The Social Impact Fund (FIS) is a public financial instrument managed by COFIDES, a public-private partnership specialising in the management of state funds and attached to the Secretary of State for Trade, which aims to support impact investment in Spain and strengthen the social entrepreneurship ecosystem.

Included in the addendum to the Recovery, Transformation and Resilience Plan (PRTR) and with a budget of €400 million from 2024 onwards, the FIS aims to address social and environmental challenges such as territorial and social integration, the reduction of inequalities and the consolidation of the welfare state, and seeks to act as a catalyst for attracting private capital towards impact investment. It forms part of component 22 of the Recovery, Transformation and Resilience Plan: an emergency plan for the care economy and the strengthening of inclusion policies.

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

Eligible projects

• Investment projects carried out in Spain that generate a positive social and/or environmental impact and are expected to generate a positive return. Such projects must have a clear intention to generate this impact, provide additional benefits, and ensure that their results can be measured as objectively as possible.

Beneficiaries

• Companies with the aforementioned purpose, of all sizes and at all stages of development.
• Various types of organisations (foundations, associations, non-governmental organisations, etc.) and social economy enterprises.
• Funds and investment vehicles domiciled in Spain or whose investments are directed towards eligible projects to be carried out in Spain.

Type of financial support

• Subscription to units in impact investment funds.
• Direct investment through co-investment or co-financing.
• Direct repayable financing through loans, equity loans or other financial instruments, which may be concessional in certain duly justified cases.
• Technical Assistance Facility to be allocated as a complement to investment/financing operations to strengthen the beneficiary entities’ capacities in areas relevant to project development, such as impact measurement methodologies.

Financing limit / Minimum amount

Indirect transactions, i.e. those carried out through a fund or investment vehicle:

• Maximum commitment of 50 million euros.
• The minimum amount to be invested in a specific fund or investment vehicle may not be less than 2 million euros, except in cases where the nature of the fund or investment vehicle warrants an exception.

For direct transactions, i.e. those carried out by the FIS directly with the beneficiary, the ranges shall be as follows:

• The maximum aggregate amount to be invested in one or more projects by the same promoter shall be limited to €40 million.
• The minimum amount per transaction shall be €300,000.
• With regard to co-investment/co-financing agreements: maximum amount of the agreement: €50 million; minimum amount of the agreement: €4 million; maximum amount per co-investee/co-participant: €5 million; minimum amount per co-investee/co-participant: €100,000.

The Social Impact Fund is now fully operational. To submit proposals and expressions of interest regarding direct investment operations, investment proposals from investment vehicles, or for any other enquiries, please contact us via 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 via the State Secretariat for Trade. It offers medium- and long-term financing for private investments linked 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.