Exploring How Regulatory Reforms Arrived at a Record-Setting Fundraising Year for Spain's Private Equity Industry

Spain’s triumphant year in private equity (PE) fundraising emerged to spotlight in 2024, stacking up a whopping €2.9 billion across 11 funds. This impressive surge was buoyed by enhanced investor protections, alignment with EU regulations, and an influx of government-backed support.

In a move that dominated the fundraising panorama, ProA Capital and Miura Partners collectively accounted for almost 40% of the total capital amassed. ProA Capital closed its fourth buyout fund at an impressive sum of €655 million, setting it among the biggest domestic buyout vehicles raised in recent times. On the other hand, Miura Partners, with its undeterred focus on high-growth small and medium enterprises (SMEs) and sustainable business models, wrapped its fourth fund on a high note with €475 million.

In the regulatory sphere, the 2023 Capital Markets and Investment Services Law emerged as a game-changer for the PE landscape. Heightened investor protection and complete alignment with the EU MiFID II standards aimed at boosting transparency and Limited Partners (LP) confidence.

A parallel development was the launch of the Spanish Society for Technological Transformation. With an astounding €20 billion mandate, this institution was catered to kindle innovation and strategic sectors like semiconductors and audiovisual technology.

Although there was a slowdown initially in 2025, as evinced by Corpfin Capital raising just €400 million with its sixth fund, the concurrent groundwork by public-private initiatives promises to collapse the gap with established PE ecosystems. All things considered, the promise of the future is cross-linked with Spain’s continued commitment toward fostering an innovation-streaked private capital landscape.