Co-investment Fund (FOCO)

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The Co-investment Fund (FOCO) is a financial instrument managed by COFIDES, designed to boost foreign investment in private companies operating in strategic sectors. Included in the Addendum to the Recovery, Transformation and Resilience Plan, it has an initial budget of €2 billion, and aims to contribute to the transformation of the Spanish production model by attracting foreign resources to Spanish companies undertaking investments in activities aligned with the strategic objectives of the Recovery Plan, such as the green and digital transition, sustainable mobility, sustainable agriculture and technological innovation, amongst others, forming part of Investment 8 under Component 13: support for SMEs. It has assigned milestones and targets with completion scheduled by 2026. It is attached to the Ministry of Economy, Trade and Business through the Secretary of State for Trade.

The Fund will have an indefinite duration, meaning that returns from the financed investments will be reinvested in new operations in line with the Fund's strategy and objectives, to continue supporting the challenges associated with the sustainable transformation of the Spanish production model.

Priority Sectors

  • Increased production of renewable energy
  • Energy efficiency
  • Decarbonisation of the economy
  • Electric mobility
  • Digitalisation of the business sector and production processes
  • Development of sustainable infrastructure
  • Biotechnology
  • Sustainable agriculture

Type of financial support

Investment in investment funds

  • Newly established or existing financial vehicles that invest in FOCO's strategic sectors.
  • FOCO may invest in foreign or domestic funds, although it will require that the vehicles in which it invests have contributions from foreign investors totalling an amount equal to or greater than that contributed by FOCO.
  • FOCO's stakes in the invested vehicles may not be majority stakes.
  • Investment per transaction (€10–150 million).

Direct investment in companies

  • Financial support for projects and productive investments carried out in Spain by private companies incorporated in Spain or in any other European Union country, regardless of the origin of their capital, in strategic sectors.
  • FOCO's investments will primarily consist of capital contributions. On a complementary basis, hybrid equity or debt instruments may be used, always on terms similar to those of co-investors.
  • In addition, FOCO may co-invest directly in specific transactions originated and led directly by other investment funds.
  • Investment per transaction (€10–150 million).

The maximum funding limit is €150 million per sponsor group or fund, and the minimum amount is €10 million for direct investments in companies or contributions to investment vehicles or funds.

Expressions of interest for direct investment operations may be submitted via the following form on the COFIDES website.

COFIDES is a public-private partnership specialising in the management of state funds, attached to the Ministry of Economy, Trade and Business through the Secretary of State for Trade. It offers medium- and long-term financing for private investments related to various public policy objectives, has managed resources aimed at supporting the internationalisation of Spanish companies for over three decades, and promotes sustainable development in emerging economies and developing countries.​​