LISTED
2 people

FOCUS

STAGES
Growth
SECTORS
Industrial & Manufacturing
ASSET MIX
Public equitiesDirect investments
GEOGRAPHY
Spain

WHAT IT IS

Government-backed Fund. Public money — a state or EU-backed vehicle investing on behalf of taxpayers, often with policy goals.

  • SEPIDES (Sociedad Estatal de Promoción Industrial y Desarrollo Empresarial, E.P.E.)
    SEPI group entity for business promotion: finances projects directly or through co-owned funds and investment companies (via SEPIDES Gestión SGEIC) and develops business parks
  • Fondo de Apoyo a la Solvencia de Empresas Estratégicas (FASEE)
    Solvency fund created in July 2020 as a last-resort, temporary public support instrument for viable strategic companies hit by COVID-19; €2,681M disbursed to 28 companies; the EU temporary framework ended in July 2022; SEPI has a Director del FASEE

ABOUT

The Sociedad Estatal de Participaciones Industriales (SEPI) is a public-law entity attached to the Ministerio de Hacienda, created by Real Decreto-ley 5/1995 (later Law 5/1996). It holds 14 directly and majority-owned companies (the Grupo SEPI, about 87,000 employees, including Correos, Navantia and Tragsa), direct minority stakes in 11 companies and indirect stakes in more than 100. Its stated main objective is to obtain the highest return from its shares and holdings while serving the public interest. SEPI reported that its securities portfolio reached a record valuation of €15,010.2M on 10 August 2026.

INVESTMENT THESIS

Make the State's company holdings profitable while acting in the public interest: manage majority-owned public companies and hold minority stakes in companies considered strategic (industry, defence, energy, telecommunications) to protect industrial capabilities and strategic autonomy.

PORTFOLIO (11)

TEAM

  • Belén Gualda González
    Presidenta · source
  • Bartolomé Lora Toro
    Vicepresidente · source

LINKS

FAQ

SEPI is a government-backed fund based in Madrid, Spain, founded in 1995.

Yes. SEPI invests directly in private companies.

SEPI invests at Growth stage in Industrial & Manufacturing.

Key people at SEPI include Belén Gualda González (Presidenta) and Bartolomé Lora Toro (Vicepresidente).

SEPI's investments include Telefónica (10.00%), Indra (27.99%), Redeia (20.00%), Airbus (4.12%), Enagás (5.00%), Ebro Foods (10.36%), IAG (2.52%) and Hispasat (10.32%), among others.

No. SEPI invests its own capital and does not raise money from outside investors.