COFIDES (Spanish Development Finance Company)

COFIDES, S.A., S.M.E. (Compañía Española de Financiación del Desarrollo) · Spain · Europe · Founded 1988 · Strategic development fund · IFSWF full member

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Focus

Spanish Development Finance Company: what it invests in

Renewables and climateTechnologyIndustrials and manufacturingInfrastructure and utilitiesReal estateHealthcare and life sciences

Private equityPrivate creditVenture capital

Geography Domestic and global

Scale

Spanish Development Finance Company: how big it is, and on what basis

EUR 6.0B

Assets under managementAs of 2025-12-31

In US dollars: about USD 7.05B. EUR 6.0 billion at the ECB rate of 0.85106 euro per US dollar on 31 December 2025.

Transparency

Spanish Development Finance Company: what it publishes

8.0 of 10 Band 4 of 5

Published 6 · Partly 4 · Not published 0

Our 10 item score. It measures what is public, not how well a fund is run.

Resources managedS1: About EUR 6.0B (2025, up 170% in five years); As of 2025-12-31
Approved, 2025S1: EUR 1.63B; As of 2025-12-31
Signed, 2025S1: EUR 1.70B; As of 2025-12-31
Committed portfolioS1: EUR 3.30B; As of 2025-12-31
Profit after tax, 2025S1: EUR 25.55M; As of 2025-12-31
Projects to dateS1: Over 1,200 (In about 100 countries); As of 2025-12-31
Transparency scoreS1: 8 of 10; As of 2025-12-31

At a glance. COFIDES is Spain's development finance company. It lends to and invests in private projects abroad and, since December 2024, in Spain, using its own capital and public funds it manages such as FIEX, FONPYME, FOCO and FIS. Managed resources reached about EUR 6.0 billion (about USD 7.05 billion) in 2025, a record year with EUR 1.63 billion approved. S1 S4

Key points

Approvals of EUR 1,631.65 million in 2025, up 156.55 percent on 2024. S1
Committed portfolio EUR 3,298.84 million at end 2025, up 71.63 percent. S1
The EUR 2 billion FOCO fund co-invests in Spain with foreign investors; about EUR 1.25 billion invested in 2025. S1
The EUR 400 million FIS social impact fund had committed almost EUR 240 million by end 2025. S1
Over 1,200 projects financed in about 100 countries through FIEX, FONPYME and own funds. S1
Strategic plan targets a EUR 5,604 million committed portfolio by 2027. S5

Interesting facts

Mexico is its biggest market by number of projects, at 153, ahead of China and the United States. S1
Spain’s three biggest banks are shareholders alongside the state. S1
Its Kuali fund was the first Spanish vehicle to draw on the UN Green Climate Fund. S1

Mandate and goals

COFIDES provides public financial support to private investment abroad and, with newer mandates, to private projects in Spain that advance the green and digital transitions and social impact. S1

Support Spanish companies investing abroad through FIEX and FONPYME. S1
Attract foreign co-investors to Spain through FOCO. S1
Grow the social impact economy through FIS. S1
Support Spanish development cooperation, managing FEDES operations for AECID. S1

How it invests

Industries	Renewables and climate, Technology, Industrials and manufacturing, Infrastructure and utilities, Real estate, Healthcare and life sciences S1
Asset classes	Private equity, Private credit, Venture capital S1
Stages	Growth, Venture, Infrastructure, Credit S1
Geography	Domestic and global. Projects abroad, led by Mexico, China, the US and Brazil, plus Spain since December 2024 S1
Direct / through funds / co-invest	Yes / Yes / Yes S1
Ticket size	No formal range; FOCO averaged about EUR 78 million per approval in 2025 and FIS about EUR 9 million S1
Deal sizes seen	About EUR 9M (FIS average) to EUR 78M (FOCO average)
External managers	FIS backs new impact funds; COFIDES also manages EU blending programmes S1
Co-investment programme	FOCO co-invests equity in Spain alongside international investors S1

Published criteria

Spanish interest: Spanish sponsors abroad, or foreign investors building in Spain. S1
Green transition, digitalisation and technology for FOCO deals. S1
Measurable social or environmental impact for FIS deals. S1

