SovereignWealthFunds.comSociedad Estatal de Participaciones Industriales
Sociedad Estatal de Participaciones Industriales: what it invests in
Geography Mainly domestic
Sociedad Estatal de Participaciones Industriales: how big it is, and on what basis
In US dollars: about USD 17.6B. Converted at about USD 1.17 per euro.
Sociedad Estatal de Participaciones Industriales: what it publishes
Published 4 · Partly 6 · Not published 0
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. SEPI is Spain's state holding for industrial companies. It owns majority stakes in groups such as Tragsa, Correos and Navantia and minority stakes in listed firms including Telefonica, Indra, Redeia, Enagas and Airbus. In 2025 the group earned EUR 130 million on record turnover of EUR 7,384 million, and its minority stakes were valued at about EUR 15.01 billion. S5 S6 S7
Key points
- Group turnover rose 16.2 percent to EUR 7,384 million in 2025; Tragsa, Correos and Navantia made up 90 percent. S5
- Invested EUR 529 million in 2025, 63 percent more than in 2024, led by EUR 306 million at Navantia. S5
- Bought 10 percent of Telefonica in 2024 for about EUR 2.28 billion. S1
- Holds 27.99 percent of defence and technology group Indra, its largest listed stake by percentage. S6
- Employs about 87,000 people across the group. S5
- Its portfolio of securities grew from about EUR 11,000 million at end 2024 to over EUR 13,000 million by mid 2025. S1
Interesting facts
Mandate and goals
SEPI acts for the State in the general interest: it builds the industrial strength of its companies in strategic sectors such as energy, defence and telecommunications, supports the strategic autonomy of Spain and Europe and keeps essential public services running. S1 S5
How it invests
| Industries | Industrials and manufacturing, Telecoms and media, Energy: oil and gas, Infrastructure and utilities, Transport and logistics, Agriculture and food security, Technology S6 S5 |
|---|---|
| Asset classes | Strategic state holdings, Public equities S6 |
| Stages | Public markets, Buyout S6 |
| Geography | Mainly domestic. Spanish companies; group exports were EUR 747.2 million in 2024 S5 |
| Direct / through funds / co-invest | Yes / No / No S6 |
| Managed in house | 100 percent S6 |
| Ticket size | No ticket size is published. S1 |
| Deal sizes seen | EUR 306M (Navantia, 2025) to about EUR 2.28B (Telefonica, 2024) |
| External managers | Holdings are managed in house. S6 |
| Co-investment programme | No co-investment programme is published. S6 |
Past investments
| Year | Investment | Type | Sector | Stage | Amount | Stake |
|---|---|---|---|---|---|---|
| 2024 | Telefonica. Bought more than 567 million shares at an average EUR 4.0295 to reach 10 percent. S1 | Direct investment | Telecoms and media | Public markets | About EUR 2.28B | 10% |
| 2025 | Harland and Wolff assets (via Navantia). Navantia took over the assets of the Harland and Wolff companies. S5 | Direct investment | Industrials and manufacturing | Buyout | Part of EUR 306M Navantia spend | |
| 2022 | Indra. Authorised to raise its stake to up to 28 percent; now holds 27.99 percent. S3 S6 | Direct investment | Technology | Public markets | Not published | 27.99% |
| Not published | Redeia. Electricity grid operator. S6 | Direct investment | Infrastructure and utilities | Public markets | Not published | 20% |
| Not published | Ebro Foods. Rice and pasta group, held through Alimentos y Aceites. S6 | Direct investment | Agriculture and food security | Public markets | Not published | 10.36% |
| Not published | Hispasat. Satellite operator. S6 | Direct investment | Telecoms and media | Growth | Not published | 10.32% |
| Not published | Talgo. Train maker. S6 | Direct investment | Transport and logistics | Public markets | Not published | 7.8% |
| Not published | Enagas. Gas network operator. S6 | Direct investment | Energy: oil and gas | Public markets | Not published | 5% |
| Not published | Airbus. Aerospace and defence group. S6 | Direct investment | Industrials and manufacturing | Public markets | Not published | 4.12% |
| Not published | IAG. Airline group formed from Iberia and British Airways. S6 | Direct investment | Transport and logistics | Public markets | Not published | 2.52% |
| Not published | Epicom. Secure communications company. S6 | Direct investment | Technology | Growth | Not published | 40% |
Case studies
Telefonica: a 10 percent strategic stake S1 S3
- What: Bought 10 percent of Telefonica on the market, announced December 2023.
