Spanish sovereign funds fashion. Investment in such vehicles depends on the USA withReached a record of 5.6 billion euros between 2022 and 2023. Last year, marked by the war in Ukraine and the rise in inflation, this figure amounted to 2.9 billion; This was the best figure since 2009, when Abu Dhabi fund Mubadala took a stake in oil company Cepsa.
Specifically, state funds conducted a total of twelve operations during this period and They currently have assets worth 46 billion euros in the country.This is according to a report presented by ICEX and Instituto de Empresa in Madrid on Thursday, analyzing the worldwide impact of such funds.
This study comes after Madrid hosted the summit of the sovereign wealth fund organization IFSWF between Monday and Tuesday and the acquisition of telecommunications operator Saudi Telecom, which is 64% owned by Saudi Arabia and 9.9% by Telefónica. known after its acquisition.
The most important operations during this period were the operations of the Singapore fund. GIC injecting 1,500 million into Azora supporter Building rental apartments in Madrid, Barcelona, Seville, Malaga, Palma de Mallorca and Valencia. Human resources start-up Factorial has also raised $120 million in a financing round led by GIC-owned specialist venture capital firms Tiger and Atomico.
Mubadala also carried out many important operations during this period, such as the 49 million euro operation against Healthcare Activos, SOCIMI, which specializes in healthcare assets, the 150 million euro attack on Bra Vo student dormitories, and the 1,000 million euro operation invested by Cepsa. Biofuel plant in Huelva.
Norwegian pension fund Norges Bank, the world’s largest sovereign wealth fund, bought 49% of Iberdrola’s renewable assets in Spain for 650 million euros in May. Electric company headed by Ignacio Sánchez Galán and Norges Bank They aim to develop 1,265 MW of new capacity in the coming years renewable – 20% wind and 80% photovoltaic – across the national territory. “Norges Bank carries out operations in unlisted assets other than renewable energy, and this is its third operation,” says study author and IE professor Javier Capapé.
World’s third economy
The world’s sovereign funds currently represent the world’s third-largest economy, with $11.6 trillion in assets under management. 20 times market value mountain goat 35 and eight times the GDP of Spain. In 2022, the assets of these funds increased by 11%, and the trend goes even further: they have doubled their value in 10 years. China’s sovereign wealth funds increased their assets by 11% last year, and those in the Middle East by 15%.
State funds closed 376 operations worldwide and carried out operations worth 95.2 billion dollars (90.334 million euros at the current exchange rate) in 2022.
“They will exceed Turkey’s reserves for the first time in 2023” foreign currency of the world. They patiently seek significant returns in sectors such as technology, industrials, real estate or healthcare,” emphasizes Capapé.
There are now already 70 state funds, but 73% of assets are concentrated only in the top ten; these include those linked to oil and gas in Middle Eastern countries, four in China and those in Singapore.
In Spain, there is the Joint Investment Fund (FOCO) and the Social Impact Fund (FIS). Equipped with 2,400 million and launched by CofidesAiming to attract foreign investment and promote the energy transition and social impact in the country.