Qatar Investment Authority and Spain’s COFIDES launch $348m joint investment fund

Qatar Investment Authority (QIA) and Spain’s state-owned development finance company COFIDES have agreed to establish a €300 million ($327 million) joint investment vehicle, the Ispania Growth Fund, to back strategic Spanish projects in green transition, digital transformation and technological innovation. The fund will be managed by Spanish private equity firm Portobello Capital and will target small and medium-sized enterprises in high-growth sectors with the aim of developing the next generation of national companies.

“Our partnership with COFIDES seeks to support companies at the forefront of Spain’s economic transformation and is a testament of QIA’s strong belief in the strength of Spain’s economy,” said Mohammed Saif Al-Sowaidi, CEO of QIA. “Thanks to this deeper and more diversified partnership, we will work closely with COFIDES to support the innovative, technology-driven sectors that will shape Spain’s economy for years to come.”

Details of the agreement

According to a QIA statement, the launch of the Ispania Growth Fund marks a significant milestone in the relationship between the two institutions and reflects a shared commitment to sustainable economic development and innovation in Spain. COFIDES, described in its corporate profile as a public-private company that offers medium and long-term financing linked to public policy goals, will contribute to the joint structure through its FOCO co-investment fund — a public investment vehicle designed to attract international capital into strategic sectors that underpin Spain’s future competitiveness.

COFIDES Chair and CEO Angela Perez said the initiative deepens the institution’s existing alliance with QIA and represents “a major milestone in our co-investment strategy with leading international partners.” She added the alliance highlights the success of the FOCO fund as a tool for attracting global investors to support the expansion of high-potential Spanish companies.

Portobello Capital’s founding partner Inigo Sanchez-Asiain welcomed the collaboration, saying: “This initiative reflects a shared commitment to strengthening Spain’s economic transformation by supporting innovative and high-potential companies.”

Context and expected impact

• Fund size and management: €300 million ($327 million); managed by Portobello Capital.
• Target: Spanish SMEs in high-growth sectors focused on green transition, digital transformation and technological innovation.
• COFIDES contribution mechanism: via the FOCO co-investment fund to attract international capital into strategic sectors.
• Bilateral backdrop: bilateral trade between Qatar and Spain reached approximately $1.5 billion in 2024, according to Javier Carbajosa, Spain’s former ambassador to Qatar.

Officials said investments from the Ispania Growth Fund are expected to create jobs, accelerate regional development and strengthen the resilience of Spain’s SME sector, aligning with national priorities. The fund follows recent moves by QIA to deepen partnerships in Europe and reflects COFIDES’ strategy of leveraging co-investment vehicles to draw external capital into domestic growth opportunities.

Looking ahead, the partners plan to deploy capital selectively across technology-driven and sustainability-focused enterprises, positioning the Ispania Growth Fund as a vehicle for scaling companies that could shape Spain’s economic transformation over the coming years.