COFIDES presents the main characteristics of the Social Impact Fund to members of Spaincap

At its headquarters

The Social Impact Fund (FIS) is one of the new financial instruments included in the Addendum to the Recovery, Transformation and Resilience Plan, whose management is entrusted to COFIDES.

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COFIDES has held a working meeting at its headquarters to present the main characteristics of the Social Impact Fund (FIS) to a delegation of members of Spaincap -the association that brings together the entities of Venture Capital & Private Equity in Spain-, headed by its president, Oriol Pinya, and its general director, José Zudaire. 

 

The Social Impact Fund (FIS) is one of the new financial instruments included in the Addendum to the Recovery, Transformation and Resilience Plan, whose management is entrusted to COFIDES.

 

The president and CEO of COFIDES, Jose Luis Curbelo, has highlighted that the objectives of this new fund are “on the one hand, to reinforce the social entrepreneurship ecosystem in Spain, and, on the other, to support those initiatives through various financial instruments. impact investment of the social economy in Spanish territory”. For Curbelo, this fund “can respond to the financing needs of private initiatives such as special employment centers, social initiative cooperatives, SMEs or impact startups,” among others.

 

The objective is to promote public-private collaboration to strengthen the Spanish impact investment ecosystem and promote the mobilization of private resources that complement public resources.

 

The general director of COFIDES, Miguel Tiana, has detailed the objectives and characteristics of the fund, which will be endowed with 400 million euros to “strengthen social and environmental impact investment in Spain, from a perspective of additionality that allows the mobilization of private resources that complement public resources.” .

 

This new fund “will contribute to strengthening public policies aimed at the most disadvantaged sectors through market financial solutions.” that will contribute to solving major social challenges linked to the welfare state.” Tiana has specified that “impact investment pursues a quantifiable and measurable impact, with a financial return at least equal to that of the main capital invested.” Therefore, “not only financial profitability must be taken into account, but also “the social and environmental effects, through quantitative or qualitative indicators.”

 

The Fund may make both direct investments in companies and contributions to impact investment funds. Precisely for the latter, impact fund managers in Spain constitute a key actor for the successful execution of FIS.