QIA enters $350m Spanish joint investment project

Qatar Investment Authority (QIA) and Cofides, a Spanish state-owned financial institution, have agreed to establish a €300 million ($348 million) investment fund to support green transition, digital transformation and technological innovation in Spain.

The Ispania Growth Fund intends to channel investment primarily into Spanish small and medium-sized enterprises, supporting their growth and helping to develop the next generation of national champions, the companies said in a joint statement.

The fund will be managed by Portobello Capital, a Spanish asset manager, and will primarily focus on high-impact, scalable investment opportunities that support Spain’s economic transformation agenda.

Cofides’ contribution to the fund will be made through the Co-investment Fund, a public investment it manages. The companies did not disclose their contributions to the fund.

QIA’s chief executive Mohammed Saif Al-Sowaidi said the partnership with Cofides will support innovative, tech-driven sectors shaping Spain’s economy.

In January QIA signed a preliminary agreement with Goldman Sachs, committing $25 billion in investments to US-managed funds and co-investment opportunities.

QIA has nearly $580 billion in assets under management, according to Global SWF, a data platform that tracks sovereign wealth funds.

Cofides is a state-owned company established in 1988 that manages public investment funds on behalf of the Spanish government.

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