- When: Completed May 2024
- Size: About EUR 2.28B
- Why: To give the State a stable stake in a strategic telecom operator, in line with the mandate on telecommunications and strategic autonomy.
Navantia and Harland and Wolff S5
- What: Navantia, wholly owned by SEPI, acquired the assets of the Harland and Wolff companies in the United Kingdom.
- When: 2025
- Size: Navantia investment of EUR 306M in the year
- Why: To extend shipbuilding capacity in defence and energy markets.
- Outcome: Navantia made up 27 percent of group turnover in 2025.
Indra: building a defence anchor S3 S6
- What: Received approval in February 2022 to raise its Indra stake to up to 28 percent.
- When: 2022
- Size: Not published
- Why: Indra is a core defence and technology supplier.
- Outcome: SEPI now holds 27.99 percent.
Investment process
A board of directors with state secretaries and ministry representatives oversees SEPI; an executive committee of the president and directors handles day-to-day decisions. Large purchases such as the Telefonica stake follow government authorisation. S1 S3
| Committee | Role |
|---|---|
| Executive Committee | President and directors S1 |
| Management Committee | Senior management under the President S4 |
How to approach: SEPI publishes no route for outside proposals; group companies tender through the public contractor profile on the SEPI site. S8
Size and returns
- Headline size: EUR 15.01B (Portfolio value, as of 2026-06-30) S7
- In US dollars: about USD 17.6B. Converted at about USD 1.17 per euro.
- Securities portfolio, mid 2025: Over EUR 13,000M (Portfolio value, as of 2025-06-30) S1
- Returns: the fund does not publish a return figure.
- Size over time (EUR billion): 2024 11.0, 2026 15.01 S1 S7
Leadership
Governance and transparency
- Legal basis: Public-law entity under Law 5/1996 of 10 January 1996 S1
- Oversight: Attached to the Ministry of Finance; board includes state secretaries and ministry representatives S3 S1
- Runs an ethics channel and compliance policies across the group. S1
- Publishes a transparency portal on its website. S8
Transparency score: 7.0 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 1995-07-13 | Ministry order sets up governing bodies. S1 |
| 1996-01-10 | Law 5/1996 creates SEPI and winds up INI and INH. S1 |
| 2022-02 | Approval to raise the Indra stake to up to 28 percent. S3 |
| 2023-12 | Telefonica stake plan announced. S3 |
| 2024-05 | Telefonica purchase completed. S3 |
| 2025 | Navantia acquires Harland and Wolff assets. S5 |
| 2026-06-30 | Board approves 2025 accounts: EUR 130M result. S5 |
For family offices
SEPI holds strategic stakes directly and has no programme for outside co-investors; it can appear as a large shareholder alongside private investors in its listed companies. S6
Reports
- Annual Report 2024 (Spanish): https://www.sepi.es/sites/default/files/2026-01/Informe_Anual_SEPI_2024.pdf S1
Common questions
How big is SEPI?
Its minority stakes were valued at about EUR 15.01 billion in 2026; group turnover was EUR 7,384 million in 2025. S7 S5
Who leads SEPI?
Belen Gualda Gonzalez, President. S4
What did it earn in 2025?
A net result of EUR 130 million. S5
What are its largest listed stakes?
Indra 27.99 percent, Redeia 20 percent, Ebro Foods 10.36 percent and Telefonica 10 percent. S6
Is SEPI an IFSWF member?
No, it is not on the IFSWF members list. S2
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All sovereign wealth funds in Europe · All state holding companys · All funds in Spain
Sources
- S1SEPI, Annual Report 2024 (Spanish)
- S2IFSWF, members list
- S3Wikipedia, Sociedad Estatal de Participaciones Industriales (revision of 17 July 2026)
- S4SEPI, Management committee chart, October 2025 (Spanish)
- S5SEPI, 2025 group results press release (Spanish)
- S6SEPI, Group companies and stakes (Spanish)
- S7El Conciso, SEPI doubles its portfolio in five years (Spanish)
- S8SEPI, home page
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