Catalan Institute of Finance launches €70M fund for regional SMEs
What's the deal? The Catalan Institute of Finance (ICF)Dealroom has a profile for this one. Try Dealroom →, the public financial entity of Catalonia's regional government, has launched a €70 million venture capital fund to invest in small and medium-sized enterprises. Called Lidera Impuls Pime, the fund is fully financed by the ICF itself and managed by its investment arm, ICF CapitalDealroom has a profile for this one. Try Dealroom →.
What's the endgame? The fund targets Catalan SMEs with revenues of €10 million to €100 million that are profitable, generate recurring cash flow, and have credible growth plans. It will take minority stakes of between 10% and 25%, with tickets ranging from €3 million to €7 million per deal.
Why now? Lidera Impuls Pime continues the strategy of the two prior ICF Capital Expansió funds, but with €20 million more than its predecessor. It adds a new objective: helping shareholder restructuring to ease generational handovers and business succession, according to the ICF.
The fund has received clearance from the National Securities Market Commission (CNMV) to begin operations. It plans between 14 and 16 deals over a 15-year investment horizon — five years longer than the previous vehicle — and can co-invest alongside private investors.
What could go wrong? The fund focuses mainly on industrial companies and high-value-added services, though it has no formal sector restrictions. When exiting, the ICF said it will weigh how rooted each SME is in the territory, a factor that could constrain deal flexibility.
For context, ICF Capital Expansió II invested €12.6 million across five companies last year: Open Cosmos, Vytrus BiotechDealroom has a profile for this one. Try Dealroom →, Tecnic ProcessDealroom has a profile for this one. Try Dealroom →, PastisartDealroom has a profile for this one. Try Dealroom →, and Earthwise SolutionsDealroom has a profile for this one. Try Dealroom →. Satellite firm Open Cosmos led with €6 million, ahead of listed biotech Vytrus Biotech at €3.9 million.
The signal: Public capital continues to fill the growth-stage gap for regional SMEs that private venture often overlooks. By extending its horizon and adding a succession mandate, the ICF is positioning itself less as a quick-return investor and more as a long-term partner for Catalonia's industrial base.
Read more: expansion.com
Image credit: tgrauros
