Sovereign funds invested 2.8 billion euros in 12 Spanish companies in 2021

Fernando Rodriguez| Sovereign wealth fund investment in Spanish companies last year was the third in total volume over the past 10 years. So says the Sovereign Wealth Funds 2021 Changes and Challenges report accelerated by the Covid 19 pandemic, presented today by Icex and the Instituto de Empresa (IE).

GIC, one of Singapore’s two sovereign wealth funds, and Abu Dhabi’s investment vehicle were the two most active names investing in Spain in 2021.

GIC, with historical exposure to the Spanish market, has taken stakes in Cellnex, GMP, Allfunds, Biomat – the US subsidiary of Grifols – and data center company Equinix over the past year. It has also provided financing to the renewable energy company Forestalia.

The two Abu Dhabi sovereign funds participated in a joint venture to enter the real estate company Healthcare Activos. In addition, together with other investors, they entered the retirement home manager DomusVI and a fish production company in Spain and Greece.

Sopef, the mixed fund of Cofides – a Spanish public investor – and the Oman Investment Authority have taken minority stakes in technology companies – Logalty -, pharmaceuticals – Uriach – and agricultural and food companies -lusar.

The list of funds investing in the Spanish market is heterogeneous and includes Canadian pension funds such as Caisse de Dépôt et Placement, Alberta Investment Management Corporation (AIMCo) or Cubico – the joint venture of the Teachers’ Pension Plan of the Ontario and PSP Investments-; global alternative management funds such as Brookfield, KKR or Macquarie- and numerous banks offering project financing. This list also includes China Three Gorges, the Chinese company that already has 23 wind farms and 14 photovoltaic power plants in Spain.