27-06-2007

The fund is listed on the Alternative Stock Market (MAB)

BBVA Capital Privado offers private investors the possibility of investing in a venture capital fund from only 10 euros

  • BBVA launches the first venture capital fund of funds listed on the Alternative Stock Market (MAB)
  • The venture capital fund of funds opens the segment for venture capital firms and funds on the MAB
  • The investors may access this investment instrument from only 10 euros at any institution or brokerage firm
  • Initially, the fund will have 123 million euros in assets, of which over 50% have been assigned to underlying funds
  • This launch is part of BBVA's strategy for offering the most innovative products and services

Capital_privado.jpgBBVA Capital Privado, FCR, BBVA's venture capital fund of funds, was listed today for the first time on the Alternative Stock Market of the Madrid Stock Exchange. The fund opens the segment reserved for venture capital firms and funds. This new product offers several advantages, including its accessibility to private investors, who can buy units from only 10 euros at any institution or brokerage firm.

BBVA Gestión de Activos has strengthened its innovation strategy by becoming the first financial group that launches a listed venture capital fund of funds, BBVA Capital Privado, which started trading today on the MAB segment.

"With this launch, we continue the strategy developed by BBVA aimed at offering the most innovative products on the market, which can offer the greatest added value to investors. In this case, also, the fund allows investments to be diversified, thus giving access to venture capital with amounts which are affordable to all clients", said Daniel de Fernando, Asset Management and Private Banking manager of BBVA. "This is the first venture capital fund which is accessible to small investors", he added.

The new fund, named BBVA Capital Privado FCR, is aimed at all types of investors, both institutional and private, and is particularly affordable to the latter, as units are offered at an initial value of 10 euros. Moreover, the fund's units can be bought through any dealer.

BBVA Capital Privado is the first fund of funds that invests in venture capital funds, both Spanish and international. The advantages of this instrument include the liquidity commitment offered both by a liquidity agent 'BBVA- and the market itself.

Investment strategy

The fund started off with 433 unit holders and initial assets amounting to 123.22 million euros, of which 64 million, or 50% of the total assets, are assigned to underlying funds. The fund's first five investments corresponded to the funds Mercapital Spanish Buyout III España FCR, Carlyle Europe Partners III LP, AC Capital Premier II FCR, Doughty Hanson & CO V LP and Mezzanine Finance Europe.

The fund intends to invest 70% of its assets in buy-out funds (purchases of majority holdings in companies by venture capital investors) and the remaining 30% in expansion capital funds. BBVA Capital Privado will not invest more than 20% of the contributions raised in one single fund. The goal of BBVA Capital Privado is to invest in 10 to 12 funds.

BBVA, the largest offering though innovation

The Group has a wide offering of products which enable investments to be diversified, thanks to its anticipation and innovation strategy. Indeed, BBVA leads the new fund industry and is the first institution that has received authorization for the new product families approved during the year:

  • BBVA was the first institution authorized by the Spanish Stock Exchange Commission to launch a free investment fund, BBVA Codespa Microfinanzas FIL, last November.
  • The second authorization was also for BBVA, through the firm BBVA Partners, a pioneer in the development of alternative management in Spain, which yesterday got the go-ahead from the Stock Exchange Commission to set up the second free investment fund authorized in Spain.
  • BBVA obtained the first license in the new ETF market through Acción Íbex ETF. The Group also recorded the first ETF on the Euro Stoxx 50 in Spain through Acción DJ Euro Stoxx 50 ETF and has obtained the licenses for launching the first ETF on the Latibex Top, Latibex Brasil, and the ETF Top Dividendo, which were granted recently.