Past investments

Year	Investment	Type	Sector	Stage	Amount
2025	FOCO approvals. Co-investments in renewables and storage, digital, aerospace, green hydrogen, mobility and deep tech. S1	Co-investment	Renewables and climate	Growth	EUR 1,013M (13 deals)
2025	FIS approvals. Impact deals in social housing, circular economy, disability employment and mental health. S1	Fund commitment	Real estate	Growth	EUR 187.62M (20 deals)
2025	Kuali Fund. Climate impact fund for Latin America, the Caribbean and India, drawing on the Green Climate Fund. S1	Fund commitment	Renewables and climate	Growth	Target over EUR 200M (fund)
2025	EU blending programmes. Three programmes signed with the European Commission: off-grid lighting, TIF phase II and a global social impact fund. S1	Joint venture or partnership	Renewables and climate	Credit	Almost EUR 150M added
2025	Internationalisation finance. Record approvals from own resources, FIEX and FONPYME for Spanish firms abroad. S1	Direct investment	Industrials and manufacturing	Credit	EUR 431.03M approved

Case studies

FOCO: bringing foreign capital to Spain S1

What: A EUR 2B Next Generation EU co-investment fund that invests alongside international investors in Spanish projects.
When: December 2024 to 2026
Size: EUR 1.23B approved by end 2025
Why: Attract foreign investment and strengthen Spain’s place in global value chains.
Outcome: Over 60 percent of the fund approved in about a year, in renewables, aerospace, hydrogen and deep tech.

FIS: a national impact fund S1

What: A EUR 400M fund backing impact funds and social economy entities with equity and debt.
When: December 2024 to 2025
Size: EUR 237M approved
Why: Build the impact economy in Spain.
Outcome: Almost 60 percent approved; a dedicated social housing line launched.

Investment process

The board, appointed by the General Meeting, oversees COFIDES; the executive chair is proposed by ICEX as the largest shareholder. Chair and CEO Ángela Pérez and Director-General Miguel Tiana lead management. S1 S3

Committee	Role
Board of Directors	Includes ICO, BBVA, Santander, Sabadell, AECID and ministry representatives S3

Companies apply through the products published on the COFIDES website. S6
Deals are approved, then signed (formalised) and disbursed. S1
FEDES proposals are presented to AECID for its decision. S1

How to approach: Companies with international or qualifying Spanish projects apply through the published products. S6

Size and returns

Headline size: EUR 6.0B (Assets under management, as of 2025-12-31) S1 S4
In US dollars: about USD 7.05B. EUR 6.0 billion at the ECB rate of 0.85106 euro per US dollar on 31 December 2025.
Committed portfolio: EUR 3.30B (Portfolio value, as of 2025-12-31) S1
Returns: the fund does not publish a return figure.

Leadership

Name	Title
Ángela Pérez	Chair and CEO S3
Miguel Tiana	Director-General S3

Governance and transparency

Legal basis: Council of Ministers agreement of 12 February 1988; Capital Companies Act and articles S1
Oversight: Attached to the Ministry of Economy, Trade and Business; board appointed by the General Meeting S1
Holds 10.8 percent of EDFI Management Company. S1
Accredited by the Green Climate Fund and the European Commission. S1

Transparency score: 8.0 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

Published: annual return, asset allocation, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S1 S3
Partly published: total assets, long-term returns, geographic or sector split, holdings or deal list. S1

History

Date	Event
1988-02-12	COFIDES created by the Council of Ministers. S1
2024-12	FOCO and FIS launched. S1
2025-11	FONPRODE replaced by FEDES. S1
2026-03	Strategic Plan 2025 to 2027 published. S5

For family offices

FOCO is built to invest next to international investors in Spain, so foreign family offices and funds with Spanish projects are natural partners. FIS backs impact fund managers. S1

Equity co-investment in Spanish green, digital and tech projects through FOCO. S1
Anchor money for Spanish impact funds through FIS. S1
FOCO: International investors co-investing in Spain S1
FIS: Impact funds and social economy entities in Spain S1

Reports

Integrated Annual Report 2025: https://www.cofides.es/sites/default/files/biblioteca/2026-08/Informe_Anual_2025_COFIDES.pdf S1
Strategic Plan 2025 to 2027: https://cofides.es/sites/default/files/adjuntos/2026-03/Plan%20Estrat%C3%A9gico%20COFIDES%202025-2027.pdf S5

Common questions

How big is COFIDES?

About EUR 6.0 billion of resources managed in 2025 and a EUR 3.30 billion committed portfolio. S1

Who leads it?

Ángela Pérez, Chair and CEO; Miguel Tiana is Director-General. S3

Who owns it?

ICEX (25.74 percent), ICO (20.31 percent), Santander, BBVA, Sabadell, ENISA and CAF. S1

Is it an IFSWF member?

Yes, a full member. S2

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All sovereign wealth funds in Europe · All strategic development funds · All funds in Spain

Sources

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